A new study by Future Market Insights projects the global PET preforms market to expand at 5% CAGR during 2019 – 2029. F&B, pharma, and personal care & cosmetics industries would remain key consumers of PET preforms market over the foreseeable future.
The report analyzes how the market will shape up, in the backdrop of recently imposed ban on single-use plastics and environmental concerns surrounding the usage of plastic bottles by packaging industry.
- Demand for PET preforms will remain prominent in F&B industry throughout the forecast period.
- Sales of PET preforms in developing regional markets will be on a higher side.
- Growing popularity of single-serve beverages and grab and go products is pushing demand for smaller sized bottles and containers. Up to 500 ml PET preforms would thus continue to gather high traction.
- High functionality, lighter weight, greater comfort of use, sustainable production, and recyclability will be the key parameters shaping sales of PET preforms in global market.
The multi-billion-dollar PET preforms market has been recently facing threat of the anti-plastic movement, which compels manufacturers to speed-up their shift towards sustainable materials that offer properties similar to that of PET. With possibilities of working with recycled PET, companies are strategizing on extending a step towards sustainability that would enhance their brand image.
Introduction of alternate packaging solutions such as liquid cartons has reduced the demand for PET preforms to some extent in developed as well as developing countries. Moreover, brands are dedicating sizeable investments to R&D of innovations in their existing production lines so as to curtail the usage of PET preforms in line with sustainability targets.
Liquid cartons have gained significant traction in last few years due to their 100% disposability and recyclability. A number of companies in the beverages sector are thus opting for liquid cartons as primary packaging application over PET preform bottles. More than 140 billion liquid cartons are manufactured in the world every year, which is continuously diminishing demand prospects of PET preforms packaging products.
Moreover, other alternatives of PET preforms packaging are plant-based bottles that are made of 100% eco-friendly resins such as PLA, and PHA that deliver barrier properties similar as that of PET preform-based bottles. These factors are projected to hamper the sales of PET preforms in the near future.