PET Preforms Market is Expected to be Flourished by Increased Demand for PET Bottles

 
PET Preforms Market

PET preforms are injection-molded packs made of polyethylene terephthalate which are used to produce PET bottles. PET bottles find widespread application in packaging of water, juices, carbonated soft drinks, edible oils, and other food and beverage products. PET bottles offer advantages such as lightweight, shatter resistance, moisture barrier properties, and recyclability. Growing consumption of bottled beverages and rising environmental concerns regarding usage of single-use plastic bottles are fueling the demand for PET bottles, thereby boosting the PET preforms market.


The global PET preforms market is estimated to be valued at US$ 15.79 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Increased demand for PET bottles from the food and beverage industry is one of the major drivers propelling the growth of the PET preforms market. PET bottles are hugely popular as packaging for bottled water and carbonated soft drinks due to their stability, transparency, and lightweight. Bottled water consumption has grown rapidly in recent years driven by rising health consciousness and changing lifestyles. According to the International Bottled Water Association, bottled water consumption reached 42.2 billion gallons in 2021 in the U.S. alone. This growing demand for bottled beverages directly boosts the demand for PET bottles and preforms.

In addition, tightening regulatory norms regarding usage of single-use plastics are accelerating the shift towards recyclable PET bottles, which is also fueling the PET preforms market growth. Many countries and local governments have implemented bans on single-use plastic bags andStyrofoam containers due to ecological concerns. For instance, the European Union has adopted directives to curb plastic waste and improve recycling rates of plastic packaging. PET bottles can be recycled into food-grade PET resins, making them an eco-friendly alternative to other plastics. This increasing preference for sustainable PET bottles from both brands and consumers is positively impacting the PET preforms industry.
Segment Analysis
The PET preforms market can be segmented based on neck type, technology, end-use industry and geography. By neck type, the market is dominated by neck type 1 segment due to its ability to reduce preform weight while maintaining strength requirement for bottling lines. By technology, stretch blow molding technology segment holds the major share as it is most commonly used technology for manufacturing of PET bottles. By end-use industry, beverages segment dominates the PET preforms market owing to high consumption of packaged drinking water and carbonated soft drinks in bottles.

PEST Analysis
Political: Stringent regulations regarding use of plastic may hamper the market growth. However, initiatives promoting use of recycled PET will support it.
Economic: Rising disposable income and changing lifestyle favoring packaged food and drinks drive the market. High cost of recycled PET preforms limits its use.
Social: Growing health awareness increases demand for bottled water and packaged beverages. However, environmental concerns related to plastic waste disposal act as a restraint.
Technological: Development of lightweight PET preforms through advanced technologies boosts the market. Use of recycled PET increases through improved recycling processes.

Key Takeaways
The Global PET Preforms Market Demand is expected to witness high growth driven by rising consumption of packaged beverages and goods. Asia Pacific dominates the market currently owing to high production and consumption of PET bottles in China, India and other Asian countries. Key players operating in the PET Preforms Market are Thai Coconut Public Company Ltd., Vita Coco (All Market Inc.), Coco Veda Natural Products Inc., The Coconut Company Ltd., Merit Food Products Co., Ltd., Thai Agri Foods Public Company Ltd., Linaco, Marico Ltd., Hero Nature Products Pvt Ltd., and Chef€TMs Choice Foods Manufacturer Co. Ltd. Regional analysis comprises Asia Pacific region is expected to remain the largest and fastest growing market for PET preforms during the forecast period due to high consumption of bottled beverages and easy availability of raw materials in the region. Key players related content comprises Thai Coconut Public Company Ltd., Vita Coco (All Market Inc.), Coco Veda Natural Products Inc., The Coconut Company Ltd., Merit Food Products Co., Ltd., Thai Agri Foods Public Company Ltd., Linaco, Marico Ltd., Hero Nature Products Pvt Ltd., and Chef€TMs Choice Foods Manufacturer Co. Ltd. are the major players operating in the PET Preforms Market.

For more insights, Read- https://www.pressreleasebulletin.com/pet-preforms-market-demand-share-analysis/

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