The global PET bottles market was pegged at 505.0 Billion Units in 2017, according to PET Bottles Market Report, by Application (Beverages, Personal Care Products, Household Care Products, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) published by . The global PET bottles market is projected to reach 697.72 Billion Units by 2026, exhibiting a CAGR of 3.87% during the forecast period.
Rise in demand for polyethylene terephthalate (PET) plastic bottles for packaging of bottled water, juices, soft drinks, medicines, salad dressing, oil, household cleaners, and personal care products is a major factor driving growth of the global PET bottles market. This is attributed to the advantages of PET materials including high transparency, shiny surface, good stability, high-pressure resistance, good barrier properties, and lightweight.
Technological innovations and development of new products is contributing towards the growth of the global PET bottles market. For instance, in October 2018, PTI Packaging Systems launched Dromo PET bottle system, which is specifically designed for semi-viscous or liquid products such as household chemicals and personal care products. Dromo PET bottle is 75% lighter in weight as compared to conventional personal care PET bottles, and is designed to be inserted into a rigid, reusable dispenser.
According to the United Nations Environment Programme (UNEP) in 2017, about 8 million tons of plastic waste including PET bottles enters the ocean every year, thereby damaging the marine ecosystems and fishing industry. Moreover, according to the United Nations Environment Programme (UNEP) in 2014, plastic pollution causes damage of about US$ 13 billion per year to the marine ecosystem. Increasing environment damages caused by plastic materials such as PET bottles is a major factor restraining growth of the global PET bottles market.
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