PET Bottles Market to Surpass 697.72 Billion Units by 2026 - Coherent Market Insights

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 Coherent Market Insights. 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.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/pet-bottles-market-2284

Key Trends and Analysis of the PET Bottles Market:

• Beverage application segment held the highest market share in 2017, in the global PET bottles market as increasing number of beverage manufacturers are launching its products in PET bottles. For instance, in April 2018, Vita Coco, a coconut water brand, introduced its coconut water in 500ml PET bottles. Earlier, the products of the brand were sold in Tetra Pak. In May 2017, Icelandic Glacial launched premium sparkling water in PET bottles, which resembles its glass-packaging counterpart.

Key Takeaways of the Market:

• Asia Pacific held the highest market share of 35% in 2017 in the global PET bottles market. Increasing consumption of soft drinks, juices, and bottled water is boosting growth of the PET bottles market in the region. According to Japan Soft Drink Association, Japan is one of the major market of non-alcoholic beverages, and held a sales revenue of US$ 31.3 billion in 2013.
• North America held significant market share in 2017 in the global PET bottles market. The U.S. held the highest market share in 2017 in the North America PET bottles market. According to data published by Association of Plastic Recyclers and American Chemistry Council, sale of virgin PET for bottle manufacturing increased by 3.2% between 2015 and 2016 in the U.S., owing to increasing demand for PET bottles from beverages and personal care industries.
• Major players operating in the global PET bottles includes Amcor Limited, Berry Plastics Group Inc., GTX Hanex Plastic Sp. Z O.O., Gerresheimer AG, Graham Packaging Company, RPC Group, Rexam PLC, Silgan Holdings, WestRock, Crown Holdings, Exo Packaging, and Alpha Group

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