by PET preforms are widely used in the manufacturing of bottled drinks and food packaging due to their favorable mechanical and thermal properties. PET preforms find extensive applications in packaging carbonated drinks, juices, water, edible oils, and other consumables. The global demand for packaged food and beverage items has been rising steadily over the years, mainly attributed to the busier modern lifestyles which have increased the demand for convenient packaged food items. PET packaging offers excellent barrier protection and extended shelf-life to products. It also enhances the overall shelf appeal of packaged items. PET preforms allow for efficient production of bottles using techniques such as stretch blow molding.
The global PET Preforms Market is estimated to be valued at US$ 340.4 billion in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the PET preforms market has been the rising emphasis on lightweighting and sustainability. PET preforms manufacturers are developing lightweight preforms using engineering resins and specialized manufacturing processes. This allows for production of bottles with thinner walls while still maintaining required mechanical strength. Lightweighting reduces the usage of PET resin per bottle thus lowering the material cost for manufacturers. It also helps lower the carbon footprint of packaged products. Bottle manufacturers and brand owners are actively partnering with preform suppliers to develop innovative lightweight designs suitable for their product applications. Industry participants are also investing in recycling infrastructure and technologies to increase the share of recycled PET content in preforms. This is expected to significantly boost the sustainability quotient of PET packaging over the coming years.
Porter’s Analysis
Threat of new entrants: Low- Moderate. Significant capital is required to enter the PET preforms market. Established players enjoy economies of scale.
Bargaining power of buyers: Moderate. Large buyers can negotiate cheaper prices however PET preforms have limited substitutes.
Bargaining power of suppliers: Moderate. Resin suppliers have significant influence but many suppliers exist to ensure competitive prices.
Threat of new substitutes: Low. PET preforms have superior properties compared to other packaging materials. High switching costs exist for customers.
Competitive rivalry: High. The market has many global and regional players competing on cost, quality, and innovation.
Key Takeaways
The Global PET Preforms Market Demand is expected to witness high growth.
Regional analysis: Asia Pacific is the largest as well as the fastest growing region in the PET preforms market. China, India, Japan and other developing Asian countries have seen rapid economic development and rising living standards. This has boosted packaged food and beverage consumption levels and simultaneously driven the PET preforms market.
Key players: Key players operating in the PET preforms market are RETAL Industries Ltd., Plastipak Holdings Inc., Resilux NV, Esterform Packaging, ALPLA Werke Alwin Lehner GmbH & Co KG and Societe Generale des Techniques. RETAL Industries Ltd. is one of the leading manufacturers of PET preforms globally. Plastipak Holdings Inc. offers a variety of packaging solutions including PET bottles and preforms.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
