Polyethylene terephthalate (PET) is a thermoplastic polymer resin of the polyester family that is clear, tough, and does not break down in extreme heat. PET bottles are lightweight, durable, and completely recyclable. PET bottles are predominantly used for packaging carbonated soft drinks and bottled water. They provide an excellent barrier to oxygen, carbon dioxide, and moisture and protect the product from UV rays. PET bottles have high shatter resistance and are safer compared to glass bottles.

The global Pet Bottles Market is estimated to be valued at Us$ 2.52 Bn in 2023 and is expected to exhibit a CAGR Of 3.8% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends in the PET bottles market is the rising demand for eco-friendly and sustainable packaging solutions. Many beverage manufacturers are focusing on producing PET bottles from recycled PET (rPET) content to reduce the carbon footprint. According to a study, PET bottles containing 25% rPET content reduces carbon emissions by 17% compared to bottles made from 100% virgin PET resin. Another key trend is the increasing adoption of lightweight PET bottles through redesigning and optimization of PET packaging formats. Lightweighting helps to decrease the material usage as well as transportation and storage costs. Manufacturers are focusing on production techniques like stretch blow molding to create thinner and lighter PET bottles.

Porter’s Analysis

Threat of new entrants: Low capital requirements and lack of significant economies of scale present a low barriers for new players. However, established players enjoy brand loyalty which poses challenges for new entrants.

Bargaining power of buyers: Large retail chains and multinational beverage companies have significant influence over the market due to their huge procurement volumes. This gives them bargaining power over pricing and supply contracts.

Bargaining power of suppliers: The PET bottles market is dominated by few globally players controlling majority of the supply. This gives suppliers an upper hand in dictating prices and contracts.

Threat of new substitutes: Alternatives like glass and cans offer substitute but lack sustainability benefits of PET bottles. Sustainability efforts reduce risk from substitutes.

Competitive rivalry: The global PET bottles market is highly competitive due to presence of numerous global and regional players. Price competition is intense. Players differentiate through branding, diversification, and sustainability initiatives.

Key Takeaways

The Global PET Bottles Market Demand is expected to witness high growth. The market is projected to grow at a CAGR of 3.8% during the forecast period of 2023 to 2030 to reach a market size of US$ 2.52 Bn in 2023.

Asia Pacific accounts for the largest share of the PET Bottles market due to large population, improving standards of living and rapid economic growth in countries like India and China. North America also holds a significant share owing to high consumption of bottled beverages. Europe accounts for a considerable share despite recent slowdown in the regional economy.

Key players operating in the PET Bottles market are Berry Plastics Group Inc., GTX Hanex Plastic Sp. Z O.O., Gerresheimer AG, Graham Packaging Company, RPC Group, Rexam PLC, Silgan Holdings, WestRock, Exo Packaging, Alpha Group, and Crown Holdings. Players are investing in expanding capacities and integrating backward to gain stability in supply chain. Sustainability initiatives around use of recycled PET are helping companies gain competitive advantage.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it