PET preforms are semi-finished plastic products that are used to manufacture plastic bottles through stretch blowing process. They are especially used for carbonated soft drinks and bottled water packaging. The key advantages of PET preforms include lightweight, shatter resistance, clarity and barrier properties against gas permeation. PET preforms offer cost-effective packaging solution for beverage manufacturers. PET bottles produced from PET preforms can withstand heat sterilization process without deformation and are 100% recyclable. 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 key trends:
The key trend in the PET preforms market is the growing demand for bottle-to-bottle recycling of PET bottles. Bottle-to-bottle recycling is a sustainable recycling method in which used PET bottles are recycled back into food grade PET resin pellets. Several beverage manufacturers have committed to increase use of recycled PET content in their bottles. For example, Coca-Cola aims to make all its PET plastic bottles using recycled material by 2030. Increased recycling helps reduce environmental footprint of PET bottles and develop circular economy. Another trend is the development of lightweight PET preforms which reduces plastic usage while maintaining performance. Lightweighting trend is driven by sustainability goals of brand owners and regulations limiting packaging waste.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the PET preforms market requires significant capital investments and technological expertise.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of many established players and availability of substitutes.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of substitutes.
Threat of new substitutes: The threat of new substitutes is low as PET preforms are difficult to substitute due to their recyclability and sustainability.
Competitive rivalry: The competitive rivalry is high due to the presence of many global and regional players competing on the basis of product quality, price, innovation, and customer service.
Key Takeaways
The Global PET Preforms Market Demand is expected to witness high growth over the forecast period. The Asia Pacific region dominates the PET preforms market due to the presence of many PET bottle manufacturing facilities, high demand for packaged food and beverages, and increasing consumption of bottled water in countries like China, India, Japan, and Southeast 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’s Choice Foods Manufacturer Co. Ltd.
The Asia Pacific region is projected to be the fastest growing as well as the largest market for PET preforms during the forecast period. Factors such as population growth, increasing urbanization, changing lifestyle, and rising disposable income are driving the growth of the PET preforms market in the Asia Pacific region. Countries like China, India, Japan, South Korea, and Southeast Asian countries are expected to present significant opportunities for PET preform manufacturers over the next few years.
For more insights, Read- https://www.insightprobing.com/pet-preforms-market-growth-market-size-share-analysis/
It is used in a variety of different industries for a wide range of purposes including tubing and pipe fittings, as well as many different types of protective coatings for products like medical devices.
The demand for packaged drinking water has been on a rise in both developed and emerging economies due to convenience and increased awareness regarding drinking clean water.
As per the Trade Promotion Council of India, in 2019, the Indian packaged drinking water bottle market was valued at US$ 24 billion, which is expected to reach US$ 60 billion by 2023.
This material is also frequently found in medicines, lubricants, and even electronics because it's so durable and reusable.
When it comes to regional impact, emerging economies such as Japan and China are exhibiting high growth in the PET performs market.
Besides, the demand for carbonated drinks is gradually slowing down since consumers are becoming increasingly aware of the adverse effects of these drinks.
