|Market Size in 2022||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 28.01 Billion||USD 39.54 Billion||4.39%||2022|
PET Preforms Market
The global PET preforms market size was worth around USD 28.01 billion in 2022 and is predicted to grow to around USD 39.54 billion by 2030 with a compound annual growth rate (CAGR) of roughly 4.39% between 2023 and 2030.
PET preforms are made of polyethylene terephthalate (PET), a thermoplastic resin. PET preforms are defined as intermediate materials used in the production of PET containers that have applications across a wide range of industries. These preforms are smaller in size as compared to the final PET bottle but are available in varying sizes, neck finish, shape, and color. They are specially designed to meet consumer requirements in industries such as food & beverages, personal care & cosmetic products, and others. PET preforms are produced using a highly advanced and accurate injection molding process and they further undergo other procedures to produce the ultimate PET bottles. PET polymer starting material is first heated and subjected to a molding unit using the injection molding process. This step produces PET preforms in the desired shape and size. In the second step, the stretch blow molding method is deployed for stretching the PET preforms in the shape of the final PET bottle. Advanced machines are used for the process that also impacts the growth trajectory of the PET preforms industry. The forecast period may deliver high growth opportunities while also being affected by certain challenges.
Increasing demand for PET bottles in food & beverages (F&B) sector may drive market growth
The global PET preforms market is projected to grow owing to the increasing demand for PET bottles in the expanding food & beverages industry. PET bottles are transparent and hence make an ideal choice for beverages especially colored products since these bottles act as a highly effective advertising technique as well. Furthermore, PET bottles are lightweight as compared to some of the other packaging options thus reducing freight expenses. Research indicates that PET packaging is highly energy efficient since it uses less natural resources for production when compared to glass packaging. PET containers are recyclable making them highly preferred in modern times when recycling is an important aspect of business survival. Other benefits of PET bottles include shatterproof features, chemical resistance, and higher flexibility. The expansion of the F&B sector and the positive attributes of PET bottles are working in tandem to deliver exceptional results for PET preforms.
The rising population rate as well as growing disposable income are causing more demand for packaging foods and beverages. On the other hand, companies operating in the F&B market are constantly investing in product portfolio diversification to meet the demands of wider consumer groups. In addition to this, the rising number of online platforms providing doorstep delivery for food products has created an extended market base for food companies.
In September 2023, Uber Technologies, a global technology provider, announced a partnership with The Save Mart. The companies will launch on-demand and scheduled grocery delivery services in the US market. Uber Technologies will deliver for more than 190 stores of The Save Mart brand. Such creative strides in the food market are projected to further the demand and consumption of PET bottles resulting in a higher need for PET bottles.
High investment in PET preform processing may restrict market growth
The global PET preforms market growth is projected to be restricted due to the high investment required for producing and processing PET preforms. These products are highly resource-intensive and there are multiple volatile factors that need to be taken into consideration when producing PET preforms. The primary is the extensive reliance on the availability of PET raw materials. The secondary tedious aspect is the use of sophisticated machinery to produce PET preforms and convert them into PET bottles. For instance, an automatic PET preform molding machine may cost around USD 30,000 to USD 50,000 and go upward depending on production capacity and other features especially if the machine has to be customized.
Increasing launch of new PET preform molding machines to create higher growth opportunities
The PET preforms industry size will be further fueled by the rising investments in technology and machine innovation in terms of PET preform molding. The changing end-user demands and rising production volume has led to the development of machines with higher performance rate. In October 2023, Sipa, a leading PET packaging technology producer, unveiled its latest offering aimed at moving toward the future bottle production plant. The machine is called the XTREME Sincro bringing together the stretch-blow molding unit and Sipa's preform compression molding system into a single machine. The company states that the machine is the world’s first-of-its-kind and converts a 2-stage process into a single-stage method. In December 2021, SACMI, a company with a history of over 100 years, launched the IPS 300. It is the latest addition to the existing portfolio of Injection Preform System platforms and is equipped with features such as better performance, reliability, user-friendliness, and flexibility. The range offering of the new tool includes IPS 220 providing 72 cavities, and IPS 400 with around 128 cavities.
Growing concerns over excessive plastic waste globally to pose as a severe threat
One of the major pressing concerns worldwide is the increasing volume of plastic waste generated by all industries. Additionally, the rapidly rising rate of consumerism has resulted in the piling of massive and uncontrolled plastic waste without any proper disposal or recycling measures. Plastic waste in turn impacts the environmental conditions and is a leading cause of water, soil, and air pollution. As per official data, around 3 million tons of plastic waste was generated in 2022 and the number only considers the Extended Producer Responsibility (EPR) of registered producers, importers, and brand owners for plastic packaging. These factors are likely to impede global market growth trends.
The global PET preforms market is segmented based on application, neck size, type, and region.
Based on application, the global market segments are cosmetics & chemicals, non-carbonated drinks, carbonated soft drinks, food, water, and others. In 2022, the highest growth was registered in the carbonated soft drinks segment, and during the forecast period, it is expected to grow at a CAGR of more than 4.88%. The rising consumption of carbonated drinks and the extensive market presence of global food & beverages companies such as PepsiCo and others are driving forces for segmental expansion.
Based on neck size, the PET preforms industry segments are 30 Mn, 29 Mm, 28 Mm, 25 Mm, and others.
Based on type, the PET preforms industry divisions are CTC preforms, Alaska, standard PCO, ROPP, and others. CTC stands for Continuous Thread Closure, PCO stands for Plastic Closure, and ROPP stands for Roll-On Pilfer-Proof. The demand for standard PCO was the highest in 2022 and is projected to deliver a CAGR of 4.92% during the forecast period since it is one of the most widely used types of PET preforms for packaging products such as industrial chemicals and carbonated soft drinks.
|Report Attributes||Report Details|
|Report Name||PET Preforms Market|
|Market Size in 2022||USD 28.01 Billion|
|Market Forecast in 2030||USD 39.54 Billion|
|Growth Rate||CAGR of 4.39%|
|Number of Pages||216|
|Key Companies Covered||RETAL Industries, Amcor, Sidel Group, Plastipak Holdings Inc., Manjushree Technopack Limited, ALPLA Group, Gepack, GTX HUB, Silgan Holdings Inc., Bericap, Resilux, Zijiang Enterprise Group, Eskapet, INOAC Packaging Group, Koksan Pet Packaging Industry Co., Constar International, Chemco Group, Nampak Plastics Europe, Graham Packaging Company, Indorama Ventures Public Company Limited, and others.|
|Segments Covered||By Application, By Neck Size, By Type, and By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2017 to 2021|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
Asia-Pacific to register the highest growth rate during the forecast timeline
As per research-based projections, Asia-Pacific is projected to lead the global PET preforms market growth during the forecast period. The primary driver is the presence of an extensive number of PET preforms producing companies. Countries such as India, China, and South Korea are the leading nations in terms of the global chemical industry with China exporting the highest number of polymer-based products on a global scale. In July 2023, the Odisha region of India announced the launch of 11 industrial projects worth INR 3266 crore. One of the launches deals with Purv Packaging Private Limited investing in setting up a new manufacturing facility of PET preforms, plastic caps, and other ancillary products. Furthermore, the number of chemical and plastic producers in Asian countries is rising rapidly. The regional growth rate is propelled by the extensive range of consumer markets as China and India house around one-third of the world population. Increasing demand in the F & B sector and growing foreign investments are essential growth propellers.
The global PET preforms market is led by players like:
By Neck Size
PET preforms are made of polyethylene terephthalate (PET), a thermoplastic resin. PET preforms are defined as intermediate materials used in the production of PET containers that have applications across a wide range of industries.
The global PET preforms market is projected to grow owing to the increasing demand for PET bottles in the expanding food & beverages industry.
According to study, the global PET preforms market size was worth around USD 28.01 billion in 2022 and is predicted to grow to around USD 39.54 billion by 2030.
The CAGR value of the PET preforms market is expected to be around 4.39% during 2023-2030.
As per research-based projections, Asia-Pacific is projected to lead the global PET preforms market growth during the forecast period.
The global PET preforms market is led by players like RETAL Industries, Amcor, Sidel Group, Plastipak Holdings, Inc., Manjushree Technopack Limited, ALPLA Group, Gepack, GTX HUB, Silgan Holdings Inc., Bericap, Resilux, Zijiang Enterprise Group, Eskapet, INOAC Packaging Group, Koksan Pet Packaging Industry Co., Constar International, Chemco Group, Nampak Plastics Europe, Graham Packaging Company, and Indorama Ventures Public Company Limited.
The report explores crucial aspects of the PET preforms market including a detailed discussion of existing growth factors and restraints while also browsing future growth opportunities and challenges that impact the market.