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The preforms are the intermediate product manufactured using polyethylene terephthalate (PET) by the blow molding process. The product is usually blown into the shape of a container for edible or non-edible liquids. The product varies on the basis of different parameters such as neck finish, weight, and shape. But a test tube-shaped object is the most usable shape that is transformed into a customized container. Hence, the customized nature, cost-effectiveness, and multiple end-use industries are excepted to boost the PET preforms market in the forecasted time frame.
The product can be specifically designed to meet the need of the different market segments of the customer which is the key driver of the market. Additionally, PET preforms offer excellent wall and bottom thickness, improved neck width, and a better appearance of thread which make it a suitable and cost-effective way of packaging. Hence, different end-use industries are fastly adopting the product as it delivers multiple benefits compared with traditional glass packaging. This has resulted in a boost in the PET preforms market.
The environmental issue and government regulations against plastic packaging always have been the key restraints for the market. European countries such as the U.K. has imposed strict regulations and increased Tax to ban plastic production. World-leading countries are not in the favor of plastic packaging. The end-user industries are forced to adopt an eco-friendly alternative to the product. Moreover, the decomposition of plastic is slower and the recycling process is lengthy and costly. Hence, all these factors are anticipated to hinder the PET preforms market.
The shutdown of the manufacturing sector affected the production of PET preforms as the primary focus was on consumer goods and daily products. The lockdown impacted production capabilities due to a lack of labor and disruption in the supply chain. This has resulted in companies facing delays in deliveries and out-of-stock products. But in the current scenario market is in the recovery phase as manufacturers are operating on their total capacity.
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Based on the usage, the PET preforms market can be segmented into type 1, type 2, type 3, type 4, and type 5. Among others Type 1 PET performs is expected to secure the largest share of the market as it serves carbonated and non-carbonated beverages. Rapid growth in the food and beverages industry created a space for the product. Additionally, the growth of the type 1 segment is attributed to its rising adoption from dedicated container manufacturers for cosmetics & chemical containers in the form of bottles and jars.
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The global PET preforms industry has been categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to be the largest market share contributor during the forecasted period. Asian Counties such as India and China are attributed to the growing beverage industry which further increases the demand for plastic bottles. Hence, increased demand for carbonated and non-carbonated beverages will further boost the product demand in the region.
In North America, the U.S. is expected to secure the largest share of the market due to the presence of key market players and the growing food & pharmaceutical industry. The rapid growth of the food industry put pressure on packaging manufacturers to produce more bottles, and jars which further surged the region’s PET preforms market growth.
Europe is expected to show moderate growth due to an increase in Cosmetics & Chemicals applications. Latin America, the Middle East & Africa are projected to register a comparatively higher CAGR by the end of the estimated period.
By Type | By Application | By Geography |
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