October 25, 2022 10:05 ET | Source: STRATEGIC MARKET RESEARCH LLP STRATEGIC MARKET RESEARCH LLP

New York, USA, Oct. 25, 2022 (GLOBE NEWSWIRE) -- The global PET Packaging Market in 2021 was worth USD 77.83 billion, and by 2030 it will reach USD 121.16 billion, growing at a 5.04% CAGR. PET, or polyethylene terephthalate, is a type of polyester that can be molded into various packaging containers, including bottles and boxes. PET packaging is made by melting PET resin pellets & extruding the molten liquid into the desired shapes. It is immune to microorganisms, unbreakable, durable, resilient to heat, and ensures the packaged content's quality.

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Factors accelerating the PET Packaging Market growth: 

Growing demand for environment friendly packaging and PET's Exceptional Characteristics are boosting the expansion of the market.

PET Packaging Market: A thorough Segmentation Analysis

The worldwide PET Packaging Market segmentation has been done on the basis of packaging type, filling technology, pack type, End-user, and region.

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On the basis of pack type, in 2021 bottles and jars segment ruled the overall market with a market share of nearly 41%. Due to its powerful barriers against gas, water vapour, oils, diluted acids, and alcohol, PET is frequently used in food packaging. Additionally, PET is reasonably unbreakable, flexible, and recyclable. The need for packaged drinking water stimulates the demand for PET plastic caps and capsules. PET is used in the production of disposable plastic containers, which are also found in frozen foods and finished goods. PET is prevalent because it has a good oil barrier and can resist chemicals that harm plastics. PET can be nearly 90% lighter than glass, making transportation more affordable. These elements are accelerating the segment's market expansion.

In 2021, the rigid packaging segment held a significant position in the market, with a share of approximately 56.3% on the basis of packaging. The rising demand for products such as jars, bottles, and trays is propelling the market segment forward. They are compact and do not spill easily. These factors are driving the product's demand in the PET Packaging market.

On the basis of end-user, the food and beverage segment held a significant position in the overall PET Packaging market. By 2030 it is estimated to grow at a 5.8% CAGR, contributing approximately USD 60 million.

PET packaging is most frequently used in the food and beverage industry. PET material is used for packaging a variety of food products, particularly juices, convenience-sized soft drinks, and water. Bottled water is becoming increasingly popular around the world.

Geographically, North America ruled the overall PET Packaging market, with a share of nearly 39.3% in 2021. In the US, PET is the plastic that is recycled the most frequently. The PET Resin Association (PETRA) estimates that each year, nearly £ 1.47 billion of used PET bottles and containers are gathered for recycling in the region. PET closures are becoming popular due to a rise in PET packages like containers, tubes, cans, bottles, and barrier properties against oxygen (O2) and carbon dioxide (CO2). PET is also used in food packaging.

PET Packaging Market Report Coverage

Key players in PET Packaging Market:

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