The analysts forecast the global PET packaging market to grow at a CAGR of 5.3% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the global PET packaging market for 2016-2020. The report has taken into consideration the revenue generated by the vendors in the PET packaging market for packaging of different goods. The report also includes a discussion of the key vendors operating in this market.
Many new trends have emerged in the market such as the availability of hot-filling products in PET bottles and aseptic cold-filling PET bottles, which increase the shelf life of the products even if they are not kept at the optimum conditions. Recycling PET for re-use after sorting, cleaning, and transforming PET containers is also becoming popular in the market.
According to the report, advanced technological innovation in PET packaging is a key driver aiding to the growth of this market. Innovative technologies are being implemented in PET containers to increase impermeability and eliminate the risk of harmful substances entering into these containers. One such technology is the plasma coating process.
Further, the report states that increasing competition from polypropylene (PP) plastics is a major challenge the market is facing. PP is the lightest of all thermoplastics used for commercial purposes. Thus, the energy cost incurred for producing PP containers is lower than that incurred for producing PET containers. PP containers can be hot-filled up to 248 farhenheit and are microwaveable.
Recent machine improvements, improvements in resins, and advances in technology have resulted in considerable improvement of PP cycle times by almost 40%. PP cycle time can be increased through minor modifications on existing equipment. As a result, many manufacturers are opting for PP packaging products instead of PET packaging products.