Report: The Future of PET Packaging
Smithers Pira publishes new report, The Future of PET Packaging to 2021, which provides market volume and value data by end-use markets and by geographic region/country for the PET packaging market.
In 2015, PET packaging amounted to just under 16.7 million tonnes, representing a 3.8% increase on 2014 levels. Going into 2016, growth is projected to reach 4.8%, amounting to 17.5 million tonnes.
A strong level of new product developments into under-developed markets such as preserved foods, thermoforming, fruit juice and other functional beverages, are projected to boost the market going forward. In addition, further falls in PET resin prices are also projected to benefit the market.
Over the next five years, the PET packaging market is forecast to reach 21.1 million tonnes in 2021, registering an average growth rate of 3.8% per annum during the period 2016-21.
Some of the key trends in the market include continued lightweighting. However, according to the report, lightweighting has had a negative impact on volume growth of PET packaging in recent years, although growth has still been relatively strong at 4.0% per annum over the period 2011-15.
Another focus is on bio-based materials for the production of PET bottles for the large corporations within the refreshments market. The report states that bio-based materials are still not as widely produced and are largely expensive due to the lack of supply.
