The global PET preforms market was valued at USD 17.14 billion in 2016 and is projected to reach USD 23.35 billion by 2022, at a CAGR of 5.31% from 2017 to 2022. PET preforms are unfinished PET bottles with varied neck sizes. PET preforms differ in size, color, and weight.
The growing demand for PET preforms from the manufacturing industry in Asia Pacific, especially in emerging economies, is contributing towards the growth of the global PET preforms market.
Based on type segment, the Type 2 (Alaska/Bericap/Crown Obrist/Others) PET preform segment of the global PET preform market is projected to register the highest CAGR during the forecast period. This PET preform type is used for packaging of water. The growth of this segment is driven by the shifting trend in drinking habits of the people to consume more hygienic and clean drinking water.
Based on application segment, the carbonated soft drinks segment of the global PET preforms market is projected to grow at the highest CAGR during the forecast period. Consumers are looking for a packaging material which is both affordable and easy-to-handle. Since PET is an answer to both these requirements, PET preforms are preferred for the packaging of carbonated soft drinks. This factor acts as a key growth driver for the PET preforms market for the carbonated soft drinks application segment.
In 2016, Asia Pacific accounted for the largest share of the global PET preforms market, followed by Europe. However, the PET preforms market in Middle East & Africa is projected to grow at the highest CAGR during the forecast period. The high demand for PET preforms in Asia Pacific is attributed to the demand for beverages from countries, such as China and India. This factor is driving the growth of the PET preforms in this region as both these countries have the world’s largest consumer base in terms of population.
Market players have adopted both organic and inorganic growth strategies, such as regional expansions, mergers & acquisitions, and new product developments, to expand their businesses worldwide. Increasing consumer awareness regarding health and hygiene and rising demand for clean drinking water has changed the drinking habits of the consumers. This has shifted their focus towards packaged beverages, and hence the demand for PET preforms used in the packaging of non-carbonated drinks such as bottled water, juices, energy drinks, and drinking milk products is expected to grow rapidly.
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