The Rise of PET Bottles Market is Fueled by Plastic's Durability
The Global PET Bottles Market is estimated to be valued at US$ 2.91 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the PET bottles are Reckitt Benckiser Group PLC,,Church & Dwight Co. Inc.,,Okamoto Industries Inc.,,Karex Berhad,,Humanwell Group. Key players are focusing on increasing production capacity and global expansion to leverage market opportunities.
The growing demand for PET Bottles Market Size water and shift toward packaged foods and beverages has been fueling market growth. Changing lifestyles and increase in disposable incomes in developing nations are major factors for the rising demand.
Major players are expanding their global footprint through mergers and acquisitions to consolidate their position. In addition, the growth of e-commerce is supporting increased sales volumes and propelling market revenue globally.
Market Drivers
Plastic's durability and recyclability make PET bottles sustainable packaging solutions driving its increased demand. PET breaks down slower than other plastics producing less waste. It can be recycled and reused multiple times significantly reducing plastic's environmental footprint. This has increased PET's acceptability and boosted the market.
Impact of geopolitical situation on PET Bottles Market growth
The PET bottles market is facing considerable challenges due to geopolitical tensions globally. The ongoing Russia-Ukraine war has disrupted supply chains of key raw materials used in PET bottle production like polyethylene terephthalate and polyethylene. Both countries are major exporters of these petrochemicals. With trade sanctions on Russia by Western nations, manufacturers have faced raw material shortage and price volatility. This is negatively impacting production volumes and margins for PET bottle makers.
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