Polyethylene Terephthalate Preforms market is anticipated to rise at a value CAGR of 5.5% over 2019-2028. According to a study published by Insure Insights on the Polyethylene Terephthalate Preforms Market, A Polyethylene Terephthalate preform is in the form of a test tube that is made of a plastic known as Polyethylene Terephthalate. This plastic undergoes a process injection and the stretch blow; this leads to a formation of a bottle. The increase in the demand for Bottle water consumption and easy handling and durability of PET preforms are increasing the demand of the market
Top Driver: Increase in demand for Food, Beverages, and Pharmaceuticals is driving the market growth
The increase in the popularity of packaged bottled water, carbonated soft drinks, and other special care & domestic goods and the rise in the production of pharmaceuticals for the growing population has boosted the market growth of Polyethylene Terephthalate Preforms. The high consumption rate of food & beverage products such as ready-to-drink coffee, tea, juices, and soft drinks in both developed and developing economies have enhanced market growth.
Polyethylene Terephthalate (PET) is tough, unbreakable, and possesses durability; this makes it a more preferred choice for food and beverages, especially for storing carbonated products. PET preforms have characteristics like crystal clarity, leakage proof, recyclability, and is resistant to corrosion these factors have further expanded the growth of the market
Food and Beverage Industry Make Crucial Contribution to the Growth of Global Polyethylene Terephthalate Preforms Market
Polyethylene Terephthalate Preforms markets have widely been used in the Food and Beverage Industry, the high consumption rate of beverages, like soft drinks, juices, are driving the market growth. PET preforms are also used in Packed drinking water; an increase in the demand and consumption rate of Packed water has further driven the growth of the market. Based on the Application segment, Carbonated drinks have obtained the most remarkable growth in the market due to the rise in the popularity, especially among the teenager and the Youth.
The increase in the demand for, food, and beverages to benefit the Asia Pacific Market
The developing economies like China and India have witnessed a high consumption of PET preforms due to the rise in the food and beverage industry, and also due to the growth in the pharmaceutical industry, these are the major factors driving the regional growth of the market. The increase in the consumption rate of beverages in these region have escalated market growth. China, India being the largest market for the pharmaceuticals, has driven regional growth. The growing population of developing economies in the APAC region has further boosted the market growth
Strategic collaboration acquisition Joint Partnership are the major strategies of the competitors
The key competitors of the global Polyethylene Terephthalate Preforms market are fragmented; Acquisitions, merging, joint venture partnerships, these are the major strategies of the competitors for the overall growth.
The key competitors of the Polyethylene Terephthalate Preforms market are Taiwan Hon Chuan Enterprise Co., Ltd, Retal Industries Ltd, Plastipak Holdings, Inc., RESILUX NV, ALPLA Werke Alwin Lehner GmbH & Co KG, Zhuhai Zhongfu Enterprise Co. Limited, Societe Generale des Techniques, Indorama Ventures Public Company Limited, KOKSAN Pet Packaging Industry Co, and Rawasy Al Khaleej Plastic Ind.
ALPLA Werke Alwin Lehner GmbH & Co KG: ALPLA Werke Alwin Lehner GmbH & Co KG is a giant competitor of the Polyethylene Terephthalate Preforms market. For instance, in the year 2018, ALPLA had acquired Argo S. The acquisition was made by ALPHA to strengthen its product portfolio in Packaging.
Indorama Ventures Public Company Limited: Indorama Ventures Public Company Limited is one of the popular competitor of the global Polyethylene Terephthalate Preforms market. For instance, in January 2020, Indorama Ventures had announced that it had completed the acquisition of Huntsman’s Integrated EO & PO Assets for USD 2 billion. The acquisition was made by Indorama Ventures to expand its product portfolio
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