Albany, NY -- (SBWire) -- 01/08/2020 --According to the latest market report published by Transparency Market Research, titled "PET Bottles Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018-2027," cost-efficient packaging solutions offered by PET bottles for carbonated drinks, juices, packaged water, and others are expected to boost the global PET bottles market during the forecast period, 2018-2027. Globally, the revenue generated from sales of PET bottles has been estimated to be around US$ 21,607.0 Mn in 2018 and is projected to expand at a CAGR of 4.1% by value, during the forecast period.
PET bottles are an efficient and durable packaging solution for most of the end-use industries. Also, PET bottles offer a cost-effective solution for packaging. PET bottles are a highly-consumed product in the packaging industry owing to the rising demand from food & beverages, personal care & cosmetics, pharmaceuticals, and other end-use sectors. PET bottles are available in various volumes from 100 ml and 200 ml to 2000 ml & above. PET bottles can be custom-made as per requirement as well.
The PET bottles market, on the basis of capacity, has been segmented into - up to 500 ml, 500 to 1000 ml, 1000 ml to 2000 ml, and more than 2000 ml categories. Among them, 500 ml to 1000 ml capacity PET bottles are estimated to account for nearly 53% of the global PET bottles market during 2018 and are supposed to maintain their dominance throughout the forecast period. It is attributed to the light weight of PET bottles.
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Manufacturers are continuously introducing improvements to reduce weight of PET bottles since the last few years. Their efforts are gaining traction with some manufacturers developing PET bottles that weigh less than 10 grams. This trend towards lightweight PET bottles is a result of cost-effective products and provides manufacturers a competitive edge over other players. 500 ml to 1000 ml PET bottles are highly used as a commercial packaging solution for carbonated drinks, energy drinks, edible oils, juices, and water bottles. The bottled water segment is gaining ground with a high demand across the globe due to the decline in the sales of carbonated drinks over the last decade.
Hence, the prominent players are looking for opportunities in the bottled water segment to drive growth in the PET bottles market. The up to 500 ml segment of PET bottles is expected to be the second largest capacity segment in the global PET bottles market during the forecast period. Most of the energy drinks and juices are packed in these PET bottles owing to the growing trend of on-the-go consumption. This segment of the PET bottles market is highly sought after as a packaging solution by the cosmetics & personal care industry.
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PET Bottles Market is Expected to Witness Lucrative Growth
PET bottles are an economical packaging solution for carbonated soft drinks, bottled water, edible oil, and other personal care & household products. The demand for PET bottles has grown significantly in the last 5-10 years due to the high growth in the consumption of convenient food & beverages in the developed as well as developing countries. Also, about 98% of PET bottles can be recycled, which makes them an environment-friendly choice for packaging of various products.
PET Bottles Market Expected to Maintain the Growth Trend & Record a CAGR of 4.1% over the Forecast Period 2018-2027
PET Bottles Market has been estimated to be around US$ 21,607.0 Mn in 2018 and is projected to expand at a CAGR of 4.1% by value, during the forecast period between 2018 to 2027.