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On the flip side, high fluctuations in the prices of raw material is a major concern considered to dampen the market growth across the globe. Moreover, strict mandates imposed on the use of plastic is further considered to impede the global PET Packaging Market Growth during the assessment period.
Global PET Packaging Market Growth is considered to flourish. PET is a terephthalic corrosive and an ethylene glycol polymer. Pellets of PET pitch are warmed in order to form a fluid, which can be effortlessly be expelled into any shapes.
Segmental Analysis
The global PET Packaging Market Growth has been segmented on the basis of packaging type, form, pack type, end-use industry, and region.
By mode of form, the PET Packaging Market Growth has been segmented into crystalline PET and amorphous PET. Among these, the amorphous PET segment is considered to dominate the global PET Packaging Market Growth owing to its attributes such as water-resistant nature, high durability, and high adhesive strength of the amorphous PET.
By mode of pack type, the PET Packaging Market Growth has been segmented into bags & pouches, bottles & jars, lids/caps & closures, trays, and others. Among these, the bottles & jars segment is considered to dominated and is also presumed to witness a phenomenal growth during the assessment period as they are light in weight, bendable, safe, and 100% recyclable.
Regional Insights
Geographically, the PET Packaging Market Growth span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
The European region is anticipated to expand with the highest CAGR owing to factors such as growing investment by the companies in the packaging of pharmaceutical and healthcare products. The region has also witnessed tremendous growth in the medical sector which has created lucrative opportunities for PET packaging in the healthcare sector.
The North America region is anticipated to dominate the global COVID-19 Impact owing to the growing investment in the research and development activities and product innovation. Moreover, the strict food safety policies in the countries of Canada and the U.S. further drive the demand for PET packaging in the food & beverage sector.
Competitive Dashboard
The prominent players operating the global PET Packaging Market Growth are Berry Plastics Group Inc. (U.S.), Amcor Limited (Australia), Silgan Holdings (U.S.), Rexam PLC (U.K.), Resilux NV (Belgium), PET Power B.V. (The Netherlands)
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