The global market for polyethylene terephthalate used in packaging is expected to grow to almost 19.1 million mt by 2017, with an annual growth rate of over 5%, a report from market research firm Pira International released Thursday said.
While PET's share of the packaging market is expected to decline in Western Europe and North America, rapid growth in the Asian Pacific region and emerging economies in other regions is expected to lead to overall global growth.
"Barrier PET bottles and jars for juices, milk, teas, beer, wine and food are forecast to register strong growth over the period 2012-2017," the statement from Pira International said.
The report also points out that the PET market in the Asia Pacific region overtook both North America and Western Europe between 2007 and 2012. The Pira report shows that in 2012 the Asian Pacific region will account for almost 30% of the global PET packaging consumption, followed by North America at about 24% and Western Europe at almost 20%.
Among the developments in PET packaging through to 2017 include advances in barrier systems, continued light-weighting and a further emphasis on sustainability and recycling, Pira said.
