COVID-19 Impact analysis

COVID-19 kicked off in Wuhan, China, in December 2019 and has quickly spread around the world since then. In terms of confirmed cases and reported deaths, the U.S., India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are among the worst impacted countries.  Due to lockdowns, travel bans, and business shutdowns, the COVID-19 has had a negative impact on economies and businesses in a number of countries. The closure of various plants and factories has had a severe influence on global supply chains, negatively affecting manufacturing, delivery schedules, and product sales in the worldwide market.  A few companies have already stated that there may be delays in product deliveries and a drop in future sales. Furthermore, worldwide travel prohibitions implemented by countries in Europe, Asia, and North America are harming prospects for commercial cooperation and partnerships.

Top Impacting Factors

The beverage industry is expected to be a major end user of PET preforms. The global PET preforms market is benefiting from the growth of the ready-to-drink (RTD) market. Single-serve RTD beverages are already quite popular in affluent nations and are becoming increasingly popular in underdeveloped countries. The availability of such products in local supermarkets and convenience stores is likely to aid market expansion and expedite growth. Because of changing lifestyles, ready-to-drink (RTD) beverages are becoming more popular. Diverse items and packaging, which are carefully designed by producers with target clients in mind, are also contributing to the causes for growing popularity. The need for PET preforms for water packaging is rapidly increasing, with the market already accounting for more than half of the overall beverage market. Bottled water is expected to be the most popular beverage because it is the only beverage that is calorie-free, additive-free, sugar-free, and nourishing.

Market Trends 

• Due to the numerous benefits of PET products, the worldwide PET preforms market is expected to grow in the near future. The fact that they have a lengthy shelf life and are light in weight is the most important factor. They are also simple to work with. As a result, they have become immensely popular in the food and beverage business. The goods are also gaining a lot of traction in the cosmetics and healthcare industries, which are always looking for new ways to package their products.
• Increased consumption of carbonated and other beverages could further boost the global PET preforms market. The continuing focus on product development is another reason that is thought to be fueling the industry. Manufacturers and independent research organizations are developing new techniques to produce products that are more advanced. PET bottles are being used in a variety of applications because of such activities. CSD bottles, water bottles, food packaging, oil/edible oil bottles, alcoholic drinks bottles, juice and milk bottles, and chemicals and pesticides bottles are among them.
• On the other hand, severe restrictions prohibiting the use of plastic provide a threat to the worldwide PET preforms industry. This is due to the fact that plastic is non-biodegradable. Not just governments, but also NGOs and other organizations are raising awareness about the importance of recycling plastic or limiting its use. Despite these obstacles, the worldwide PET preforms market is expected to grow due to high demand for PET bottles from various end-use sectors. Because of increased urbanization, disposable incomes, and consumerism, this is the case.
• Asia Pacific is thought to be a prominent region in the global PET preforms market from a geographical standpoint. This is due to increased demand from Japan, China, and India, which are all emerging economies. The region's plastic industries have been boosted by the organic expansion of end-use sectors such as purified water, soft drinks, medicinal liquor, and food and beverages. The market for PET preforms has grown because of this. Other key markets in the quest for the top spot in the global PET preforms market could include Europe and North America.

Key Benefits of the Report

• This study presents the analytical depiction of the PET preforms market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the PET preforms’ market share.
• The current market is quantitatively analyzed from 2020 to 2030 to highlight the PET preforms’ market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed PET preforms market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions Answered in the PET Preforms Market Report

• Who are the leading market players active in the PET preforms market?
• What current trends will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What future projections would help in taking further strategic steps?
• What is PET preforms?
• What does PET preforms allow organizations to achieve?
• Which technologies combine to make PET preforms critical organizational asset?
• What are the current trends and predicted trends?