This can be attributed to the eco-friendly nature of PET bottles along with the availability of these bottles in desired shapes, colours and sizes.

PET bottles are made from a thermoplastic polymer known as polyethylene terephthalate which is produced by the polymerisation of ethylene glycol and terephthalic acid. These bottles are mostly used for packaging water, carbonated beverages and various other food and pharmaceutical products. Moreover, PET bottles are recyclable which makes them environment friendly and also reduces the cost of manufacturing. A new research report by IMARC Group, titled “PET Bottle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global PET bottle market reached a volume of 17 Million Tons in 2017. The report further anticipates the market to reach a volume of 19 Million Tons by 2023, at a projected CAGR of around 2% over the forecast period.

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Global PET Bottle Market Drivers/Constraints:

The numerous characteristics of PET bottles, including light-weight, high strength, impermeability to atmospheric gases have resulted in the rising demand for PET bottles across various industries.
An increasing demand for bottled beverages coupled with the growth in the FMCG (fast-moving consumer goods) sector has led to a hike in the sales of PET bottles across the globe.
The increasing focus on unique packaging and different-sized packs as an important tool for brand differentiation has facilitated the demand for PET bottles with customised shapes, designs and colours, in turn, boosting the market growth.
The manufacturing of PET bottles consumes oil which is already a scarce natural resource. Apart from this, these bottles take longer to degrade and can be harmful if consumed by the animals which acts as a major deterrent to the PET bottles market.
Source: https://www.imarcgroup.com/pet-packaging-market