Plastic Containers Market - Dependency on Leading Market Players Promise Rising Growth, details Fact
Fact.MR projects the global market for plastic containers to record a CAGR of 5.4% in the duration between 2017 and 2026
[UKPRwire, Mon Jul 15 2019] Adoption of plastic in the packaging industry has remained consistent over the past few years. Plastic has replaced several other packaging materials such as metal, paper, wood and glass. With the provision of better performance and being more price-competitive, plastic packaging products such as containers have gained significant momentum across various industrial sectors including food & beverage and pharmaceuticals. A recently collated research report by Fact.MR projects the global plastic containers market to record a CAGR of 5.4% in the duration between 2017 and 2026. Nearly 120,000 MT of plastic containers will be sold across the globe by 2026-end.
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Plastic containers seek widespread application in personal care products, household chemicals, food, beverages, and pharmaceutical products. Utilization of plastic containers for application in meat products is surging, with the advent of non-deformable and robust plastic containers in various sizes and shapes. Demand for plastic containers is on a rise as they facilitate storage, transportation, and disposition of delicate food items including sausages, cold cuts, and meats. Rapid growth in the pharmaceutical and medical industries has led toward proliferation in adoption of plastic containers. Excellent barrier properties and superior aesthetic value offered by plastic against moisture and air is a major factor driving its adoption in the pharmaceutical and medical sector. Reusing plastic containers has become of the most affordable and effective ways in reducing the environmental impact of plastic. Manufacturers are focusing on making some plastic containers more durable so that they can be reused and refilled numerous times before getting damaged after prolonged utilization.
North America to Endure as Fast-Expanding Market for Plastic Containers
In terms of value, North America is expected to endure as the fast-expanding market for plastic containers, trailed by Asia-Pacific excluding Japan (APEJ). Majority of the market growth in North America can be attributed to improving food & beverage industry in the U.S., and rising utility expenditure along with stricter regulations directed toward improvement of packaged material recycling procedures. In APEJ, the food & beverage sector is witnessing robust growth on the back of growing purchasing power of people and rapid urbanization that entails hectic lifestyle and demand for packaged food.
With increasing concerns regarding contaminants in drinking water, consumers in the developed and developing regions are increasingly preferring bottled water. Demand for bottled water has therefore surged exponentially over the past couple of years, which in turn creates significant demand for plastic containers, such as various sizes of plastic bottles. Bottled water is expected to remain the largest application of plastic containers, succeeded by alcoholic beverages, in terms of value.
Key Research Findings from Fact.MR’s Report (In Terms of Value)
- Food and Beverage sector will remain the largest end-users of plastic containers
- Bags & pouches and containers will remain fast-expanding applications of plastic containers
- Polyethylene terephthalate will continue to be preferred among packaging materials for production of plastic containers
The global market for plastic containers is diversified and highly competitive in nature, owing to the occupancy of myriad international and regional vendors worldwide. It has been witnessed that small-sized and local vendors of plastic containers compete against international vendors on the basis of prices, as competing in terms of product offerings, quality and features becomes difficult for small enterprises. Key players actively underpinning the market growth include Alpha Packaging Holdings Incorporated, AMCOR Ltd, Bemis Company incorporated, CKS Packaging Incorporated, Constar International LLC, Huhtamaki Oyj, Letica Corporation, Linpac Group Ltd, Sonoco Products Company, and Plastipak Holdings Incorporated.
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