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The global plastic container market's market size was 86.7 billion USD in the year 2019, and it is expected to witness substantial growth during forecast period. Plastic containers are easy to handle and lightweight. Due to the low cost of production, various manufacturers are using plastic increasingly.
In adding value to the product, packaging plays an important role. In order to enhance the shelf life of the finished goods, there is an increased demand from the food and pharmaceutical sectors, and this is expected to have a positive impact on the growth of the market. Due to its innovative visual appeal for consumer attraction and convenience, plastic packaging is increasingly preferred. In developing countries such as China and India, due to changing lifestyles and food preferences, there is scope for convenience food, which will promote the utility of packaging. Due to the use of various innovative technologies such as biodegradable packaging and aseptic packaging, there is growing use of these technologies, and it will increase the shelf life of the product, which is considered one of the important aspects of the product. Hence, consumers want innovative packaging products with an extended shelf life. There is increased demand for lightweight packaging, and it has led companies to develop alternate solutions. By protecting the product from oxygen, the product's shelf life can be extended, and the products need to be protected from moisture and other potential agents such as microorganisms. Thus, plastic containers that have superior barrier properties can protect the product from various deteriorating agents. The importance of e-commerce is also increasing, and it is a shopping medium at a global level due to the increasing penetration of smartphone users and it is expected to play an important role in expanding the plastic containers market across the globe. The crude oil prices are falling globally, and it is expected to ensure the availability of plastic resin as feedstock in low prices for the firms which manufacture plastic containers. The segment which has dominated the market with 55% of global revenue share is the PET segment, and it is the most popular choice for packaging bottled water, carbonated soft drinks, and juice due to its numerous benefits to both consumers and manufacturers. PET is lightweight, non-toxic and strong, and also recyclable. In PET containers, around 70% of mineral water, soft drinks, and juices are packed.
Due to the increased consumption of bottled water and juice, there is growth for the Plastic containers market globally. HDPE packaging material for shampoo, detergent, household cleaners, and milk is expected to grow at a growth rate of 4.3% from 2020 to 2025. There will be an increased demand for HDPE from the global cosmetic market in the near future. The scope of HDPE is expected to increase due to rising urbanization, increased spending on cosmetics and household cleaner. The beverages segment holds more than 50% share of the global revenue. The factor that is expected to drive the beverage packaging market is the increased consumption of water, juice, and functional drinks. The global market for bottled water is growing at a good pace. Moreover, there is an increase in the consumption of soft drinks in India and Thailand to increase the demand for the plastic containers market. In 2018, a significant market share was held by the industrial segment, and it is expected to grow at a growth rate of 3.5% from 2020 to 2025. The production of the chemical has increased in countries such as China, India, and Germany, and it is expected to drive the plastic containers market globally. The largest consumers of plastic containers in the world are China and Germany, and this is due to the increasing production of industrial lubricants, grease, and paints. In the cosmetic industry, the use of plastic containers has increased. The largest consumer of plastic containers in the cosmetics industry across the globe is China.
Key Market Players
The key market players are:
The report offers a comprehensive insight on the Plastic Containers Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
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