About Molded Plastic Packaging
Plastics that can be molded into various sizes and shapes or forms are classified as molded plastics. Injection molding, blow molding, rotational molding, and extrusion molding are the different types of technologies used in the production of molded plastic products. The major categories of plastics used for such productions include PE, PP, polystyrene, and PVC. Molded plastics are used in a wide range of sectors like packaging, consumables and electronics, and automotive and transportation. Molded plastics are preferred over other forms of packaging because of their certain physical and chemical properties, which make them ideal packaging materials. They are tough, durable, lightweight, easy to transport, and are not brittle like glass. In addition, the cost per unit of production is low in case of molded plastics, which find a wide variety of applications.
Technavio’s analysts forecast the global molded plastic packaging market to grow at a CAGR of 5.07%, in terms of revenue, during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global molded plastic packaging market for 2016-2020. To calculate the market size, Technavio considers the revenue generated from the sales of molded plastic packaging products by vendors operating in the market. The report also includes information on the market's size in terms of the volume consumption of different plastic materials or resins, which are used to manufacture various molded plastic packaging products.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Molded Plastic Packaging Market 2016-2020
Technavio recognizes the following companies as the key players in the global molded plastic packaging market: Alpha Packaging, APEX Plastics, Plastipak, Sidel, and Silgan.
Other Prominent Vendors in the market are: First American Plastic, Graham Packaging, Hassan Plas Packaging, HTI Plastics, LINPAC Group, R&D Molders, Resilux, RPC, Sonoco, and Streamline Plastic.
Commenting on the report, an analyst from Technavio’s team said: “Increased adoption of lightweight rigid plastics will be a key trend for market growth. Lightweight packaging materials are increasingly gaining popularity among customers. The need for a reduction in transportation and carriage costs, leading to increased profitability, has become one of the prime focus areas. The unit cost of production can be lowered by 80% in the face of rising raw material costs, and this cost benefit can be passed onto the end-user. For example, in 2013, Amcor launched a lightweight 64-ounce hot-fill PET bottle using its Powerblock 3.0 technology, which was 13.2% lighter than the regular bottle. Plastican, now acquired by BWAY, launched a lightweight five-gallon rigid plastic container for industrial and consumer markets offering 19% better weight per gallon of storage.”
According to the report, growing packaging industry will be a key driver for market growth. The growth of the global packaging industry will be the major driving force behind the growth of the global plastic packaging products during the forecast period. With an increase in consumer spending and growing urbanization, the packaging industry is expected to grow at a CAGR of around 5% during the forecast. The demand for rigid plastic packaging will increase for household and industrial products. The demand for plastic packaging is also increasing from the medical industry.
Further, the report states that volatility in raw material prices will be a challenge for market growth. Raw materials used for the production of moulded plastics are resins and petrochemicals. The prices of these raw materials are dependent on the price of crude oil. An increase in the volatility of the price of crude oil in the international market is a major challenge for vendors operating in the global moulded plastics market; they face uncertain procurement costs and a decrease in profit margins. Moreover, the depleting crude oil resources will also contribute to an increase in raw material prices. Thus, volatile raw material prices restrict the growth of the global moulded plastic packaging market.
Alpha Packaging, APEX Plastics, Plastipak, Sidel, Silgan, First American Plastic, Graham Packaging, Hassan Plas Packaging, HTI Plastics, LINPAC Group, R&D Molders, Resilux, RPC, Sonoco, Streamline Plastic.