Global Plastic Bottles and Containers Market - Segmented by Raw Material (PET, PP, LDPE, HDPE), End-user Vertical (Beverages, Food, Pharmaceuticals, Cosmetics, Household Care, Industrial), and Region - Growth, Trends, and Forecasts (2018 - 2023)
The global plastic bottles and containers market was valued at USD 140.107 billion in 2017, and is expected to reach a value of USD 192.048 billion by 2023, at a CAGR of 5.31%, during the forecast period (2018-2023). Plastic packaging has been witnessing growing inclination from consumers over other products, as plastic packages are lightweight and easier to handle. Similarly, even the major manufacturers prefer to use plastic packaging solutions, owing to their lower cost of production. There are a wide variety of innovative, cost-effective and sustainable packaging solutions emerging in the market. The non-availability of raw materials has been a restraining factor for the industry, over the last decade. The increasing awareness about environmental concerns over usage of plastic remains the major constraint for the growth of the plastic industry.
Growing Demand from the Packaging Industry is driving the growth of this Market
Consumers are demanding products with extended shelf life and easy usage. This has necessitated companies to develop alternative packaging solutions. Shelf life is an important aspect of the product. Shelf life can be increased by protecting the products from potential deteriorating agents, such as moisture, oxygen, and microbes. In order to protect products, companies need a cost-effective and safe packaging solution. Plastic packaging has superior barrier capabilities and can effectively protect the product from moisture and oxygen. Changing lifestyles and the consequent dependence of consumers on processed, packaged, and pre-cooked food is increasing the sales of plastic packaging in all its formats (bottles, cans, tins, glass, and plastic containers); this is visibly giving way to plastic bottles/containers owing to its convenient format, superior barrier properties, prudent use of material resources and high-quality printability. Plastic bottle packaging is a major contributor to the plastic packaging market, across the world.
PET Held the Largest Share of the Market in 2017
Polyethylene Terephthalate (PET), also known as PETE, is clear plastic used for soda and water and bottle and containers. PET raw material is recognized globally as a non-toxic, safe, light weight, strong, flexible material, which is 100% recyclable. It also provides an excellent barrier against carbon dioxide (CO2) and oxygen (O2). PET has also become a material of choice for bottling beverages, like for most of the carbonated soft drinks and mineral water. This raw material can also be used in food packaging firms. PET is microwave resistant and this is largely used in many of the food chains. The advancements in analytical chemistry are now providing the miniscule level of migration measurement from the plastic to foods. These tests have found that under the laboratory conditions the migration of any components of PET plastics is well below applicable safety levels. So, FDA tested PET bottles and containers are acceptable to use in many applications across the industries.
North America is one of the Major Contributors to the Market
North America is the major contributor to the Plastics Bottles and Containers market. Plastic bottles and containers pose an interesting policy and engineering challenge to the US society. They have to satisfy a number of structural and physical criteria and they must be inexpensive and the same time should pose a minimal effect on the environment. In the US plastic bottles and container production market is more complicated than both glass and aluminum containers market due to their unfriendly nature of material property, which is polluting the environmental conditions. Canada plastic bottles and containers market is mostly dependent on the demand for lighter forms of plastic packaging and greater ease of use. Plastic bottles and containers market is growing in Canada because of the increasing demand for FMCG sector, which might ensure wide adoption of plastic bottles and containers in food, beverage, pharmaceuticals, and other sectors in Canada. Moreover consumers preferring offer several advantages, such as better handling & disposal, cost-effectiveness, greater visual appeal, and convenience. However, the environmental and health concerns over the bottled water are impeding the growth of the market.
Key Developments in the Market