Global Plastic Bottles Market - Segmented by Raw Material (Polyethylene Terephthalate, Poly Propylene, Low Density Poly Ethylene, High Density Poly Ethylene), by End-user Vertical (Beverage, Food, Cosmetics, Pharmaceutical Automotive) and Region - Growth, Trends, and Forecast (2018 - 2023)
The plastic bottles market was valued at USD 239.07 billion in 2017, and is expected to reach a value of USD 402.94 billion by 2023, at a CAGR of 5.20%, during the forecast period (2018 - 2023).The scope of the report includes raw material like polyethylene terephthalate, poly propylene, low density poly ethylene, high density poly ethylene and end user vertical like food, beverage, cosmetics, pharmaceutical, and household chemicals. The regions considered in the report include North America, Europe, Asia pacific, Latin America, and Middle East & Africa.
Increasing Consumer Preference for Plastic Packaging over Other Products Is Driving the Market
As plastic packages are light-weight and easier to handle the adoption of these products is growing. Manufacturers are also preferring the use of plastic packaging solutions, due to lower costs of production. There are a wide variety of innovative, cost-effective, and sustainable packaging solutions emerging in the market. Increasing awareness about environmental issues regarding the use of plastic remains a major constraint for growth in the plastic industry. As the usage of plastic and plastic products have potentially hazardous effects on the environment, governments across the world have imposed very stringent rules and regulations in the industry, making it a relatively slower growing industry, compared to other materials.
Low-Density Polyethylene (LDPE), High-Density Polyethylene (HDPE) and Polypropylene are the Most Used Plastic Materials
LPDE is a thermoplastic made from the monomer ethylene, which is not reactive at room temperature. It has no branching, and can withstand temperatures of 80ºC, continuously. It is made in translucent or opaque variations. HPDE is a polyethylene thermoplastic made from petroleum. It is known for its large strength-to-density ratio, and has major application in plastic bottle production. It has limited branching, which gives it stronger intermolecular forces and greater tensile strength than LDPE. HPDE is harder, more opaque and can withstand higher temperatures (110ºC). Polypropylene is an addition polymer made from monomer propylene. The polymer is rugged and unusually resistant to many chemical solvents-bases and acids. Hence, the types of plastic bottles are made based on the requirement and usage. The ease of use and high demand for plastic bottles is expected to help the plastic bottles market grow at a moderate rate, during the forecast period.
Plastic Bottles are Expected to Continue Holding the Highest Market Share in Primary Pharmaceutical Containers
Plastic bottles are being used in bulk and prescription dose packaging of oral ethical drugs and the packaging of solid dose oral over-the-counter medicines in large quantities. The recyclable nature of bottles makes them a very attractive choice. Due to multiple uses, plastic bottles are in huge demand in industries like pharmaceuticals. The number of Companies looking to expand into emerging markets, with no sophisticated cold storage chains and producing packages those can provide longer shelf life are growing. Under these circumstances, the demand for plastic packaging products, such as bottles and containers, has increased tremendously in the last decade, and has been a major driver for the global plastic bottles market.
Growing Health Awareness in Consumers is Prompting Them to Opt for Products That Keep Them Refreshed and Are Safe To Consume
This trend creates a high demand for cost-effective packaging solutions in the plastics industry. On an average, the amount of glass, steel, and aluminum required to pack 10 gallons of beverages are 40, eight and three pounds, respectively. The same amount can be packaged and transported using just two pounds of plastic. This highly-efficient packaging helps conserve a large amount of resources. From morning juices to rejuvenating drinks, consumers are now spending more on the products, which keep them refreshed and are safe to consume. The growth is expected to be observed across different beverage products like juices, coffee, tea, soups, non-dairy beverages, and others.
Asia-Pacific is the Fastest Growing Region During the Forecasted Period
Strict regulations, increasing demand in the end-user industry, and the growing demographics favoring cost-effective solutions are some of the factors augmenting the growth of the market.
Key Developments in the Market