Plastic Container Market set to garner higher revenue globally
Currently, North America is dominating the plastic container market. The food & beverages industry leads the market in the developed regions like U.S. It is followed by Europe which focuses on plastic recycling. The region can drive the demand for plastic containers owing to soaring sales of household cleaners and awareness of health and hygiene.
Asia Pacific has emerged as fastest growing market due tremendous growth in terms of disposable income, improved lifestyles, urbanization, and inclined audience towards convenience in the countries of India, China, and others. These economies have proved to be a potential market for packaged food industry as there is rising demand for hygienic food items with durable containers such as pouches, cans, and bags among others. The use of plastic containers for casing cosmetic products and shift of manufacturers to China can increase the market demand significantly till 2022.
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Plastic containers are packaging material used in all industries for handling content of a sensitive material. Pouches, food containers, and plastic bags are examples of plastic containers. The global plastic container market report by Market Research Future (MRFR) focuses on drivers, challenges, opportunities, and trends for the period of 2016 to 2022 (forecast period). The COVID-19 outbreak and its effects on the industry are described with countermeasures for ensuring seamless production in a comprehensive manner.
The global plastic container market is estimated to grow at a stupendous growth rate during the estimated period. Improved living conditions and rapid urbanization are prime factors driving the market demand. The low cost of manufacturing and cost-economical nature can lead to its demand as manufacturers aim to curb their production costs for gaining large bottomline margins.
Importance of packaging in food and pharmaceutical sectors for enhancing the life of goods and products can drive the market demand during the forecast period. Changing food eating habits and appeal of plastic packaging for attracting consumers can bode well for the market. New technologies such as sustainable packaging for protecting products from oxygen and other environment aspects can drive the demand for plastic containers. Rise of e-commerce for shopping of goods and consumption of foods and beverages can drive the demand for plastic containers. Consumption of bottled water and beverages can push the need for plastic bottles significantly. Advances in plastics will lead to recyclable plastic containers for serving products owing to environmental restrictions during the forecast period.
However, availability of alternatives, fluctuating raw material prices, and energy and transportation costs can impede the market growth.
By material, it is segmented into LDPE, HDPE, PVC, PP, PET, and others.
By product, it is segmented into bags & pouches, bottles & jars, cups & bowls, and others.
By application, it is segmented into consumer goods, personal care, pharmaceutical, food & beverages, and others. The food & beverages application can possess a large plastic container market share owing to consumption of functional drinks and soft beverages.
Werke Alwin Lehner GmbH & Company KG, Constar International, Alpha Packaging Holdings Incorporated, Alpack, International Packaging, Plastipak Packaging, Graham Packaging, Amcor Limited, The Plastic Bottles Company, Anchor Packaging Incorporated, and Rahway Steel Drum Company are key players in the global plastic container market.
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