Plastic Containers Market Assessment Based on Top Driving Factors during 2017-2026
Packaging plays a key role in terms of value addition for the product, owing to the demand for protective features against contamination, in addition to aspects such as increasing aesthetic appeal, logistics, brand visibility, and marketability. Packaging is also important for extending shelf life. The global plastic containers market is projected to grow at a healthy CAGR of ~ 5.4 per cent through the forecast period till 2026. This figure will account for the sales of ~ 120,000 metric tons of plastic containers to be sold during this period.
The adoption of plastic as a key packaging material has gained traction in recent years in most places around the world, becoming a substitute and replacement for glass, metal, paper, and wood variants, owing to not only the superior performance characteristics, but also cost-effectiveness, which will gain growth in a number of end use sectors including pharmaceuticals and food and beverage products.
North America to Continue Dominating Demand
North America has been projected to be a fast expanding market in terms of plastic containers, which can be attributed to the substantial growth of the food and beverage industry in the region. This trend is further supported by increasing expenditures on utilities and stringent laws towards recycling procedures for packaging materials.
The Asia Pacific excluding Japan region is also displaying a strong rate of growth owing to the massive growth of urbanization activities and in the region, and the hectic lifestyles of people in the region, which has bolstered the demand for packaged food, supported by growing disposable incomes. In addition, there are increased concerns about the contamination of drinking water sources around the world, which has been a key driver behind the high demand for bottled water, with has witnessed an exponential expansion in recent years, generating a high demand for plastic bottles, and has now become the primary application of plastic containers on a global scale.
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Extensive Scope of Application Drives Demand
Plastic containers are used for a wide range of end use products including those from the personal care, pharmaceutical, chemicals, beverages, and food industries. The increased use of plastic containers is on the rise owing to the development of strong and deformable variants of plastic containers in different sizes and configurations.