Burgeoning plastic pollution concerns across developing and developed economies are spurring manufacturers to investigate sustainable packaging solutions, thus prompting major breakthroughs.
ROCKVILLE, MD / ACCESSWIRE / January 21, 2021 / Award winning market research company Fact.MR has recently published the global plastic containers market report. According to its findings, the market is poised to grow at over 5% Y-o-Y growth in 2021, representing a marginal increase over 2020. Growth prospects for the next ten years appear largely positive, experiencing a noteworthy CAGR.
According to Fact.MR, extensive research and development to foster innovations in the global packaging landscape have widened the berth for plastic containers. For instance, manufacturers are exploring the applicability of the ideonella sakaiensis bacterium, discovered in 2005, which feeds on PET films with a thickness of 0.2 millimeters over a span of one month, in potential end-use industries, expected to fulfill major sustainable criteria.
Furthermore, massive revenue ecosystems are anticipated across the cosmetics industry, with Fact.MR projecting it to reach US$ 58 Bn by 2021-end. Players such as Lush Cosmetics have been incorporating the postconsumer polypropylene (PCR-PP) packaging for their Black Pot packages, manufactured from KWR621FDA and KWR621FDA-20 resins. Manufacturers are increasingly targeting high-growth regions across the East Asian market, attributed to a flourishing cosmetics industry, thus yielding major growth opportunities for the plastic containers market.
'Manufacturers are deepening their presence across the emerging markets of the Asia Pacific region, attributed to heightened demand for instant foods & beverages in countries such as China & India, which are characterized by exponentially rising population bases,' remarks the Fact.MR analyst.
Request a report sample with 170 pages to gain comprehensive insights at https://www.factmr.com/connectus/sample?flag=S&rep_id=442
Key Takeaways from the Study
- PET to remain primary packaging material, reaching US$ 194 Bn by 2021-end
- Container-based packaging to capture nearly 35% of the revenue through 2021
- Food & Beverage industry to remain primary end-user, registering a Y-o-Y growth of over 6% over 2020
- Bottled water packaging accounted for the largest application area, yielding US$ 117 Bn in 2020
- U.S demand poised to remain stagnant amid heightened forays for sustainable alternatives; however, extensive applications across bottled water packaging key to future growth
- Germany to emerge as the most lucrative market across Europe, France to exhibit steady growth
- U.K to exhibit around 3% annual growth in 2021 over 2020
- Japan to remain an attractive growth hotspot, expected to yield US$ 17 Bn by the end of the current year
Plastic Packaging Market- Prominent Drivers
- Sustainable plastic packaging is garnering major traction amid stringent pro-sustainability drives across all regions
- Opportunities aplenty across the industrial packaging segment, attributed to high forays for cost-effective solutions
Plastic Packaging Market- Key Restraints
- Stringent anti-plastic regulations to curb pollution levels likely to act as a major impediment to market growth in forthcoming years
- Concerns over food contamination, especially with respect to hot beverages, is anticipated to limit adoption
Discover more about the plastic containers market with 138 figures and 188 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/442/plastic-containers-market
Fact.MR's plastic packaging market report has profiled the following prominent players: CKS Packaging Incorporated, Alpha Packaging Holdings Incorporated, Plastipak Holdings Incorporated, Constar International LLC, Letica Corporation, Constar International LLC, Sonoco Products Company, Linpac Group Ltd., AMCOR Ltd., and Huhtamaki Oyj.
The aforementioned manufacturers rely on product developments, capacity expansion, strategic acquisitions, mergers and strengthening distribution networks across key markets. In July 2020, for instance, Alpha Packaging Holdings expanded its product portfolio by adding new 2-stage options in its narrow PET bottle capacity segment. These include 3 sizes of PET Traditional Boston Rounds and 2 sizes of Slim Cylinders among others.
Furthermore, manufacturers are also aware about heightening sustainability concerns, prompting them to undertake partnerships to develop eco-friendly packaging material. A case in point, in 2019, Plastipak Holdings announced an exclusive partnership for industrial scale PET chemical recycling with Garbo to offer innovative solutions to potential clients.
More Insights on Fact.MR's Plastic Packaging Market
In the latest report by Fact.MR, we offer an unbiased analysis of the global plastic containers market, providing historical data for the period of 2015-2019 and forecast statistics for the period of 2020-2030. The market is segmented on the basis of packaging material (HDPE, LDPE, other resins, PET, PETE, PETG, or polyester, PP, PS, & PVC), packaging type (bags & pouches, bottles & jars, boxes & cartons, containers and others), application (alcoholic beverages, bottled water, carbonated soft drinks, energy drink, milk products, ready to drink beverages & tea/coffee), end user (cosmetics & personal care, electronics, food & beverages, pharmaceuticals, printing & stationary and other end users), across six major regions.
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