Plastic Bottles and Containers Market size See Incredible Growth during 2030

Description

The global plastic bottles and containers market was valued at USD 104.2 billion in 2020, and it is expected to reach USD 142.0 billion by 2027 while registering a CAGR of 5.3% from 2021 to 2027. Plastic packaging is becoming popular among consumers as plastic packaging is lightweight and easier to handle. Manufacturers prefer to use plastic packaging solutions, owing to their lower cost of production. Furthermore, introducing polyethylene terephthalate (PET) and high-density polyethylene (HDPE) polymers expands the plastic bottling applications. The market is witnessing a growing demand for PET bottles in the bottled and soft water markets.

Plastic is widely recognized, and a wide range of creative, cost-effective, and ecological packaging options are emerging in the market. As a result, leading companies such as Amcor have introduced new plastic product shapes to meet the growing need for bottles and containers. Manufacturers prefer PET over other plastic packaging materials because it loses the least raw material throughout the manufacturing process. Its recyclability and ability to be customized with various colors and designs make it a popular option. Refillable goods have grown in popularity as consumer knowledge of environmental problems has increased.

However, during the projection period, changing regulatory standards, fluctuating raw material costs, rising trash levels, and increasing environmental waste laws are projected to stifle market expansion. The same is anticipated to provide organizations operating in this market sector with an opportunity to produce new items that might be disrupted and manage the market's current threats.

Global Plastic Bottles and Containers Market Dynamics

Drivers: Increasing Adoption of Lightweight Packaging Methods

Plastics are valued for their low weight. According to Custom-Pak, although plastics are used for packaging more than half of all European goods, they account for just 17 percent of total packaging weight. According to Custom-research Pak's on the effects of substituting plastic with alternatives (such as steel, aluminum, cloth, glass, rubber, paper, and paperboard), replacements are 4.5 times heavier on average. To produce the same style of packaging, the alternatives demand significantly higher material production.

The lightweight property of plastic is driving the growth of plastic packaging in Europe. Glass is much heavier than plastic, which means more trips would be required while transporting. This translates to a more significant environmental impact. Glass is also much heavier for the end consumer, whereas plastic is lightweight and much easier to carry.

A plastic two fl. oz bottle weighs only 0.023 lbs, while its glass counterpart weighs 0.177 lbs. Though this is a small difference when analyzing a single bottle, it can add up to significant figures that impact a company’s profit margin when ordering pallets in bulk. Even with extreme care in shipping, some glass bottles may break during handling.

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Restraints: Environmental Concerns Regarding the Use of Plastics

Plastic pollution has now become a worldwide issue. Several studies have documented the negative consequences of plastic on the environment. As a result, Europe has enacted restrictions aimed at reducing the usage of plastics. The public's knowledge of the negative consequences of plastic use has risen dramatically during the last decade. Many government-led public awareness campaigns and initiatives have resulted in enhanced public knowledge. As a result, in recent years, the usage of plastic packaging has increased significantly.

For example, the Food Safety and Standard Authority of India (FSSAI) examined crucial measures in October 2019 to restrict plastic in food packaging. The government is looking at the idea of imposing rules on tiny packs of goods like water bottles. Furthermore, the authority intends to eliminate laws prohibiting the use of non-transparent bottles for drinking water, allowing firms to explore the possibility of utilizing alternatives to the PET bottles presently in use.

Scope of the Report

The study categorizes the plastic bottles and containers market based on raw material and end-users at the regional and global levels.

By Raw Material Outlook (Sales, USD Million, 2017-2027)

• PET
• PP
• LDPE
• HDPE
• Other Raw Materials

By End-Users Outlook (Sales, USD Million, 2017-2027)

• Beverages
• Food
• Pharmaceuticals
• Cosmetics
• Household Care
• Other End-user Verticals

By Region Outlook (Sales, USD Million, 2017-2027)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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The PET segment is projected to account for the largest market share by raw material

Based on raw material, the global plastic bottles and containers market is divided into PET, PP, LDPE, HDPE, and Other Raw Materials. In 2020, the PET segment accounted for the largest market share of 62.9% in the global plastic bottles and containers market. Compared to glass, PET may save up to 90% in weight, allowing for a more cost-effective shipping method. PET plastic bottles increasingly replace heavy and fragile glass bottles because they provide reusable packaging for mineral water and other beverages. Bottled water is the most popular beverage in the United States, according to the International Bottled Water Association (by volume). According to a survey by the International Bottled Water Association (IBWA), bottled water sales in the United States have increased by 8.8 percent to USD 18.5 billion. With a 6.2 percent rise, per capita use of bottled water now surpasses 42 gallons. With this upward trend expected to continue, the need for PET in bottled water packaging is expected to rise.

In June 2019, Coca-Cola’s joint venture partner Hellenic Bottling Company introduced Valser, its third European water brand, exclusively in rPET bottles. This sustainable strategy of Coca-Cola may replace nearly 10,000 metric tons of virgin plastic in the EU countries, where these products are sold primarily. The company aims to make all its consumer packaging 100 % recyclable by 2025 and ensure the packaging is made of at least 50 % recycled material by 2030.

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Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global plastic bottles and containers market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 5.9% in the global plastic bottles and containers market during the forecast period. One of the most important projects in the Asia-Pacific area has been to reduce single-use plastic bottles and packaging in general. However, to stop the pandemic's spread, businesses may turn to plastic packaging, putting the sustainability issue on hold for the time being.

After the Asia Pacific, Middle East & Africa is the fastest-growing region with a CAGR of 5.5% during the forecast period 2021-2027. The Middle East and African region is expected to witness significant growth in the packaging industry. The demand is primarily driven by the increased markets for consumer products, increasing individual incomes, an expanding population of young consumers, and growing domestic economies. The United Arab Emirates imports pharmaceutical products from 72 countries. The United Kingdom, Switzerland, Germany, Belgium, the United States, France, Spain, Italy, and Australia account for approximately 80% of supply.

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Key Market Players

The plastic bottles and containers market is mildly concentrated in nature with few numbers global players operating in the market such as ALPLA Group, Amcor PLC, Gerresheimer AG, Graham Packaging Company LP, Container Corporation of Canada Ltd, Altium Packaging (Loews Corporation), Alpha Packaging, Plastipak Holdings Inc., Resilux NV, Greiner Packaging GmbH, and Comar LLC. Every company follows its business strategy to attain the maximum market share.

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