Plastic Bottles Market Growing Demand and Huge Future Opportunities by 2030

Description

The global plastic bottles market was valued at USD 164.2 billion in 2020, and it is expected to reach a value of USD 238.2 billion by 2027 while registering a CAGR of 6.4% from 2021 to 2027. Plastic packaging is becoming increasingly popular among customers due to its low weight and ease of handling. Big manufacturers also prefer plastic packaging options due to their cheaper production costs. Furthermore, the emergence of polyethylene terephthalate (PET) and high-density polyethylene (HDPE) polymers has broadened the scope of plastic bottling. PET bottles are becoming increasingly popular in the bottled and soft water industries.

Plastic is widely recognized, and many creative, cost-effective, and ecological packaging options are developing in the market. As a result, top companies such as Amcor have introduced new plastic product shapes to meet the need for bottles. Manufacturers prefer PET over other plastic packaging goods because it loses the least amount of raw material throughout the manufacturing process. Its recyclability and the ability to customize it with numerous colors and designs make it a popular choice. Refillable items have risen in popularity as a result of increased consumer awareness of environmental issues.

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However, the changing regulatory standards, fluctuations in raw material costs, and growing waste levels, and increasing environment wastage regulations are expected to hamper market growth during the forecast period. The same is also likely to give the companies operating in this market segment an opportunity to develop new products that may be disrupted and mitigate the currently applicable risks in the market.

Global Plastic Bottles Market Dynamics

Drivers: Increasing Adoption of Lightweight Packaging Methods

Plastics are prized for being lightweight. According to Custom-Pak, though over 50% of all European goods are packaged in plastics, these plastics only account for 17% of all packaging weight. Custom-Pak’s study on ramifications of replacing plastic with alternatives (such as paper and paperboard, glass, steel, aluminum, textile, rubber, and cork) found that substitutes are, on an average, 4.5 times heavier. The alternatives require substantially more material output to create the same type of packaging.

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.

Restraints: Environmental Concerns Regarding the use of Plastics

Plastic pollution has become a global problem. Several types of research have been stating the adverse effects of plastic on the environment. Owing to this, Europe also implemented regulations to reduce the use of plastics.

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Since the past decade, awareness among the population regarding the harmful effects of plastic usage has been growing drastically. Many public campaigns and initiatives by governments have resulted in increased awareness among the public. Thus, the consumption of plastic packaging witnessed a significant impact in the past few years. Consumers are now using other packaging materials, which offer environment-friendly properties. The consumption of aluminum and glass is witnessing high adoption rates in the region, owing to the eco-friendly nature and high recyclability. Thus, consumers are increasingly moving toward other materials from plastic.

Scope of the Report

The study categorizes the plastic bottles market based on raw material and application at the regional and global levels.

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

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

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

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

By Region Outlook (Sales/Revenue, 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)

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

The global plastic bottle market is divided into PET, PP, LDPE, HDPE, and other raw materials based on raw materials. In 2020, the PET segment accounted for the largest market share of 50.5% in the global plastic bottles market. Adoption of PET can lead to up to 90% weight reduction compared to glass, allowing a more economical transportation process. Presently, plastic bottles made from PET are widely replacing heavy and fragile glass bottles, as they offer reusable packaging for mineral water and other beverages. The adoption of recyclable PET witnessed a tremendous increase in the beverage industry, owing to the sustainable packaging policies of major beverage companies, such as Coca-Cola and PepsiCo. In June 2019, Coca-Cola’s joint venture partner Hellenic Bottling Company introduced Valser, its third European water brand, exclusively in rPET bottles.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global plastic bottles 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 7.0% in the global plastic bottles market during the forecast period. The region includes the countries such as China, India, Japan, South Korea, Australia, Southeast Asia, and the Rest of Asia-Pacific. The region's growth is primarily due to strong economic growth in the domestic emerging countries such as China, Indonesia, Malaysia, and India.

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After the Asia Pacific, Middle East & Africa is the fastest-growing region, with a CAGR of 6.7% during the forecast period. An increase in urban population and increasing demand for easy-to-carry and affordable plastic water bottles have significantly spurred the demand for plastic bottles among the people in Saudi Arabia. However, the increasing usage of plastic bottles in the country has significantly increased the amount of plastic waste generated and has added to a high carbon footprint. This has resulted in the introduction of several regulations regarding the production and consumption of plastics.

Key Market Players

The plastic bottles market is mildly concentrated in nature with few numbers global players operating in the market such as Amcor Limited, Cospack America Corporation, BERICAP GmbH & Co. KG, Rexam, Inc., Berry Global, Inc, Graham Packaging Company Inc., Container Corporation of Canada, Ontario Plastic Container Producers Ltd., Constar Internationals, Inc., Alpha Packaging, Alpack Plastics, Plastipak Holdings, Inc., and Resilux NV. Every company follows its business strategy to attain the maximum market share.

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