Molded plastic packaging: Key market research findings
- APAC dominates the market geographically
- Molded PET accounts for a majority of the market revenue
- Key vendors – Alpha Packaging, APEX Plastics, Plastipak, Sidel, and Silgan
Technavio’s market research analysts predict the global market for molded plastic packaging to grow at a CAGR of around 5% between 2016 and 2020. The rise in disposable income of the population in emerging markets is fueling the growth of the global molded plastic packaging market. An increase in the consumption of food and beverage products, growing household care products industry, and a surge in demand for packaging products from the medical industry have augmented the adoption of plastic containers and bottles. An increase in per capita income has elevated the purchasing power of people worldwide. During 2015, the global molded plastic packaging market was dominated by the APAC region with a market share of around 36%. The growing consumption of molded plastics for industrial use and packaging of household chemicals will propel growth in the molded plastic packaging market in APAC during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the molded plastic packaging segments based on the material.
“Biodegradable rigid plastic packaging is becoming increasingly popular in the market currently. Biodegradable plastics are easily decomposed by micro-organisms, which reduce their toxic effect on the environment compared to conventional plastics. They are made from petrochemicals with biodegradable additives,” says Sharan Raj, Lead Analyst, Transportation & Logistics, Technavio Research.
In 2015, the molded PET segment accounted for around 33% of the overall market revenue to become the key revenue-generating vertical of the molded plastic packaging market. Polyethylene terephthalate, also named as PET or PETE, is a kind of thermoplastic polyester resin used for manufacturing injection molded parts and blow molded bottles and jars. PET is a corrosion-resistant, transparent, and wear-resistant form of plastic with high tensile strength and smooth finish. This polymer is widely used for packaging pharmaceuticals products, cosmetics, mineral water, juice, edible oil, and industrial or chemical products.
The key vendors in the market include Alpha Packaging, APEX Plastics, Plastipak, Sidel, and Silgan. Vendors compete on the basis of product offerings, differentiation, specialization, and pricing. The major customers of molded plastic packaging products are distributed across verticals, including food and beverage, pharmaceuticals and healthcare, and consumer goods. Some of the product offerings in this market include blow molded containers, blow molded plastic bottles and jars, plastic tubs, and pots.
A more detailed analysis is available in the Technavio report, Global Molded Plastic Packaging Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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