Overview of the global molded plastic packaging market
Extensive research carried out by the analysts at Technavio has shown that the molded plastic packaging market will grow at a steady CAGR of more than 5% over the forecast period. The growth of the healthcare sector is fuelling the demand for molded plastic packaging for pharmaceuticals, primarily liquid drugs, and medical device packaging. The inert properties of plastics, along with its versatility, durability, transparency, and lightweight, make it the ideal choice for packaging medical products. Moreover, packaging drugs and medical products need to meet stringent international regulatory compliance standards for safety. Various grades of plastics are used to store different forms of medical solutions, for example, thermoformed plastics are used for airtight seals, whereas medical plastic injection molding is the perfect choice for packaging disposable syringes.
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The increasing adoption of lightweight rigid plastics is one of the key drivers propelling the growth of this market in the coming years. Lightweight packaging is becoming increasingly popular among the consumers as it helps in the significant reduction of transportation and carriage costs, leading to increased profits. Also, lightweight packaging lowers the unit cost of production by almost 80% in the face of rising raw material costs. For instance, in 2013, Amcor launched a lightweight 64-ounce hot-fill PET bottle using its Powerblock 3.0 technology, which was 13.2% lighter than a regular bottle.
Segmentation by materials and analysis of the molded plastic packaging market
- Molded polyethylene terephthalate (PET)
- Molded polyethylene (PE)
- Molded polypropylene (PP)
During 2015, the molded PET segment accounted for a major share of more than 33% of the global molded plastic packaging market, in terms of consumption volume. PET is a thermoplastic polyester resin primarily used for manufacturing injection molded parts and blows molded bottles and jars. PET has several useful properties like corrosion resistance, transparency, and durability, making it the most suitable for packaging of pharmaceuticals products, cosmetic, mineral water, juice, edible oil, and industrial or chemical products. Moreover, PET has a low permeability to oxygen, carbon dioxide, and water, so it maintains the integrity of packaged products and enhances its shelf life. These properties of PET are envisaged to fuel its demand in the next four years.
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Geographical segmentation and analysis of the molded plastic packaging market
- Americas
- APAC
- EMEA
In terms of volume, APAC dominated the global molded plastic packaging market and is likely to increase to more than 25 million tons by 2020. Factors such as increasing demand for household care products, industrial chemical products, toiletries, and cosmetics in APAC will fuel the demand for blow molded plastic bottles. Moreover, increasing investments in R&D activities for developing sustainable packaging material will contribute to this market’s growth in the region.
Competitive landscape and key vendors
The global molded plastic packaging market is very competitive due to the presence of many well-established vendors. The vendor competition is envisaged to intensify in the future with increase in product extensions, innovations in technology, and more merger and acquisitions. The vendors compete on the basis of innovation, price, quality and performance, and range of offerings.
Key vendors in the market are -
- Alpha Packaging
- APEX Plastics
- Plastipak
- Sidel
- Silgan
Other vendors in the market include First American Plastic, Graham Packaging, Hassan Plas Packaging, HTI plastics, Linpac Group, R&D Molders, Resilux, RPC Group, Sonoco, and Streamline Plastic.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the global molded plastic packaging market?
- What are the key market trends impacting the growth of the global molded plastic packaging market?
- What are the challenges to market growth?
- Who are the key vendors in the global molded plastic packaging market?
- What are the market opportunities and threats faced by the vendors in the global molded plastic packaging market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global molded plastic packaging market?
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