Plastic Containers Market Estimated to Reach USD 86.27

2022-10-11 12:51:56 By : Ms. Alina Xie

October 10, 2022 05:29 ET | Source: Fortune Business Insights Fortune Business Insights

Pune, India, Oct. 10, 2022 (GLOBE NEWSWIRE) -- The global plastic containers market size was USD 58.15 billion in 2021. The market is projected to grow from USD 60.59 billion in 2022 to USD 86.27 billion by 2029 at a CAGR of 5.2% during the 2022-2029 period. Fortune Business Insights™ publishes this information in a report titled, "Plastic Containers Market, 2022-2029". As per the report, the market is projected to grow during the forecast period due to increasing product demand in personal care.

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List of Key Players Profiled in the Plastic Containers Market Report:

Halted Manufacturing Plants Amid Pandemic Hindered Market Growth

The outbreak of COVID-19 pandemic created a huge impact on various industries amid the closure of the manufacturing and production units. Also, governments imposed strict restrictions on trading policies, which hindered the organizational performance of the leading players. The closure of national borders disrupted the supply chain systems and caused lack of raw material. Furthermore, lack of labor is a major reason to restrict the plastic containers market growth.

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Rising Application of Polyethylene Terephthalate to Ensure Segmental Growth

By material, the market is categorized into Polyethylene Terephthalate (PET), polypropylene (PP), High-density Polyethylene (HDPE), Low-density Polyethylene (LDPE), and others. The Polyethylene Terephthalate (PET) segment is anticipated to grow rapidly during the forecast period. The increasing demand for transparent packaging material is projected to bolster segmental growth.

Bottles & Jars Segment to Grow Rapidly Due to Rising Adoption from End-use Industries

Based on container type, the market is segregated into bottles & jars, pails, tubs, cups & bowls, and others. The bottles & jars segment is estimated to dominate the global market share due to the increasing use of plastic bottles in the pharmaceutical and consumer goods sector.

High Feasibility Property to Bolster Beverage Segmental Growth

On the basis of end-use, the market is classified into beverages, food, pharmaceuticals & cosmetics, FMCG, and others. The beverages segment is anticipated to lead the global market position due to increasing demand for efficient containers.

Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

The report shares complete information and insights on recent developments and trends in the market. Also, the drivers and restraints affecting the market growth during the projected period are mentioned further in the report. Further, the impact of the COVID-19 pandemic on global market development is highlighted in this report. Regional market insights on segmented market areas are provided further along with a list of key market players in the industry.  

Rising Demand for Efficient Packaging in the Medical Sector to Augment Growth 

The market is expected to grow significantly during the forecast period. The increasing demand for plastic containers for packaging personal care products and cosmetics is projected to bolster the market growth in the coming years. Also, the rising use of rigid plastic containers in the food and beverage packaging is estimated to drive the market and propel growth. The rapidly growing pharmaceutical sector is projected to boost the market growth.

However, strict environmental regulation on plastic utilization may hamper market growth.

Asia Pacific Holds Highest Market Share Due to Rising Packaging Demand

Asia Pacific dominates the global plastic containers market share due to increasing demand for packaging services from the medical and cosmetic industries. Also, the rising use of plastic bottles in the beverage sector is anticipated to fuel the regional market growth. Asia Pacific stood at USD 26.95 billion in 2021.

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https://www.fortunebusinessinsights.com/plastic-containers-market-102372

Strategic Acquisition Allows Companies to Propel Growth

The key market players focus on different strategies to improve their business performance. The companies form strategic alliances and partnerships to globalize their brand and propel growth.

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1. Is the Impact of COVID-19 on the Plastic Containers industry growing?

Answer: Plastic Containers Market size was USD 58.15 billion in 2021. The market is projected to grow from USD 60.59 billion in 2022 to USD 86.27 billion by 2029

2. Who are the key players in the Impact of COVID-19 on the Plastic Containers Market?

Answer: ALPLA (Austria), Alpha Packaging (U.S.), Amcor (Switzerland), Plastipak Holdings, Inc. (U.S.), Graham Packaging Company (U.S.)

Plastic Market Size, Share & COVID-19 Impact Analysis, By Type (Polyethylene, Polypropylene, Polyethylene Terephthalate, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Polyurethane, Polystyrene, and Others), By End-use Industry (Packaging, Automotive & Transportation, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceutical, Electrical & Electronics, Textile, and Others), and Regional Forecast, 2022-2029

Plastic Pails Market Size, Share & Industry Analysis, By Type (Open Top Plastic Pails, Closed Top Plastic Pails), By Capacity (Upto 3 Litres, 3 Litres to 10 Litres, 10 Litres to 20 Litres, 20 Litres to 50 Litres, above 50 litres), By Application (Food & Beverages, Paints & Coatings, Inks,Dyes & Pigments, Industrial Chemicals, Petroleum, Cleaning Solvents, Others) and Regional Forecast, 2022-2029

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