Plastic containers market is estimated to garner a revenue of ~ USD 80 Billion by the end of 2033 by growing at a CAGR of ~4% By 2033

NEW YORK, NEW YORK, UNITED STATE, January 3, 2023 /EINPresswire.com/ -- Global Plastic Containers Market Key Insights

During the forecast period of 2023-2033, the global plastic containers market is expected to reach an estimated value of ~USD 80 billion by 2033, by expanding at a CAGR of ~4%. The market further generated a revenue of ~USD 40 billion in the year 2022. Major key factors propelling the growth of plastic containers market worldwide are the proactive production of plastics and rising requirement of plastic in various industry.

Market Definition of Plastic Containers

Packaging is absolutely essential for the product, plastic is one of the most preferred packaging product. A plastic can have an equal amount of strength as steel can and both solid and liquid food products can be stored in a plastic food container. Due to increased consumer expenditure and a shift in consumer choices toward packaged and already-cooked goods, the global plastic container market has expanded. These can be found in a variety of shapes, including bottles, bottle jars, bowls, and pails, and are primarily used for packaging. These bottles are mostly used to package food, drinks, medicines, and cosmetics. Due to their strength, light weight, impermeability to moisture, and protection from sunlight, plastic-based containers are becoming more and more popular for packaging food goods.

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Global Plastic Containers Market: Growth Drivers

The growth of the global plastic containers market can majorly be attributed to the launch of new products by the key players in the market. For instance,the newest OmniPack PET bottles from Amcor Group GmbH have been introduced to address the demands for packaging that is suitable for e-commerce. OmniPackTM PET bottles enhance capacity and decrease downtime owing to they have the same diameter and finish as other PET bottles. Only the height changes to account for different fill volumes. On the other hand, the market growth can also be attributed to increased strategic collaboration among the key company of the market is also projected to drive the market growth. For instance, ALPLA Group and Vöslauer have teamed up to create a new PET bottle for the Austrian market that has a 30% lower carbon footprint. Furthermore, growing production of plastic is to boost the market growth. According to the Organization for Economic Cooperation and Development’s most recent reports, the output of plastic worldwide increased from 2000 to 2019 and reached an estimated 460 million tons.

The global plastic containers market is also estimated to grow majorly on account of the following:

Rise in the production of plastic
Growing demand of the plastic across the world
Rising industry of automobile
Surging demand for plastic from packaging industry
Higher production of chemical indsutry
Global Plastic Containers Market: Restraining Factor

The use and production of plastic have negative impact on human health and environmental health, government strict rules for the protection of the environment and ban on the plastic usage. Hence this factor is expected to be the major hindrance for the growth of the global plastic containers market during the forecast period.

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Global Plastic Containers Market Segmentation

By Material (Polypropylene (PP), Polystyrene (PS), Polyethylene (PE), High-density Polyethylene (HDPE), Low-density Polyethylene (LDPE), Polyethylene Terephthalate (PET), and Others)
By Product (Bottles, Boxes & Bins, Trays, Cups, Lids, Thin Wall Pails, Bowls, and Others)
Out of all, the bottles segment is to generate the maximum revenue by the end of 2033. The segment growth is expected on the back of higher consumption plastic bottles all over the world. In total, people use 1.2 million plastic bottles per minute. Ninety-one percent of plastic is not recycled. Moreover, 500 billion PET bottles were produced globally in 2021.Around 1 million plastic bottles are used globally every minute, or 1 billion plastic bottles every day, according to estimates.

By End Use (Beverages, Food, Pharmaceutical, Cosmetic, Household Care, Industrial, and Others)
By Manufacturing (Thermoformed, Vacuum Technology, Injection Molded Technology, and Others)
By Region
The Asia Pacific plastic containers market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions. The growth of the market in Asia Pacific is expected to boost on the account of increased production of plastic in the region followed by higher consumption of plastic products. About 50% of the world’s total production of plastic materials was produced in Asia in 2019. Moreover, more than 90 million metric tons of plastic were projected to have been used in China in 2019.

The market research report on global plastic containers also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).

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Key Market Players Featured in the Global Plastic Containers Market

Some of the key players of the global plastic containers market are Amcor Group GmbH, Plastipak Holdings, Inc., ALPLA Group, Graham Packaging Company, L.P., Berry Global Inc., Greiner AG, Visy Group, Shanghai Zijiang Enterprise Group Co., Ltd, Crown Holdings, Inc., Silgan Holdings Inc., and others.

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