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North America to Endure as Fast-Expanding Market for Plastic Containers || Key Players: Sonoco Products Company, and Plastipak Holdings Incorporated.
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Plastic containers seek huge application in household chemicals, food, personal care products, beverages, and pharmaceutical products. Adoption of plastic containers for use in meat products is witnessing acceleration, with the introduction of non-deformable and strong plastic containers that come in in a wide range of sizes and shapes. Adoption of plastic containers is increasing, as they facilitate transportation, disposition, and storage of delicate food products including cold cuts, sausages, and meats. Robust growth in the medical and pharmaceutical industries has led towards a considerable surge in demand for plastic containers.
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High barrier properties coupled with superior aesthetic value delivered by plastic against air and moisture is a primary factor fuelling its adoption in the medical and pharmaceutical sector. Reutilization of plastic containers is becoming one of the most inexpensive and effective methods in reducing environmental impact of plastic. Several manufacturers in the market are concentrating on enhancing durability of plastic containers so that they can be reutilized & refilled numerous times prior to damage caused by prolonged use.
In terms of value, North America is expected to endure as the fast-expanding market for plastic containers, trailed by Asia-Pacific excluding Japan (APEJ). Majority of the market growth in North America can be attributed to improving food & beverage industry in the U.S., and rising utility expenditure along with stricter regulations directed toward improvement of packaged material recycling procedures. In APEJ, the food & beverage sector is witnessing robust growth on the back of growing purchasing power of people and rapid urbanization that entails hectic lifestyle and demand for packaged food.
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The global market for plastic containers is diversified and highly competitive in nature, owing to the occupancy of myriad international and regional vendors worldwide. It has been witnessed that small-sized and local vendors of plastic containers compete against international vendors on the basis of prices, as competing in terms of product offerings, quality and features becomes difficult for small enterprises. Key players actively underpinning the market growth include Alpha Packaging Holdings Incorporated, AMCOR Ltd, Bemis Company incorporated, CKS Packaging Incorporated, Constar International LLC, Huhtamaki Oyj, Letica Corporation, Linpac Group Ltd, Sonoco Products Company, and Plastipak Holdings Incorporated.
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