Blow molded plastic bottle market will grow by four per cent annually to 2022: report
Growth will be led by the rising adoption of PET packaging, the report from market research firm Technavio says.
Led by the rising adoption of PET packaging, the global market for blow molded plastic bottles is expected to grow by four per cent per year between now and 2022, a new report says.
According to the report from London-based market research firm Technavio, PET packaging is being used across the globe for the packaging of products such as beverages, food, perfumes and sprays, toiletries, food and pharmaceuticals – in Romania, for example, about 50 per cent of the beer bottles were made from PET in 2017.
Another trend Technavio identifies is related and growing demand for Bio-PET worldwide. “Technological advances in the manufacturing of polymers are promoting the demand for polythene packaging in various end-user segments,” the report said. “The global demand for biodegradable-polyethylene terephthalate (Bio-PET) materials for several purposes, primarily packaging, is expected to be driven by the emergence of biodegradable plastics such as polyvinyl alcohol, polylactic acid, and polyanhydrides.”
“Microorganisms can easily decompose Bio-PET packaging solutions,” the report continued. “The disposal of this material has a less toxic effect on the environment when compared with conventional plastics. The environmental benefits of Bio-PET material will promote its use in the packaging industry, which is, in turn, anticipated to boost the growth of the blow-molded plastic bottles market.”
The food and beverages industry segment held the largest market share in 2017, accounting for nearly 66 per cent of the market, Technavio’s report said. “This end-user segment is expected to dominate the global market throughout the forecast period,” it said.
The growing demand for packed beverages is another factor that will have a big influence on the growth of the blow molded plastic bottles market. “The global consumption of packed beverages is expected to grow at a compound annual growth rate (CAGR) close to five per cent during the forecast period, driven by urbanization and changing consumer lifestyles,” the report said. “The growth of packed beverages industry is prompting beverage packaging companies to use plastic packaging solutions such as PET, polystyrene, and polypropylene for the packaging of their products.”
The demand for rigid plastic packaging is also increasing in the beverage industry. Rigid plastic packaging held a market share close to 36 per cent in the global beverage packaging market, the report said, and is forecast to grow at a CAGR of over five per cent to 2022.
“Moreover, bottled water consumption is also rising globally which is contributing to the growth of the blow molded plastic bottles market,” the report said. “The global bottled water market will grow by over 32 per cent, from US$207.75 billion in 2017 to US$274.75 billion in 2022. Thus, the increasing demand for packed beverages and bottled water will contribute to the growth of the blow molded plastic bottles market at a CAGR of about four per cent during the next five years.”