RALEIGH, North Carolina, Sept. 19, 2019 /PRNewswire/ -- The global blow molded plastic packaging market is expected to grow at a CAGR of 4–5 percent by 2023, according to Beroe Inc, a procurement intelligence firm. Innovation and technical advancements in the manufacturing process for blow molded plastic bottles will facilitate a consequent increase in the production of such bottles.
The APAC market for global blow molded plastic packaging has the highest growth predictions, forecasted to grow at a CAGR of 7–8 percent during the five-year period until 2023, followed by the Middle East/Africa markets, predicted to grow at a rate of 5-6 percent. The North American and Western European markets are matured and expected to grow at 2–3 percent, driven by personal care and beverage segments.
Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE: live.beroeinc.com
At a global level, blow molded plastic packaging is most prominently used in the beverages industry, accounting for approximately 49 percent of the consumption, followed by cosmetics and personal care (16 percent) and food (13 percent). The most commonly used blow-molded plastic resins are PET (58 percent) and PE (32 percent).
The market for blow molded plastic packaging is fragmented, with a very large number of players operating, leading to an intense rivalry. The high capital investment required to achieve economies of scale delays the break-even point for newcomers. However, the fragmented nature of the industry could allow easier access for new players with investing capabilities to enter the market
- The raw material is the major cost component for blow molded plastic packaging, constituting 60–70 percent of the total cost.
- Liquiform is the innovative technology, which is emerging rapidly as the alternative of the traditional blow-molding process. It increases the overall efficiency of the packaging process and reduces lead time.
- Lightweight plastic containers weigh 8–12 grams less, as they contain 25 percent less plastic than the regular plastic bottles, helping to save costs on raw materials, reduce logistics costs and carbon footprint per bottle.
- The anti-counterfeit packaging market size is set to reach $198 billion by 2023, growing at a CAGR of 13–14 percent.
- Innovations in track and trace technologies would be a key area of focus and growth in the packaging industry for the next 3-4years, with RFIDs (Radio-frequency identification) replacing barcodes as the preferred track and trace method.
- Major companies manufacturing blow-molded bottles are trying to set up their own manufacturing plants in emerging regions, due to low costs for bottles, high growth of end-user industries, and low transportation costs.
The research methodology adopted for the report included:
- Experts with twenty years of domain experience
- Interaction with buyers
- Inputs from supply chain partners
Bioplastics are expected to be the focus of development for the blow molded packaging market for the next 10 years, with the market expected to grow at a CAGR of around 37–38 percent. In comparison to petroleum-based plastics, bioplastics consume less energy, reduce waste and facilitate recycling, catering to growing environmental concerns among consumers and governments.
The report also includes:
- Global Market Maturity
- Global Industry Trends
- Global Drivers and Constraints
- Regional Market Outlook
- Porter's Five Forces Analysis: Developed & Emerged Markets
- Supply Market Outlook
- Mergers and Acquisitions
- Key Global & Regional Suppliers: Service Portfolio
- Key Supplier Profiles
Cost & Pricing Analysis:
- Cost Breakup by Region
- Price and Profit Trends
Procurement Best Practices:
- Sourcing Models
- Raw Material Trends
- Sustainability Trends
- Design Trends
About Beroe Inc.:
Beroe is the world's leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisions—leading to lower costs, greater profits and reduced risk. Beroe has been providing these services for more than 13 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies.
To learn more about Beroe Inc., please visit: http://www.beroeinc.com
SOURCE Beroe Inc.