LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the molded plastic packaging market in the Americas to grow at a CAGR of close to 5% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the molded plastic packaging market in the Americas for 2017-2021. The report also lists molded PET, molded PE, and molded PP as the three major segments based on the type of material. The molded PET segment was the highest shareholder with close to 35% of the market share in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the molded plastic packaging market in the Americas:
- Rising demand for beverages
- Growing pharmaceutical market in Latin America
- Rising demand for PET
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Rising demand for beverages
The biggest end-user of rigid packaging is the beverage sector, followed by the food industry. Rigid plastics are plastics with high tensile strength. These are used in various packaging applications. The use of rigid plastics has grown considerably due to various advantages such as non-corrosiveness, lightweight, and low cost. In addition, it can be easily molded and is hence expected to drive the market during the forecast period.
“Various molding processes, such as extrusion molding, injection molding, and blow molding are used to manufacture different rigid plastic packaging products. Rigid plastic packaging is used for various packaging options such as water bottles and carbonated soft drinks. It is estimated that around 65%-75% of the total plastic used for rigid packaging is PET,” says Shakti Jakhar, a lead analyst at Technavio for packaging research.
Growing pharmaceutical market in Latin America
The pharmaceutical sales in the mature markets are expected to slow down during the forecast period. The mature markets such as the US are expected to witness a CAGR of around 2% to 5% during the forecast period. However, emerging markets such as Latin America are expected to grow at a much higher rate than mature markets. It is estimated that emerging markets are expected to grow at CAGR of around 8% during the forecast period.
Some of the drivers to the growth of pharmaceuticals in Latin America are the aging population coupled with rising obesity. As packaging for pharmaceuticals is generally made of plastic by molding techniques, the molded plastic packaging market in the Americas is expected to grow due to the increased sales in the pharmaceuticals industry in Latin America.
Rising demand for PET
Most of the bottles and containers are manufactured by molding techniques with PET being the most preferred material. These bottles serve in the packaging of a wide variety of consumer products such as shampoos, cooking oils, window cleaners, and containers for food. PET is approved for contact with foods and beverages by the Food and Drug Administration (FDA) in the US and other health-safety agencies throughout the world.
“The safety of PET for use in various applications, such as foods, beverages, pharmaceutical, and medical has been demonstrated through tests, studies, and regulatory approvals. It is as strong as glass and yet lightweight, thereby making transportation efficient. Another key feature is that the containers are easy to handle, as unlike glass, PET is shatterproof. The rising use of PET bottles and containers across industries is expected to propel the molded plastic packaging market in the Americas during the forecast period,” says Shakti.
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