New Technology Developments in Plastic Containers Market to Grow during Forecast year 2020-2025
In adding value to the product, packaging plays an important role. In order to enhance the shelf life of the finished goods, there is an increased demand from the food and pharmaceutical sectors, and this is expected to have a positive impact on the growth of the market. Due to its innovative visual appeal for consumer attraction and convenience, plastic packaging is increasingly preferred. In developing countries such as China and India, due to changing lifestyles and food preferences, there is scope for convenience food, which will promote the utility of packaging. Due to the use of various innovative technologies such as biodegradable packaging and aseptic packaging, there is growing use of these technologies, and it will increase the shelf life of the product, which is considered one of the important aspects of the product. Hence, consumers want innovative packaging products with an extended shelf life. There is increased demand for lightweight packaging, and it has led companies to develop alternate solutions. By protecting the product from oxygen, the product's shelf life can be extended, and the products need to be protected from moisture and other potential agents such as microorganisms. Thus, plastic containers that have superior barrier properties can protect the product from various deteriorating agents. The importance of e-commerce is also increasing, and it is a shopping medium at a global level due to the increasing penetration of smartphone users and it is expected to play an important role in expanding the plastic containers market across the globe. The crude oil prices are falling globally, and it is expected to ensure the availability of plastic resin as feedstock in low prices for the firms which manufacture plastic containers. The segment which has dominated the market with 55% of global revenue share is the PET segment, and it is the most popular choice for packaging bottled water, carbonated soft drinks, and juice due to its numerous benefits to both consumers and manufacturers. PET is lightweight, non-toxic and strong, and also recyclable. In PET containers, around 70% of mineral water, soft drinks, and juices are packed.
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