The global molded plastic packaging industry will witness a steady growth with a CAGR of more than 5% from the year 2016-2020, according to Technavio. Molded polyethylene terephthalate (PET) is rising as the most favorite material for packaging because of its flexibility and versatility.
The international molded plastic packaging market is getting aggressive with the existence of numerous suppliers of molded plastic packaging items. This competitive setting is expected to exaggerate in future, accompanied by an enhancement in product extensions and more innovations and advancements in technology. A few of the most prominent players in the industry include APEX Plastics, Alpha Packaging, Sidel, Plastipak Holdings, and Silgan Plastics.
Sharan Raj, a leading analyst for packaging research at Technavio, says, “Vendors compete on the basis of product offerings, differentiation, specialization, and pricing. The major customers of molded plastic packaging products are distributed across verticals, including food and beverage, pharmaceuticals and healthcare, and consumer goods.”