Globally, the blown plastic bottle market is expected to grow at a CAGR of about 4% during 2018-2022.

According to a Technavio report released in September, a key factor driving the growth of the market is the increasing adoption of PET as a packaging solution. PET is used worldwide in the packaging of beverages, food, perfumes and sprays, cosmetics, food, pharmaceuticals and other products. In 2017, around 50 percent of beer bottles in Romania were made from PET, as the country's consumers found the bottles convenient to use.

Another trend noted by Technavio is the growing global demand for bio-PET. Technological advancements in polymer manufacturing have boosted the demand for polyethylene packaging by various end-users. There are several areas of demand for biodegradable PET materials, mainly packaging materials, and the emergence of biodegradable plastics such as polyvinyl alcohol, polylactic acid and polyanhydride will drive demand.

" Biodegradable PET packaging solutions can be easily broken down by microorganisms, "said a senior analyst at Technavio," the handling of this material is less toxic to the environment compared to conventional plastics. The environmental benefits of the bioPET material will boost its application in the packaging industry, which in turn is expected to boost the growth of the blow molded plastic bottle market."

The food and beverage industry accounted for the largest market share in 2017 at about 66 percent. This end-demand segment is expected to dominate the global market during the forecast period.

Consumer demand for bottled water continues to grow

The growing demand for packaged beverages is an important factor influencing the growth of the blow molded plastic bottles market. During the forecast period, global packaged beverage consumption is expected to grow at a CAGR of close to 5%, driven by urbanization and changing consumer lifestyles. The development of the packaged beverage industry has prompted beverage packaging companies to use plastic packaging solutions such as PET, PS and PP to package their products.

The beverage industry is also seeing an increase in demand for hard plastic packaging, such as metal and glass. Rigid plastic packaging accounts for nearly 36 percent of the global beverage packaging market and will grow at a compound annual growth rate of more than 5 percent in the next few years.

In addition, the global consumption of bottled water is also on the rise, which is also contributing to the growth of the blow molded plastic bottle market. The global bottled water market will grow by more than 32%, from $207.75 billion in 2017 to $274.75 billion in 2022. As a result, the growing demand for packaged beverages and bottled water will help the blow molded plastic bottle market to grow at a compound annual growth rate of 4 percent over the next five years.

In terms of regional markets, Asia Pacific led the market with a market share of more than 38 percent in 2017, followed by Europe, Middle East, Africa and the Americas. The Asia-Pacific region is expected to continue to dominate the market during the period 2018-2022.

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