A new report from Technavio, the global market research agency, has found that the global rigid plastic packaging market is on the rise. According to a press release from Businesswire.com, the global rigid plastic packaging market, which many plastic pharmaceutical containers make up, is expected to reach $225.8 billion by the year 2020. That increase would be a healthy compound annual growth rate (CAGR) of about six percent.
“The rigid plastic bottles segment occupied the largest share in the global rigid plastic packaging market in 2015 and is set to continue its lead during the forecast period,” the release states. “Rigid plastic bottles are used to package many products, such as juices, water, carbonated soft drinks, food products, cosmetics products, personal care products, and pharmaceutical products.”
As one of the country’s leading plastic injection molding manufacturers, Magenta LLC takes great pride in our plastic pharmaceutical containers. We offer a variety of stock options and virtually limitless custom capabilities. We’re proud to be a part of this industry’s success and one of the many injection molding and plastic manufacturing facilities that can be found throughout the country. In fact, these types of facilities are in each one of the 50 states. In total, there are about 16,000.
The fact that plastic pharmaceutical containers and plastic, in general, is doing so well shouldn’t come as much of a surprise to those paying attention. Injection molding and extrusion represented more than half of all plastics transaction volume, followed by resin/compounding, thermoforming, and machinery in 2013. Plastic suppliers and manufacturers distributed approximately $373 billion worth of products in 2012 and plastic pharmaceutical containers have been a pretty big player throughout.
“A certain portion of their demand also arises from the pharmaceutical and healthcare industry to package sensitive fluid medication,” said Sharan Raj, a lead packaging analyst at Technavio. “Most of these containers are made from PET though other materials like HDPE, PP, and MDPE are also used. They can be molded into a variety of shapes and dimensions to pack anything ranging from cream to insecticides.”
The report did go on to suggest that competition in the industry will continue to be strong as there are so many companies of big and small sizes. Magenta LLC is proud to be a leader in at least one sect of this growing industry.