Experts forecast this market to grow steadily at a CAGR of more than 3% during 2017-2021.
The report states that the demand for this material in the healthcare industry is due to the fact that it is versatile, durable, clean, sterile in nature, transparent and lightweight. For example, thermoformed plastics are used in hermetic seals that protect contents from moisture, particles and oxidants, while injection-molded polyethylene enables the life of various medical devices, such as disposable syringes.
In terms of geography, the Asia-Pacific region accounted for the largest market share during 2016 and will continue to dominate until the end of 2021, the study points out. Higher incomes of people, increase in demand for home care products, chemical, industrial and cosmetic products are the factors that enabled the growth of the industry in that area.
The PET bottle segment dominated the market during 2016 and is expected to continue to grow in the coming years. Markets prefer this type of bottle as a reliable way to distribute beverages along the value chain, as it reduces the likelihood of damage after production.