Market Challenges And Opportunities
Increasing demand for pack weight reduction, the rise in consumption of carbonated soft drink, and new product developments are some of the major drivers for the growth of PET preform market. Stringent government regulations on usages of plastic products and unavailability of recycling facilities are major restraint for PET preforms market.
Europe shows steady growth in plastic industry market from last five year. Germany, Italy, France, and U.K are the major economies in the production of plastic products in this region. According to the PlasticsEurope, Research and Statistics group (PEMRG), out of total plastic production in Europe, about 39% of plastic is used in the packaging application. In 2013, 41% of plastic packaging was recycled in Germany. Increasing demand in the packaging of food and beverages and increasing awareness about recycled products are the major factors fueling the growth of the PET preforms market in this region over the forecast period.North America is the leading player in plastic industries. Canada and the U.S are the major players in the plastic and plastic products industry. Around 92% of plastic products manufactured in Canada are exported to the U.S. Canada’s plastic industry valued at over US$ 17 billion. Canada and Mexico are the primary export markets for the U.S. Leading plastic industry groups of North America, such as Plastic Industry Association (PLASTICS), Canadian Plastics Industry Association (CPIA) and Asociación Nacional de Industrias del Plástico A.C. (ANIPAC) are focusing on growth and development of plastic industry across the North America. These groups are actively working towards forming a common industry platform to implement priority policies, in line with the modernization of North America Free Trade Agreement (NAFTA), which will strengthen the growth of plastic industry in near future.
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