The North American plastics market will see a considerable growth of 2.4% during the forecast period. In the fast-paced lifestyle of North America, people seek “on the go” food and beverage packaging, with user-friendly features such as portion packs and re-sealable options.
In North America, especially in the US, the consumers are rapidly inclined toward healthy alternatives to beverages, mostly bottled water, which in turn, rising the need for plastics in the US. This trend is further expected to compel manufacturers to increase plastic bottle manufacturing capabilities and investments in the country. In recent times, the bottled water surpassed soda as the largest packaged beverage category by volume in the US.
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In 2019, the consumption share of bottled water in the US, stood at 25.2%, as per a report published by the International Bottled Water Association 2019. According to the same report, bottled water consumption in the US increased to 14.3 billion gallons, up by 3.6% from 2018, and retail sales totaled $34.8 billion up by 5.8% increase from 2018.
Per capita consumption of bottled water has considerably increased by 2.7%, with an average American drinking 43 gallons of bottled water annually. Along with the bottled packaging, the US food packaging industry is growing at a substantial rate, owing to the growing export of packaged food around the globe, majorly in China, South Korea, India, and other Asian economies.
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Market Coverage
- Study Period- 2019-2026
- Base year- 2019
- Forecast period- 2020-2026
- Segments Covered- By Type and By Application
- Countries Covered- US and Canada
- Key Companies Profiled- Exxon Mobil Corp., Saudi Basic Industries Corp. (SABIC), The Dow Chemical Co., Celanese Corp., Formosa Plastics Corp., and BASF SE
Key questions addressed by the report
- What is the market growth rate during the forecast period?
- Which segment/region dominates the market in the base year?
- Which segment/region will project the fastest growth in the market during the forecast period?
- How COVID-19 will impact the market growth in 2020 and coming years?
o Recovery Timeline
o Deviation from pre-COVID
o Most affected region/segment
o Recommendations
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
North American Plastics Market – Segmentation
By Type
- Thermoplastics
- Thermosets
By Application
- Packaging
- Building & Construction
- Automotive
- Electrical & Electronics
- Household, Leisure & Sports
- Agriculture
- Others
This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.
