Omar Khalid
Plastic container prices have been steadily increasing since at least 2021, with the price of resin-based plastic packaging supplies also on the rise. Various factors, including supply chain disruptions, rising customer demand, and tight inventory levels, have contributed to this trend. Global plastic container imports reached a peak in 2022, and prices are expected to continue rising in the near future. While the import price trend has been relatively flat, significant price differences exist among the top importing countries, with the United States having the highest import price per ton in 2022.
| Characteristics | Values |
|---|---|
| Price changes from 2012 to 2022 | The most notable rate of growth was attained by China and the United States |
| Plastic container imports in 2022 | X tons |
| Average annual rate of import volume growth from 2012 to 2022 | X% |
| Year with the most growth | 2017 |
| Value of plastic container imports in 2022 | $X |
| Average annual rate of value growth from 2012 to 2022 | X% |
| Average plastic container import price in 2022 | $X per ton |
| Country with the highest import price in 2022 | The United States ($X per ton) |
| Country with the lowest import price in 2022 | Mexico ($X per ton) |
| Plastic packaging costs in 2021 | Increased due to supply chain disruptions and demand for plastics |
| Global plastic bottles and containers market value in 2024 | USD 151.5 billion |
| Expected market value in 2034 | USD 230.8 billion |
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What You'll Learn
Plastic resin market disruptions
The plastic resin market has experienced disruptions due to various factors, including global supply chain issues, increased customer demand, and extreme weather events. These disruptions have led to increased prices for resin-based plastic packaging supplies.
Global supply chain disruptions have significantly impacted the plastic resin market. The COVID-19 pandemic, Hurricane Ida in 2021, and port backups caused delays and closures in resin manufacturing and supply. These events disrupted the supply of resin and plastic parts, driving up prices.
Customer demand for plastics has also contributed to market disruptions. The increasing demand has tightened inventory levels in global resin markets, leading to planned and unplanned shutdowns. As a result, prices for resin-based plastic packaging supplies are expected to continue rising.
Extreme weather conditions, such as the polar vortex affecting Texas and Louisiana, have further exacerbated supply chain issues. These weather events impacted the availability of natural gas, affecting resin production and costs.
The disruptions in the plastic resin market have had a ripple effect on the plastics industry. Processors have struggled to source resin and faced increased prices. Some have resorted to using fillers or foams to reduce resin consumption and manage costs.
To mitigate the impact of price increases, buyers are advised to consider stocking up on resin-based plastic packaging supplies before further price hikes. However, it is important to stay informed about market trends and potential disruptions to make informed decisions.
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Demand for plastics worldwide
The demand for plastics worldwide has been steadily increasing, with the global plastic market valued at 712 billion U.S. dollars in 2023 and expected to grow further in the coming years. This high demand has resulted in tight inventory levels, contributing to rising prices. China, the United States, and Germany are the top three players in the global plastics trade, with China accounting for roughly 32% of global plastic production. The production volume of plastics is projected to reach 589 million metric tons by 2050, indicating a continuous increase in demand.
The Plastics Industry Association (PLASTICS) has reported a 9.7% growth in the U.S. plastics industry's trade volume in 2022, surpassing global merchandise trade. This growth highlights the strong global demand for plastics. The association supports the entire plastics supply chain and represents over one million workers in the U.S. industry alone.
The demand for specific types of plastics, such as polypropylene (PP), is also notable. PP is widely used in various industries, including automotive, packaging, and consumer products. Its production volume is expected to increase significantly by 2050, showcasing its popularity and demand.
The increase in demand for plastics has led to multiple price increases in the resin market, affecting the cost of resin-based plastic packaging supplies. These price hikes are expected to continue in the near future, impacting the cost of plastic containers and other plastic products worldwide.
While the environmental concerns associated with plastic waste are well-known, plastic remains an essential commodity in modern daily life. The demand for plastics is expected to continue growing, driving production and trade volume in the coming years.
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Resin-based plastic packaging
Plastic resins are some of the most commonly used types of packaging materials. They are lightweight, highly durable, and cost-effective. Plastic resins are made by heating hydrocarbons in a process known as the "cracking process". This process breaks down larger molecules into ethylene, propylene, and other types of hydrocarbons. The amount of compound produced depends on the temperature used in the process. Once the process is complete, the compounds are formed into chains known as polymers.
There are several types of plastic resins used for packaging, including low-density polyethylene (LDPE), high-density polyethylene (HDPE), and polypropylene (PP). LDPE is used for manufacturing plastic films due to its flexibility and durability. It is also used for food packaging, shrink wraps, and cleaning bags. HDPE is used for manufacturing plastic bottles and containers, such as those used for laundry detergents, shampoos, and lotions. It is widely used across industries because of its range of benefits. PP is commonly used for food packaging, such as deli bags and takeout trays and containers. It has a high melting point, making it ideal for formulated liquids and gels.
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Global import and export prices
The global plastic container market is expected to grow from its 2023 value of US$64.35 billion to US$106.8 billion by 2033, with a projected rise in worldwide demand at a CAGR of 5.2% from 2023 to 2033. The market is segmented based on material, container type, end-use, and region, with the food & beverage segment estimated to dominate the global market from 2025 to 2034. The Asia Pacific region is projected to lead the global market during the forecast period from 2025 to 2034, with China and India being the major drivers of demand.
The average plastic container export price stood at $4,560 per ton in 2022, increasing by 6.6% from 2021. The global export price peaked in 2022 and is expected to retain growth in the coming years. Prices vary noticeably by country of origin, with China being the highest among the top suppliers ($X per ton) and Mexico being the lowest ($X per ton). The total export volume increased at an average annual rate of X% from 2012 to 2022, with the most rapid pace of growth in 2021.
The global plastic product and packaging manufacturing industry has been growing at a CAGR of 2.9% between 2020 and 2025, with exports accounting for a high share of industry revenue. The industry is expected to be significantly impacted by export and import tariffs, with businesses needing to reevaluate their market strategies due to rising US tariffs on global goods and retaliatory tariff measures.
The demand for plastic containers is driven by the expanding population, increasing disposable income, and the growth of the food, beverage, and pharmaceutical industries. The rise of e-commerce has also significantly impacted the demand for plastic packaging in the food, beverage, and consumer goods sectors. However, market expansion is being hindered by environmental concerns and strict packaging rules related to plastic usage. Consumers are becoming more aware of the negative impacts of plastic consumption, and manufacturers are being pressured to switch to recyclable and eco-friendly materials.
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Contract prices for recycling
Several factors influence the contract prices for plastic recycling, and these prices can vary significantly depending on various factors.
Firstly, contract prices for plastic recycling tend to be lower in large municipalities or areas with a higher population density. This is possibly due to economies of scale, where larger municipalities may have more efficient recycling operations or benefit from higher volumes of recyclable materials.
Secondly, the quality of the collected recyclable plastic containers and packaging (PCP) does not necessarily decrease contract prices. In other words, high-quality recyclables do not always lead to lower prices. This may be because the process of sorting and separating high-quality recyclables can be more complex and time-consuming, increasing labour costs.
Thirdly, mechanical recycling methods and consecutive contracts with the same recyclers tend to increase contract prices. Mechanical recycling, which involves using machinery to process and recycle plastic waste, can be more expensive than other methods due to the cost of specialised equipment and technology. Consecutive contracts with the same recyclers may lead to higher prices as well, possibly due to increased transportation costs or a lack of competition driving up prices.
Additionally, longer transport distances between storage and recycling facilities and isolated island locations can contribute to higher contract prices. This is likely due to the increased transportation and logistics costs associated with remote or inaccessible areas.
It is worth noting that the cost of recycling PCP (non-PET) waste, which includes mixed plastics, can be particularly high. This is because sorting and separating mixed plastics can be challenging and time-consuming, increasing the overall cost of recycling.
In some regions, such as Japan, businesses and manufacturers of PCP typically enter into contracts with designated producer responsibility organisations (PROs) like JCPRA and pay recycling fees. These fees can be substantial, with total costs amounting to millions of dollars.
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Frequently asked questions
Yes, prices for plastic containers and packaging materials increased in 2021. This was due to a rise in global supply chain disruptions and an increase in customer demand.
China experienced the most notable growth rate in terms of prices from 2012 to 2022, while other global leaders experienced more modest paces of growth.
The plastic container market is expected to see gradual growth in the near term. Global production and exports peaked in 2022, and imports are projected to continue rising.
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