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Plastic Packaging Market Trends, Growth, Overall Analysis and Prognostication by 2027
Mar 02, 2020 (Heraldkeepers) --

Global Plastic Packaging Market

Plastics are organic compounds with high molecular weight, which comprise a wide range of synthetic organic compounds that can be molded into various shapes, due to their malleable nature. The plastic packaging technology involves enclosing and protecting various types of products for storage, distribution, sale, and use. The increasing demand for healthy and safe convenience foods in the regions of Asia Pacific, Europe, and North America, has majorly driven the global plastic packaging market growth in the recent past. Moreover, the use of polyethylene terephthalate (PET), as a packing material for food & beverages, pharmaceuticals, and household products, has significantly augmented due to its strength, versatility, and recyclability. Thus, this is a significant factor projected to boost the sustainability of the global plastic packaging market over the forecast period (2017-2025).

Plastic films are the primary raw materials used for manufacture of flexible packaging, which finds wide applications in various end use industry such as food & beverages, cosmetics and healthcare industry, as they offer significant visibility to the product and provide attractive and secure packaging options. Pillow pouch and stand up pouch are the widely used product for flexible packaging market, due to its excellent barrier towards oxygen and moisture coupled with cost effective and low material usage are expected to boost the market for flexible packaging during the forecast period.

The global plastic packaging market size was valued at US$ 300.86 billion (revenue) and 91,520.07 kilo tons (volume) in 2016 and is expected to expand significantly, registering a CAGR of 5.3% in terms of revenue, and 5.1% in terms of volume, over the forecast period. Increasing disposable income and consumer preferences for packaged goods, especially in regions such as Asia Pacific and Latin America, are propelling the global market growth. According to the India Brand Equity Foundation (IBEF), the retail market of India is expected to double up to US$ 1 trillion by 2020, which is up from US$ 600 billion in 2015.

Global Plastic Packaging Market Dynamics

The rigid packaging segment is expected to dominate the global plastic packaging market over the forecast timeline, and is expected to expand at a CAGR of over 5.6% in terms of revenue and 5.3% in terms of volume. According to a study conducted by Coherent Market Insights, the industrial end-use segment is projected to reach over US$ 21.45 billion by the end of 2017. Plastic packaging gives rise to cutting-edge, innovative packaging solutions, which protect fragile goods and provide easy transportation. High Density Polyethylene (HDPE) is largely used as a plastic packing material, due to its high chemical resistance and tensile strength. It finds wide application in various end-use industries, such as chemicals and cosmetics industries.

The un-pigmented HDPE bottles and containers are translucent and provide better stiffness and best suited for short self-life products, such as milk. However, due to rising consumer preferences for safe, bio-based packaging materials, the global plastic packaging market is likely to be impacted negatively. Also, the market leading packing industry is continuously investing to develop environment-friendly and bio-based packaging. For instance, on June 7, 2016, EEQO, in collaboration with Braskem and Avery Dennison, introduced a bio-based polyethylene self-adhesive label that supports brands with highly sustainable packaging solutions.

Global Plastic Packaging Market – Regional Insights

Asia Pacific, followed by Europe and North America, accounted for a major share in the global plastic packaging market, both in terms of revenue and volume, in 2016, and the trend is estimated to continue over the forecast period. In 2016, Asia Pacific held a share of 41.8% in terms of volume, followed by Europe (24.3%). The growing demand for rigid packaging product in Asia Pacific due to growing demand for packaged and convenience food coupled with growing population and infrastructure development of retail and hospitality sector is expected to drive growth of the global plastic packaging market over the forecast period. As per Coherent Market Insights' analysis, the household end-use segment is expected to witness a CAGR of 5.3% from 2017 to 2025, in terms of revenue, which in turn, would potentially fuel the global plastic packaging market development.

Global Plastic Packaging Market - Competitive Background

Product portfolio expansion and geographical expansion are the key market trends expected to shape the global plastic packaging market in the near future. The major players participating in the global plastic packaging market include Amcor Ltd., Sealed Air Corporation, Bemis Company, Sonoco Products Company, Mondi Plc., Tray Pack Corporation, Lacerta Group Inc., Bemis Company Inc., Alwin Lehner GmbH & Co. Kg, and RPC Group Plc.

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