The heterogeneous landscape of global plastic packaging market is set to see a host of trends across a varied range of factors. This is set to help the market grow at a sturdy rate, compounded annually. Besides, numerous growth opportunities will present themselves in the market over the stated period due to growing e-commerce and easy availability, better protection and low cost of plastic. This is particularly true of some of the developing countries that are not being able to let go off plastic.
Some of the factors that will keep the global plastic packaging market buoyant are explained below.
- Due to low cost and heavy protection provided by plastic when compared to glass, the use of this material is quite heavy in certain industries such as food and beverages, cosmetics, and pharmaceuticals. Besides, a number of household products are packed in plastic packaging to preserve them better. All this is set to help the market chart growth.
- Small vendors can seldom afford any other packaging for cost reasons. Thus plastic holds a prominent place in countries such as India, where the informal sector is huge and small and medium enterprises contribute significantly to the growth of global plastic packaging market.
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Trend within the global plastic packaging market reflect a heterogenous landscape, and the market has a different standing in various regions. While plastic usage has reduced in several parts of the world, it continues to be the most sought-after material for packaging in other regions. Therefore, the total volume of revenues within the global plastic packaging market has touched sustained levels in recent times. Ban on plastic manufacturing in several developed countries is overcompensated by the large amount of plastic generated across developing countries. Furthermore, plastic packaging has never gone out of practice for past several decades, especially in the developing countries. Therefore, the global plastic packaging market is set to attract fresh revenues in the times to follow.
- A large section of the food and beverages industry considers plastic packaging as a panacea to the problem of delivery and transport. Frozen food is packaged in plastic containers or boxers, and this is an important consideration from the perspective of market growth. In addition to this, new avenues for market maturity have emerged in the form of increased use of plastic in the packaging industry.
- The use of plastic materials for packaging consumer goods and electronic items remains a matter of importance for market vendors. Moreover, the dependency of small shop owners on plastic bags has also given a thrust to market growth.
- A large population of people supports the cause of waste and plastic reduction. Environmentalists are making conscious efforts to educate people about the ills of plastic manufacturing. Therefore, the reluctance of the masses to buy items and products that are packed in plastic boxes could hamper market growth.
- The relevance plastic packaging continues to grow as countries in Asia Pacific heavily rely on plastic usage. The next decade would be crucial for vendors in the global plastic packaging market.
Global Plastic Packaging Market: Snapshot
Expansion plans bearing fruition in the food and beverage industry form the key driver for the global plastic packaging market. Plastics offer a cleaner, tougher, and more appealing form of packaging, especially for the food and beverage industry, thereby generating a quick rate of growth in demand worldwide. There is a heavy demand for a lot of products to be made available in plastic bags, pouches, and sachets, as well as the more conventional rigid packaging methods. The physical advantages that plastics provide in terms of strength and durability cannot currently be equaled by any other material for the same price.
However, the global plastic packaging market is currently being restricted by the price control need on its raw materials that are generated from petrochemicals, or crude oil. The price of crude is increasing globally amidst a shortage of supply of fuel. This is hampering the use of crude for purposes other than transportation and exploration. Manufacturers in the global plastic packaging market are therefore looking towards alternative raw materials and have already found positive scope of growth in fields such as bioplastics.
The global plastic packaging market is expected to expand at a CAGR of 5.3% within a forecast period from 2013 to 2024, in terms of revenue. This revenue is expected to touch US$300,582.5 mn by the end of 2016 and is likely to reach US$370,354.9 mn by the end of 2024. The overall volume of production in the global plastic packaging market is expected to reach 108,853.1 kilo tons by the end of 2024.
Platform of Opportunities Shifts from Developed to Developing Economies
From a regional perspective, the global plastic packaging market is finding ample opportunities of growth in consumption as well as development rates within emerging economies across the world. This is especially apparent in Asia Pacific where the end-user industries of the global plastic packaging market have taken off at very fast rates. Industrial growth and infrastructure development, coupled with a high increase in the demand for all products that require plastic packaging are currently boosting the opportunities that players can have in these regions.
Meanwhile, the growth rate of plastic packaging manufacturers in the developed economies of North America and Europe is slowing down to a mediocre average demand. These regions are showing greater concern over the use of plastics for packaging due to the problems they create when it comes to disposal. They are therefore looking for alternative packaging methods and materials that can provide a more eco-friendly solution.
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Flexible Packaging Steadily Taking Center stage for Consumer Appeal
The two basic product types offered by the global plastic packaging market are rigid packaging and flexible packaging. Of these, rigid packages have led – and are expected to continue leading – the global plastic packaging market. However, one of the key drivers augmenting the global plastic packaging market currently is the growing demand for flexible packaging. This form of packaging is finding a greater scope of use in multiple applications thanks to developments that have increased their tensile strength and toughness. Flexible packaging also offers the storage of greater volumes of products in smaller spaces as it takes up minimal space and weight when compared to its contents.
The key players currently operating in the global plastic packaging market include Bemis Company, Inc., Constantia Flexibles International GmbH, Mondi Plc, Huhtamaki Oyj, Ampac Holdings LLC, Sealed Air Corporation, Ukrplastic Corporation, Sonoco Products Company, Amcor Ltd., and Wipak Group.
