Plastic Packaging Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2020
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.
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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 2020, 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 2020. The overall volume
of production in the global plastic packaging market is expected to
reach 108,853.1 kilo tons by the end of 2020.
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.
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.
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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.
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