Plastic Packaging Market
Plastics are derived from the organic (carbon-containing) compounds and it exhibits the property of malleability. Due to this property, it is in great demand particularly in the packaging industry across the globe. Plastic is mainly derived synthetically from petrochemicals. The raw material is easily available and has a low production cost. Thus, the production of plastic is high, especially in the Asia Pacific region. Plastic packaging finds numerous applications in several sectors such as in the food & beverages, automotive, medical, personal care, and industrial sectors, among others.
The global plastic packaging market is primarily driven by numerous parameters, which majorly includes growing demand for plastic packaging in the food and beverages industry. Moreover, escalating demand for plastic packaging in the personal care industry is another driving force which is expected to drive the market for plastic packaging in the coming years. However, stringent rules and regulations over the use of plastic products may slow down the growth of the market. Nonetheless, emerging food and beverages industry in developing countries such as China, India, Brazil, and South Africa may provide the new avenues for the plastic packaging industry in the years to come.
Based on the types of plastic packaging, the market is bifurcated into rigid plastic packaging and flexible plastic packaging. Among these two types, flexible plastic packaging dominated the global plastic packaging market in 2017. Furthermore, the flexible plastic packaging is predicted to be the fastest growing segment of the market over the next few years. Flexible plastic packaging has a great demand in various application sectors such as the food industry, household appliances, textile industry, etc. Whereas, the rigid plastic packaging is likely to exhibit exponential growth over the coming years due to the immense growth in pharmaceutical, beverages, and personal care products industry across the world.
Industrial, food & beverages, automotive, medical, and personal care, among others are some of the major applications of the global plastic packaging market. Among these, the food and beverages sector was the most lucrative segment of the global plastic packaging market in 2017. Moreover, it is also predicted to witness the highest CAGR over in the coming future. Growing demand for convenience and the packed food is a major driving force which will accelerate the profit margin of the food and beverages application segment of the market in the near future. Personal care and automotive segments are the important outlets that are projected to witness significant growth within the forecast period. The industrial and medical segment is expected to experience moderate growth in the next few years.
In terms of regions, the global plastic packaging market was dominated by the Asia Pacific in 2017. The emerging demand for plastic packaging especially from the food & beverages industry and personal care industry in China, India, Korea, Indonesia, and Thailand is expected to propel the growth of the market. The Asia Pacific was followed by North America and Europe in the same year. Moreover, Latin America and the Middle East & Africa are likely to experience a noteworthy growth of the market within the forecast period.
Some of the major players of the global plastic packaging market are Mondi Plc, Ampac Holdings LLC, Bemis Company, Inc., Ukrplastic Corporation, Amcor Ltd., Constantia Flexibles International GmbH, Wipak Group, Sealed Air Corporation, Huhtamaki Oyj, and Sonoco Products Company, amongst others.