Global Plastic Packaging Market: Overview
The primary function of packaging comprises the safe delivery of products from the manufacturer to the consumer. Plastics have become viable material choices in myriad packaging applications in a wide range of industries, including food and beverages, healthcare, cosmetic and personal care, and consumer goods. Plastics offer a cleaner, flexible, and more appealing form of packaging, particularly for various foods and beverages. They have soared in popularity because of their high performance features, cost-effectiveness, and durability.
Owing to their flexibility, plastics can be safely used for protecting medical equipment as well as fresh foods. A variety of plastic molding processes have led manufacturers to offer plastics packaging products with remarkable aesthetics and barrier properties, leading to robust evolution of the market.
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Global Plastic Packaging Market: Trends
The global plastic packaging market is primarily driven by the surge in demand from the expanding food and beverages industry. The rising demand of flexible packaging from the pharmaceutical industry is also expected to boost the global plastic packaging market. Furthermore, changes in lifestyle in emerging nations have spurred the demand for plastic packaging such as sachets, pouches, and containers. The demand for flexible plastic packaging is gaining traction across various regions due to its high tensile strength and barrier protection ability. Recent advancements in materials sciences and manufacturing technology have led to the production of advanced plastic packaging with high tensile strength and remarkable toughness.
However, various price control measures on petrochemical raw materials and the price volatility in crude oil are are likely to impede the growth of the plastics packaging market to an extent. Nevertheless, to overcome this market challenge, manufacturers are opting for several viable alternatives in bioplastics.
Global Plastic Packaging Market: Market Potential
As market interest in plastics packaging sector has intensified over the past few years, companies are aggressively pursuing mergers and acquisitions. The market outlook seems exuberant with several investors recognizing the stability of the packaging industry. Leading players are exploring lucrative avenues in resin-based packaging. They find returns on investment in terms of cost reduction in raw material purchases, sales process consolidation, significant overhead reductions, and other similar competitive benefits. These developments are expected to expand the potential of the plastic packaging market along the forecast period.
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A large number of deals are motivated by strategic benefits; currently the players are shying away from launching initial public offering to expand their product portfolio owing to the risks involved.
Another area which manufacturers are focusing on is recyclable plastics packaging, especially for packaging foods and beverages. Constant efforts by policy makers to broaden the regulations for plastic packaging, especially in Europe and Asia Pacific have resulted in technology advancement in the manufacturing of plastics packaging.
Global Plastic Packaging Market: Regional Outlook
Asia Pacific market offers ample opportunities to the manufacturers and vendors of plastics packaging. The tremendous growth in the regional market is propelled by the extensive demand for plastics packaging products from the food and beverages industry. In addition, the significant pace of industrialization in developed and developing countries of Asia Pacific and the trend of flexible packaging gaining popularity among various end-use industries are expected to fuel the regional market.
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The market has somewhat witnessed a slowdown in the developed nations of North America and Europe. Rising concerns about the disposal of plastics and the alternative methods of packaging that are more environment-friendly have adversely affected the regional market.
Global Plastic Packaging Market: Competitive Landscape
Leading players are making mergers and acquisition and investing in advancement in manufacturing processes to launch high-performing plastics packaging products. Major players operating in the global plastic packaging market include Constantia Flexibles International GmbH, Bemis Company, Inc., Huhtamaki Oyj, Mondi Plc, Sealed Air Corporation, Ampac Holdings LLC, Ukrplastic Corporation, Amcor Ltd., Wipak Group, and Sonoco Products Company.
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