Zion Market Research has published a new report titled “Plastic Packaging (Rigid Plastic Packaging and Flexible Plastic Packaging) Market for Food & Beverages, Industrial, Household Products, Personal Care, Medical and Other Applications – Global Industry Perspective, Comprehensive Analysis and Forecast, 2014-2020.” According to the report, global demand for plastic packaging was valued at USD 270.0 billion in 2014, and is expected to reach USD 375.0 billion in 2020, growing at a CAGR of 4.8% between 2015 and 2020. In terms of volume, the global plastic packaging market stood at 81,750.0 kilo tons in 2014.
Plastic packaging is a type of casing in the form of plastic containers, bags, pouches, and jars to be used for food & beverages, personal care products, household products, and industrial goods. High-density polyethylene (HDPE), low-density polyethylene (LDPE), polyethylene terephthalate (PET), polypropylene (PP), and polyvinyl chloride (PVC) are mainly used in plastic packaging. Plastics can be easily molded or altered into any shape as per the packaging requirement of goods. It is one of the fastest growing segments of the packaging industry. It combines the best qualities of plastic to deliver a wide range of protective properties while using minimum quantity of material. Plastic packaging is broadly used in consumer products, and in industrial applications. It is used to market, protect, and distribute a wide range of products.
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Rigid and flexible are two types of packaging products. In rigid plastic packaging, product is packed in a rigid cases or container and for flexible packaging the material used is flexible that takes the shape of the products when it is packed. Furthermore, rigid plastic packaging segment dominate the market with significant shares in 2014. And it is expected to continue this trend owing to the demand from pharmaceutical industry.
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Food & beverages packaging applications segment was the largest segment of global plastic packaging industry and accounted for around 55% share of the entire market in 2014. It is expected to remain prolong application over the forecast period owing to high demand for packed food. Moreover, plastic packaging is expected to witness the fastest growth from the medical application segment in next five years.
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Asia Pacific was dominating regional market for plastic packaging owing to strong demand from China and India. It accounts for around 35% share of the overall market volume consumption in 2014 and further expected to remain major regional market for plastic packaging due to the heavy consumption of packed foodstuff and changing lifestyles during the next five years. Asia Pacific was followed by North America and Europe. Both the regions are expected to have lucrative demand during forecast period.
The key players for the plastics packaging market include Amcor Ltd., Crown Holdings Inc., Bemis Company Inc., BASF SE, Huhtamaki Oyj, Mondi, Sealed Air Corporation, Sonoco Products, Saint-Gobain and amongst others.
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