The global plastic packaging market—defined as luggage, pouches, movies, containers, and envelopes manufactured from plastic—was valued at $259.sixty five billion in 2013 and is predicted to access $370.twenty five billion by 2020, expanding at a CAGR of five.2% more than the forecast time period amongst 2014 and 2020. In conditions of quantity, the plastic packaging market place was worth 78,400.two kilo tons in 2013. That is in accordance to a new study, “Plastic Packaging Industry – World-wide Marketplace Analysis, Measurement, Share, Expansion, Tendencies and Forecast packing solution,” from Transparency Marketplace Exploration.
According to the research, rising need for plastic packaging in the health care market is predicted to be one of the crucial variables driving the expansion of this current market. In addition, enlargement of the meals and beverage market place, which is the biggest application of plastic and film wrapping solution packaging, is expected to fuel progress. On top of that, increasing consumer preference for light-weight, sturdy, and highly aesthetic packaging is expected to appreciably inspire development of the industry more than the upcoming few years.
However, the study provides, volatility in the price tag of crude oil, which therefore impacts the price tag of downstream chemical compounds, is envisioned to hamper the plastic packaging market adversely.
One progress in plastic packaging is analysis and growth routines that have opened up possibilities for the use of nanotechnology in the development of films and printing.
In 2013, demand from customers for plastic packaging was best from the meals and beverage sector and accounted for more than sixty five% of the market share. Numerous restrictions are being introduced and carried out across the planet regarding the packaging of prescribed drugs thanks to elements these as the maintenance of cleanliness, the reduction of fraudulent medication in the retail current market, and the capacity to retain the medicinal qualities of the drug. Hence, plastic packaging is anticipated to witness the speediest advancement from the medical application section above the next several a long time.
Asia Pacific accounted for the maximum demand for plastic packaging in 2013, which was more than 35% of the market place share, owing to the existence of a huge number of industries in this region. This trend is expected to continue about the forecast period due to speedy financial progress in this region resulting in the growth of industries these as foods and beverage, personal treatment items, and pharmaceuticals, among other people. Regions in the rest of the globe are anticipated to witness a significant increase in use of packaging thanks to economic growth in nations around the world this kind of as Brazil.