The
global plastic packaging market was valued at US$ 259.65 Bn in 2013
and is expected to reach US$ 370.25 Bn by 2020, growing at a CAGR of
5.2% over the forecast period between 2014 and 2020. In terms of
volume, the plastic packaging market was worth 78,400.2 kilo tons in
2013.
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Increasing
demand for plastic packaging in the healthcare industry is expected
to be one of the key factors driving the growth of this market. In
addition, expansion of the food & beverages market, which is the
largest application of plastic packaging, is expected to fuel growth.
Furthermore, rising consumer preference towards light weight, durable
and highly aesthetic packaging is expected to significantly encourage
growth of the market over the next few years. However, volatility in
prices of crude oil which consequently affects the prices of its
downstream chemicals is expected to hamper the plastic packaging
market adversely. Research and development activities on plastic
packaging technologies have opened up opportunities for the usage of
nanotechnology in the formation of films and printing.
Plastics
have been extensively used in packaging due to their high barrier
properties, cost effectiveness and durability. Plastics are tough and
durable enough to withstand rough handling during distribution and
transportation. Additionally, plastics have superior aesthetic value
and excellent barrier properties against moisture and air. This
enhances the shelf life of the product that is packaged. Polyethylene
is the cheapest and most widespread plastic film used for food
packaging across the globe. Other plastics such as polypropylene are
also gaining importance in the plastic packaging market. However,
countries in regions such as North America, Europe and Asia Pacific
have introduced and implemented legislations to ban the use of
disposable plastic shopping bags. Some countries have imposed
additional taxes at the point of sale of plastic bags. Nonetheless,
increasing demand for bioplastics is expected to open growth avenues
for the plastic packaging market in the near future.
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Demand
for plastic packaging was highest from the food & beverages
sector and accounted for over 65% of the market share in 2013.
Several regulations are being introduced and implemented across the
world regarding packaging of pharmaceuticals due to factors such as
maintenance of hygiene, reduction of fraudulent drugs in the retail
market and to retain the medicinal properties of the drug. Thus,
plastic packaging is expected to witness the fastest growth from the
medical application segment over the next few years.
Asia
Pacific accounted for the highest demand for plastic packaging in
2013, which was over 35% of the market share, owing to the presence
of a large number of industries in this region. This trend is
expected to continue over the forecast period on account of rapid
economic development in this region resulting in the growth of
industries such as food & beverages, personal care products and
pharmaceuticals among others. Regions in the Rest of the World are
expected to witness significant increase in consumption of packaging
due to economic development in countries such as Braz
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Plastic
Packaging Market - Product Segment Analysis
- Rigid Packaging
- Flexible Packaging
Plastic
Packaging Market - Application Analysis
- Food & Beverages
- Industrial
- Household Products
- Personal Care
- Medical
- Others (Including Various Components in Automotives, etc.)
Plastic
Packaging Market - Regional Analysis
- North America
- Europe
- Asia Pacific
- Rest of the World
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