Rising at a healthy CAGR of 5.2% during the forecast period of 2014â€“2020, the valuation is estimated to reach US$3.7 bn by the end of 2020.
Online PR News – 25-January-2017 – Albany – The plastic packaging industry is highly fragmented in nature, with the top five companies accounting for merely 11% share of the in 2013. This has led to low market concentration as there are a large number of plastic packaging manufacturers in the market. Moreover, the key focus of the industry is on the development of innovative products through technical advancement. These factors help in lowering the entry barriers for newcomers. However, environmental regulations regarding certain materials used in the manufacture of plastic packaging are expected to hamper the growth rate of the market. Nevertheless, growing demand for plastic packaging coupled with its increasing application scope is expected to provide new opportunities for the growth of existing companies as well as lower the entry barriers for new entrants.
Amcor Ltd., Sealed Air Corporation, Bemis Company, Inc., Sonoco Products Company, and Mondi plc are some of the prominent names in the market, while several domestic players collectively contribute to a very significant chunk of the shares. The degree of competition in the global packaging market is expected to remain high in the next six years. Rising at a healthy CAGR of 5.2% during the forecast period of 2014â€“2020, the valuation is estimated to reach US$3.7 bn by the end of 2020.
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Vastly Populated Asia Pacific Remains Most Lucrative Region
By product, the report segments the global plastic packaging market into rigid packaging and flexible packaging, and observes that rigid packaging currently serve the maximum demand, owing to demand from beverage packaging. Carbonated soft drinks and bottled water are high in demand, especially in the region of Asia Pacific. Flexible plastics have the ability to be modified by co-polymerization and use of additives, to match the precise packaging demands of the product to be packed. By application, the segment of food and beverages is anticipated for the best growth rate, followed by household products, and then personal care. This demand is also expected to be driven by the increasing demand for plastic packaging for casing various skin care and hair care products.
The maximum demand for plastic packaging currently comes from Asia Pacific, followed by Europe and North America. Asia Pacific is also expected to witness the most robust growth rate in the next few years due to rising disposable income of consumers coupled with increasing awareness regarding health and hygiene.
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Thriving Food and Beverage Industry Driving Demand
The substantial surge currently experienced by the food and beverage industry is expected to positively reflect on global plastic packaging market. The for purpose of food distribution, retail, and catering, the food and beverages are required to be packed in plastic bags, containers, sachets, and pouches. Plastics help in casing large quantities of the product in less packaging. Increasing consumer preference towards flexible plastics is another factor augmenting the growth rate of the market. The report observes that consumers prefer transparent, east-to-open packaging that preserves the food aroma and protects the food against water vapor and oxygen. Additionally, the rising demand for plastics in pharmaceutical packaging is also expected to further propel the market during the forecast period. However, increasing cost of raw materials is the most prominent factor that will hinder the growth rate.
According to the author of the report, â€śGrowing demand for bioplastics, which are derived from renewable biomass sources such as vegetable fats and oils and hence are preferred by the environmentally concerned consumers, will open new avenues for the players.â€ť The author also recommends the players to keep an eye on the developments pertaining to emerging usage of nanotechnology in plastic packaging.
Key Segments of the Global Plastic Packaging Market
Plastic Packaging Market - Product Segment Analysis
â€˘ Rigid Packaging
â€˘ Flexible Packaging
Plastic Packaging Market - Application Analysis
â€˘ Food & Beverages
â€˘ Household Products
â€˘ Personal Care
â€˘ Others (Including Various Components in Automotives, etc.)
The information presented in this review is based on a Transparency Market Research report, titled, â€śPlastic Packaging Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.â€ť