Published Mon, Oct 12th 2015
Global plastic packaging market 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 its latest research report offering, Transparency Market Research (TMR) states that the global plastic packaging market will be valued at US$370.25 billion by 2020 increasing from US$259.65 billion in 2013 at a CAGR of 5.2% from 2014 to 2020. By volume, the plastic packaging market totaled 78,400.2 kilo tons in 2013.The report, titled “Plastic Packaging Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”, is available for sale on the company website.Worldwide, the expanding healthcare industry accounts for the largest demand for plastic packaging. Additionally, the expanding food and beverages sector, with large-scale product innovation and development, will significantly fuel the plastic packaging market.Furthermore, increasing consumer preference for lightweight, aesthetically appealing, and durable packaging materials will boost the plastic packaging market in the years to come.
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However, factors such as volatility in feedstock prices, which in turn affect prices of downstream chemicals, hamper the plastic packaging market. Research initiatives for development of high-quality plastic packaging have opened opportunities for the use of nanotechnology for the development of films and printing, according to the report.The report states that plastics have extensive applications due to their cost-effectiveness and durability. Additionally, plastics can resist rough handling during distribution and transportation, due to their distinct physical properties. On top of this, plastics offer superior aesthetic value and outstanding barrier properties to keep air and moisture at bay.
The report segments the global plastic packaging market on the basis of products and end-use applications. By products, plastic packaging is segmented into rigid plastics and flexible plastics. Rigid packaging, which includes bottles and closures, accounts for a majority share in the global plastic packaging market. The product segment is expected to witness exponential growth in the coming years as it is preferred over metal, glass, and paperboard for many applications.Application-wise, the food and beverages sector was registered as the largest end-use segment and accounted for over 65% of the plastic packaging market in 2013. Busy lifestyles and changing eating habits have spurred demand for packaged foods in the last few years, which has benefitted the plastic packaging industry.
However, the healthcare sector is expected to exhibit the highest demand for plastic packaging in the forecast period. This is mainly due to government initiatives worldwide for improved healthcare, increasing awareness among consumers regarding general health, growing disposable incomes, high prevalence of chronic diseases, and growing geriatric population base. Strict regulatory compliances for packaging of pharmaceuticals to block the sales of fraudulent drugs in the market and to retain the chemical properties of genuine drugs will accentuate demand for plastic packaging in the coming years.According to the report, Asia Pacific, which accounted for over 35% of the market, registered the highest demand for plastic packaging in 2013 and will continue to do so over the forecast period. Increasing demand for packaged food, busy lifestyles and changing eating habits, and the developing healthcare industry will drive demand for plastic packaging in the region.
Browse the full Plastic Packaging (Rigid Plastic Packaging and Flexible Plastic Packaging) Market for Food & Beverages, Industrial, Household Products, Personal Care, Medical and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020 report at :
The global plastic packaging market is segmented into:
Plastic Packaging Market - Product Segment Analysis
Plastic Packaging Market - Application Analysis
Plastic Packaging Market - Regional Analysis
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers.
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