Global plastics packaging market to hit $375 billion by 2020
According to a recent report, global demand for plastic packaging was valued at $270 billion in 2014, and is expected to reach $375 billion in 2020, growing at a CAGR of 4.8% between 2015 and 2020. In terms of volume, the global plastics packaging market stood at 81,750.0 kilo tons in 2014.
Published by Zion Research (Deerfield Beach, FL), the 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,” said among all applications, food & beverage was the largest application segment for plastic packaging market in 2014. It accounted for over 50% share of the entire volume consumption in 2014. Moreover, pharmaceuticals and medical applications are also projected to have growing demand from the end-user application during the years to come.
Rigid packaging was by far the most important product segment, which accounted for largest market share in 2014. Rigid packaging is believed to continue this trend due to the increasing demand from pharmaceutical sector. Flexible packaging is also important type of packaging that is expected to have promising market during the forecast period.
Superior aesthetic value and excellent barrier properties of plastic against moisture and air are another important factor driving demand for plastic packaging. However, fluctuating prices of raw materials is one of the major challenges for plastics packaging manufacturers.
With more than 30% shares in total volume consumption, the plastics packaging market was dominated by Asia Pacific in 2014. This region is expected to be the fastest-growing market in near future due to emerging markets in China and India. The second largest share of the plastic packaging market was accounted by North America in the year 2014. However, plastic packaging market in Europe is likely to witness robust growth during the forecast period due to high demand from food packaging industries.
The key players for the plastic packaging market include Amcor Ltd., Crown Holdings Inc., Bemis Company Inc., Basf SE, Huhtamaki Oyj, Mondi, Sealed Air Corp., Sonoco Products, Saint-Gobain and amongst others.