The
competitive landscape of the global
plastic packaging market includes players such as Bemis Company
Inc., Amcor Ltd., Huhtamaki Oyj, Sealed Air Corporation, Mondi, and
Sonoco Products. The market is crowded with several large, medium,
and small scale plastic packaging manufacturers, offering a wide
range of various sizes and shapes of plastic packaging materials. The
market players are focusing on the development of rigid packaging
products such as closures, bottles, PTTs, and others as rigid
packaging has registered an increased preference over glass, metal,
and paperboard packaging.
The
food and beverages industry has been the major industry driving the
demand from the global plastic packaging market. In 2013, this
industry held over 65% of the overall market and is anticipated to
lead the market during the forecast period. “Changing lifestyle and
eating habits have led to the growing demand for packaged fast foods,
thereby driving the demand for plastic packaging,” states the TMR
report.
Asia
Pacific has emerged as the key region for the market players in the
global plastic packaging market. The region accounted for more than
35% of the market in 2013 and is anticipated to retain its leading
position throughout the forecast period. On the other hand, North
America and Europe are expected to witness an above average demand
for plastic packaging in the near future.
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Growing
Concerns about the Harmful Effects of Plastic Packaging on Human
Health to Hamper Growth of Global Plastic Packaging Market
The
rapid growth of the food and beverages industry has led to the
increased demand for plastic packaging. The growing consumer
preference towards flexible plastics and the rising demand for
plastics across the pharmaceutical sector are the key factors
supporting the growth of the global plastic packaging market.
The
increasing cost of raw materials might emerge as a restraining factor
for the market’s growth during the forecast horizon. There are
growing concerns regarding the usage of harmful chemicals in plastic
packaging in the food and beverages industry. Phthalates, a class of
toxic chemicals, found in plastic packaging has been associated with
serious health ailments such as interference with human hormones,
allergies, and birth defects. This is expected to hamper the growth
of the global plastic packaging market.
Bioplastics
to Open New Opportunities for Global Plastic Packaging Market
However,
the growing concerns about the impact of plastic packaging on health
have created demand for bioplastics. “As green packaging offers
lesser risks of chemical contamination of food and beverages, this
would open new avenues for the growth of the global plastic packaging
market,” cites a TMR analyst.
The
global plastic packaging market is anticipated to expand at a CAGR of
5.2% during the period between 2014 and 2020. The overall market
stood at a valuation of US$259.6 bn in 2013 and is projected to be
worth US$370.2 bn by 2020.
The
information presented in this review is based on a Transparency
Market Research report, titled “Plastic Packaging Market - Global
Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 -
2020.”
Global
plastic packaging market has been segmented as:
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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