The plastic packaging market is expected to be valued at around $ 586.2 billion by 2030, according to a new report from Vision Research Reports.
The global plastic packaging market size was estimated at $ 348.08 billion in 2020 and is expected to grow at a CAGR of 4.8% over the forecast period from 2021 to 2030.
The rapid expansion of the food and beverage, personal care and pharmaceutical industries, coupled with the increasing penetration of organized and electronic retail around the world, is expected to fuel market growth.
Low density polyethylene (LDPE), polypropylene (PP), high density polyethylene (HDPE) and polyethylene terephthalate (PET) are the most common materials used for making products such as bottles and jars, trays and containers, packaging & foils and pouches, since they are inexpensive, lightweight and have extensive functionalities as well as strong barrier properties against moisture. The growing demand for sustainable packaging solutions is causing manufacturers to use recycled plastic resins to make such products.
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The changed lifestyle led to the introduction of single-serve packaging worldwide, which has contributed significantly to market growth in recent years. In addition, advances in technology such as the development of modified atmospheric technology (MAP) and airless packaging and their increasing penetration in the food, beverage and personal care industries are expected to fuel global market growth.
However, plastic is a non-biodegradable, unsustainable material; As a result, its products, especially single-use packaging solutions, are banned in several countries. For example, on March 11, 2020, the European Union (EU) published its new “Action Plan for the Circular Economy”, which aims to promote sustainable packaging in the region. In addition, growing consumer awareness is forcing manufacturers to switch to biodegradable materials, which is likely to slow the growth of the industry to some extent.
The Asia-Pacific region has become the leading regional market with a sales share of 43.8% in 2020 and is expected to record the fastest CAGR from 2021 to 2028. This growth is attributed to the robust growth of the manufacturing and e-commerce sectors in several emerging Asian countries, such as India, China and Thailand. The global market is highly fragmented with large international companies as well as small and medium-sized domestic players present. Key players rely on acquisitions and are increasingly expanding their product portfolio in order to gain maximum market share.
The rigid product segment had the largest share of sales of 61.1% in 2020 due to its robustness and high aesthetics. In addition, factors such as a high light, moisture and oxygen barrier through rigid products contributed to the segment’s share of sales. The reusability of these products such as pallets, intermediate bulk containers and other industrial packaging should support segment growth in the coming years.
The segment is further subdivided into bottles & jars, cans, trays & containers, closures & closures, cans and others. Plastic bottles are widely used in beverage packaging because of their convenience, low cost, and superior performance. While trays and containers are used in the food service and packaged food sector due to their lower weight and aesthetics.
The flexible product segment is estimated to have the fastest CAGR from 2021 to 2028. This segment is further divided into wraps & films, bags, pouches and others. Bags are becoming increasingly popular in the market because fewer raw materials are required to manufacture them compared to rigid products such as bottles and jars. In addition, the convenience of multiple closure options in pouches, such as. B. a zipper, a tear notch and a grommet, the demand.
The extrusion technology segment had the largest share of sales in 2020 with over 38%, as the majority of flexible packaging products such as pouches, pouches and films are manufactured using extrusion technology. The growing popularity of the above flexible products due to their greater sustainability and lower cost than their rigid counterparts should spur segment growth in the years to come.
The thermoforming technology segment is expected to experience the fastest CAGR from 2021 to 2028. Rigid products such as blisters, clamshells, trays, containers, lids, bowls, plates and others are produced using the thermoforming process. The increasing demand for light and thin-walled packaging solutions due to an increasing focus on sustainable packaging is likely to be attributed to the high growth in the thermoforming technology segment.
Injection molding technology is typically used to make rigid or robust products such as industrial containers, boxes, caps and closures. However, higher lead times and tool costs in injection molding technology are likely to inhibit growth in the segment in the forecast period. Blow molding is a popular plastic molding process used to make hollow parts such as bottles, liquid containers, kegs, and storage tanks. There are three key types of blow molding technology, namely extrusion, injection, and injection stretch blow molding. Among these, extrusion blow molding is the most widely used method for making complex product shapes such as bottles or containers.
The Food & Beverage application segment led the global market for plastic packaging in 2020 with a sales share of over 51%. The segment is expected to experience significant growth over the forecast period. Changing consumer lifestyles and food preferences have fueled the growth of the packaged and processed food manufacturing sector, which in turn is likely to fuel market growth. In addition, the increasing consumption of alcoholic and non-alcoholic beverages should support the segment growth.
Single-serve consumer packaging has seen significant growth in recent years due to its convenience. Growing consumer awareness of health and wellbeing and increased awareness of water-borne diseases combined with increasing spending capacities have fueled demand for packaged drinking water around the world, which should have a positive impact on the growth of the Food & Beverage application segment.
The pharmaceutical segment is expected to see the fastest CAGR from 2021 to 2028. The increasing demand for pharmaceutical products in the regions of Europe and North America due to the aging population is expected to support the development of the segment. In addition, the increasing production of generics is likely to increase the demand for plastic packaging solutions in the pharmaceutical application area.
The personal and home care application segment is expected to experience a CAGR of over 4.3% in relation to sales over the forecast period. This industry has seen significant growth due to increasing consumer awareness of personal care and hygiene. In addition, the increasing demand for herbal or clean label cosmetics is expected to play a key role in the growth of the segment in the forecast period.
The Asia-Pacific region leads the way with a revenue share of over 42% in 2020 and is expected to continue growing with the fastest CAGR from 2021 to 2028. Rapidly growing application industries in major economies such as China, India, Vietnam, South Korea, and Thailand are expected to drive the regional market over the forecast period.
China dominated the Asia-Pacific market in terms of both demand and production. The country’s large population, which supports the growth of the food and beverage, automotive, personal care, construction and consumer electronics industries, is expected to serve as a major driver of market expansion.
Europe emerged as the second largest regional market; However, sluggish growth is expected in the forecast period. Strict regulations on the use of plastic products and increasing consumer awareness of sustainability are mainly due to the slow growth of the market in this region.
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Berry Global, Inc.
Sonoco Products Company
CCL Industries, Inc.
According to product outlook
Bottles & glasses
Trays & Containers
Caps & Closures
Wraps & Films
According to technology outlook
According to application outlook
food and drinks
Personal and household care
According to regional outlook
Middle and South America
Middle East & Africa