Plastic Packaging Market Size, Share & Growth

 

The wide commercial success of plastic as a presentation material is essentially because of the mixture of lightness, strength, durability, impermeability, flexibility and easy processing. The advantages of plastic packaging in industries like construction, chemical and food and beverage are numerous.

Plastic is extremely low-priced in comparison to other kinds of packaging. In addition it has a long life-time. This helps it be an ideal product to utilize for packaging small stuff like fruits, vegetables, meats, dairy products, processed foods etc. Since it's so light, it is easy to package those items as the weight is dispersed evenly among the pieces. Thus, packaging does not require more of the raw materials to make the items look good.

Market Dynamics

Investment in clear plastic sheeting maker integrated packaging films because of emergence of Covid-19 is likely to propel growth of the global Plastic Packaging Market. For instance, in November 2020, The Ontario (Canada) provincial government announced to invest US$ 350,000 in clear plastic sheeting maker Integrated Packaging Films of Ayr, Ont., to simply help the firm with the production of one more four million face shields per month for use during the second wave of COVID-19.

Moreover, significant growth in the fast moving consumer goods (FMCG) sector can be likely to assist in growth of the plastic packaging market. For instance, in accordance with India Brand Equity Foundation, FMCG market in India is expected to cultivate at a CAGR of 27.86 per cent and is expected to reach US$ 103.70 billion by 2020 from US$ 52.75 billion in FY18.

Emergence of Covid-19 has prompted manufacturers to expand production facilities, thereby aiding in growth of the plastic packaging market. For instance, in April 2020, Klöckner Pentaplast, a provider of pharmaceutical packaging films in U.K., Germany, and the U.S., completed expansion at its Cotia facility in Brazil.

Among regions, North America is likely to witness significant growth in the plastic packaging market, owing to increasing expenditure on personal care products. For instance, according to the U.S. Bureau of Labor Statistics, average annual expenditure on personal maintenance systems in the U.S. increased from US$ 707 in 2016 to US$ 768 in 2018.

Competitive Analysis

Major players operating in the global Plastic Packaging Market include, Amcor Ltd., Sealed Air Corporation, Bemis Company, Sonoco Products Company, Mondi Plc., Tray Pack Corporation, Lacerta Group Inc., Bemis Company Inc., Alwin Lehner GmbH & Co. Kg, RPC Group Plc among others.

September 2020: Amcor Ltd. announced the world's first recyclable flexible retort pouch, which uses Amcor's AmLite HeatFlex Recyclable solution.