Presence of large number of players in the global plastic packaging market has fragmented the vendor landscape, states Transparency Market Research. Moreover, the competition among these players is also rising at a significant rate, as they focus of strengthening their position in the global market. Leading players in the market are engaged in intensive research and development activities mainly to provide better and advanced products to their customers. They are also using advanced product development strategy and different packaging material to expand their sales in the region. In this report, some of the prominent players are thoroughly analyzed including Mindi plc, Bemis Company Inc., Ampac holdings LLC, Amcor Ltd., Ukrplastic Corporation, Huhtamaki Oyi, and Constantia Flexibles International GmbH.
As the players are using advanced technologies, the global plastic packaging market is expected to rise at a significant growth rate in the near future. It has been estimated that the global plastic packaging market is expected to rise at a CAGR of 5.25% over the projected period between 2014 and 2020. During this period, the market is projected to earn US$370.2 bn by the end of 2020.
In the global plastic packaging market, the demand for rigid packaging in expected to rise at a high rate over the projected period. But there are also high chances that flexible packaging might led the market due to increasing demand for flexible packaging. As flexible packaging increases toughness and tensile strength and is capable of storing large volume of products, its demand has boosted across the globe.
With respect to geography, Asia Pacific is anticipated to hold dominant share in the global plastic packaging market. High consumption of packaged food and rising consumerism has made this region led the global market. Whereas, the demand for plastic packaging is diminishing in Europe and North America, due to the problem faced during its disposal.
Improving Chemical Properties to Bolster Demand for Plastic Packaging
Rapid growth in the food and beverages industry, due to increasing demand for packaged food is one of the major factor that has fueled growth in the global plastic packaging market. Easy convenience, long shelf life, and growing demand for ready to eat food and frozen food products have further augmented growth for plastic packaging. Moreover, plastic packaging provides higher durability while transportation. Availability of plastic pouches, bags, and sachets with more rigid packaging methods will also provide a fillip in the market.
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Adding further, improved mechanical and chemical properties such as thermal resistance, moisture resistance, and higher strength to weight ratio provided by various plastics has expanded demand for plastic solutions. Moreover, increasing application of plastic packaging in different industries such as food and beverages, household care, personal care, automotive, and electrical and electronics has further augmented growth in the global plastic packaging market.
Rising Environment Consciousness to Deter Market Performance
Few restraining factors are expected to deter demand in the global plastic packaging market. One of the key restrain is the high prices of raw material that generated from crude oil or petrochemicals are used to produce plastics. Moreover, increasing prices of crude oil are also fluctuating at the global level that further increases the cost of transportation and exploration. This factor is also expected to obstruct growth in the global plastic packaging market. However, manufacturers are using alternative material such as bioplastics that might help in overcoming these restraints.