Westford, USA, Aug. 09, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Plastic Packaging Market will attain a value of USD 439.29 Billion by 2031, with a CAGR of 5.6% over the forecast period (2024-2031). The packaging industry has grown significantly due to rising demand in important industries such as medicines, food and beverage, cosmetics, and personal care. It is anticipated that the market for flexible plastic packaging would keep growing. The flexible plastic packaging market is expected to be driven primarily by factors including the rise in contemporary retailing, rising consumer incomes, and the quick expansion of e-commerce, particularly in emerging nations, during the forecast period.
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Plastic Packaging Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $283.26 Billion |
| Estimated Value by 2031 | $439.29 Billion |
| Growth Rate | Poised to grow at a CAGR of 5.6% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Technology, Application, Material and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Middle East & Africa, Latin America |
| Report Highlights | Sustainable packaging innovations |
| Key Market Opportunities | Innovations in plastic packaging technologies |
| Key Market Drivers | Increasing demand in the healthcare industry |
PET Material Type to Dominate Due to Reduced Transportation Costs and Enhanced Product Protection
It commands a large share of the global plastic packaging market due to its lightweight nature, strength, and recycling capacity. These properties entail less expensive transport and improved protection of goods through sectors like food and drink. The increased demand for eco-friendliness and the promotion of recycling efforts have made PET better for creating eco-friendly packages.
Rigid Packaging Product to be the Largest Growing Sub-Segment Due to Excellent Structural Integrity
Due to its superior structural integrity and ability to protect a wide range of commodities, rigid packaging products are the market leaders in the plastic packaging industry worldwide. This advantage makes sure that goods undergo minimal losses during storage and shipment thus pushing up demand for firms in areas such as pharmaceuticals, nutrition, drinks, etc. Additionally, the market is consistently being dominated by rigid containers due to some design and production adjustments that have made them more efficient.
Robust Adoption of Plastic Packaging Solutions Helped North America to Dominate the Market
In 2023, the Asia Pacific region held a dominant position in terms of revenue share. This region demonstrates a high level of use of plastic packaging in a number of fields, such as weather forecasting, environmental monitoring, and urban planning. Forecasts indicate that the heavy and lightweight automotive industries would likely use technology more widely, which will drive the market's continued growth.
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Plastic Packaging Market Insight
Drivers:
- Increasing Demand in the Healthcare Industry
- E-commerce Boom Fuels Plastic Packaging Market Growth
- Growing Demand for Sustainable Packaging
Restraints:
- Environmental Impacts of Rigid Plastic Packaging
- Regulatory Constraints Impact Plastic Packaging Market Growth
- Supply Chain Disruptions
Prominent Players in Plastic Packaging Market
The following are the Top Plastic Packaging Companies:
- Amcor Limited (Australia)
- Berry Global, Inc. (US)
- Sealed Air Corporation (US)
- Sonoco Products Company (US)
- Bemis Company, Inc. (US)
- Mondi Group (Austria)
- Huhtamäki Oyj (Finland)
- Coveris Holdings S.A. (Luxembourg)
- AptarGroup, Inc. (US)
- Constantia Flexibles Group GmbH (Austria)
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Key Questions Answered in Global Plastic Packaging Market Report
- What is SkyQuest's estimated value for the global plastic packaging market in 2031?
- During the forecast period, what factors are propelling the growth of the flexible plastic packaging market?
- What qualities of PET make it a well-liked option in the global plastic packaging market?
This report provides the following insights:
- Analysis of key drivers (Rigid plastic packaging emerges as a crucial solution, new genration plastic packaging being ideal for storing various medical products, create a stable & inert plastic film and lightweight packaging solutions rises in tandem), restraints (Polyvinyl chloride (PVC) being commonly used, environmental concerns hinder market growth for rigid plastic packaging and regulatory pressure restrains the plastic packaging market), opportunities (Meeting sustainability goals, enhance plastic product differentiation and creating a more cost-effective supply chain), and challenges (companies not adapting to comply with new standards and raw material shortages) influencing the growth of plastic packaging market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the plastic packaging market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the plastic packaging market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Plastic Market
Bioplastics Market
Pharmaceutical Packaging Market
Rigid Plastic Packaging Market
Sustainable Packaging Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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