Westford USA, Feb. 03, 2023 (GLOBE NEWSWIRE) -- Asia Pacific is driving significant plastic packaging market growth due to the increasing regional population and rising demand for packaging solutions in personal care, food and beverages, and consumer goods. In addition, the rise of the middle class, the low cost of plastics, and the presence of different scales of businesses all contribute to the market's expansion. Furthermore, the increased use of flexible and useful plastic packaging for food goods supports the sector's expansion. Additionally, plastic's preventative and anti-corrosive qualities are significantly responsible for adopting plastic packaging in e-commerce businesses. Therefore, during the projection period, it is predicted that the demand will be fueled by the growing trend of e-commerce usage, particularly in emerging nations.
Global imports of polymers made of propylene were estimated to be USD 56.43 billion in 2021, up 39.26% from the year before. It has eventually helped propel the market expansion.
Browse in-depth TOC on the "Plastic Packaging Market"
- Pages - 246
- Tables - 100
- Figures - 67
Products are protected in plastic packaging during distribution, storage, and transportation. Additionally, it shields products against damage, deterioration, and contamination while extending their shelf lives. Plastic containers are becoming more significant in beverages, food, cosmetics, and pharmaceuticals. New filling processes and the development of heat-resistant packaging materials opened the market.
Prominent Players in Plastic Packaging Market
- DS Smith PLC
- Alto Packaging Ltd
- Bemis Company Inc.
- ES Plastic GmbH
- APPE Packaging Ltd
- NatureWorks LLC
- Anchor Packaging Ltd
- Reynolds Group Holdings Limited
- Amcor Limited
- Binggrae Co. Ltd
- Berry Global Inc.
- Alpla Werke Alwin Lehner GmbH & Co. KG
- American Packaging Corporation
- Sonoco Products Company
- Mondi PLC
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Rigid Segment Set to Dominate the Plastic Packaging Market Thanks to Reusability of Rigid Packaging Products
The rigid market is predicted to see exponential growth during the forecast period to exhibit a 12.6% CAGR from 2022 to 2028, owing to its growing use in industrial applications. The segment's rapid expansion is anticipated to be driven by the usage of rigid plastic packaging products to pack, store, and transport highly sensitive products. Packaging is becoming more popular with consumers due to its greater convenience and smaller footprint. It is predicted that packing solutions will become the fastest-growing market among others because of their rising appeal in food and beverage, personal care, and household care applications.
The plastic packaging market was dominated by Asia Pacific, which had a revenue share of over 41.4% in 2022. In terms of both demand and production, China led the market in the Asia-Pacific region. It is projected that a major factor in the industry's rise will be the nation's high population, which supports the growth of the food and beverage, automobile, personal care, construction, and consumer electronics industries.
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Food and Beverages Segment to Drive Higher Traction due to Increasing Trend of Single-Serve Consumer Packaging
The food and beverages held a 27.3% revenue share in 2022 and are projected to continue their dominance during the forecast period. The growth of beverage categories like alcoholic beverages and energy drinks has contributed to the rise in demand. In addition, the higher share of the category has been primarily caused by the widespread usage of plastic packaging products, from raw food products to finished packaged single-serve food products.
North America held a substantial market share due to increased product demand from the healthcare & pharmaceuticals, electrical & electronics, and packaging industries. In addition, with rising concerns about plastic pollution and the development of recyclable technology, the region has employed recycled plastics more frequently. Moreover, companies are working on new product launches and other activities to improve product offerings.
The plastic packaging market is highly fragmented, with leading organizations and domestic small- and medium-sized businesses present. The market is progressively shifting toward sustainability packaging due to increasingly strict limitations on excessive plastic packaging and expanding consumer awareness of sustainability. Major players in the sector are focused on implementing acquisition and collaboration strategies to increase their geographic reach and manufacturing capacity.
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Key Developments in Plastic Packaging Market
- Summit Plastics, a US-based maker of bespoke packaging, has acquired Tim Fredman's Wisconsin-based Fredman Bag Company. Fredman, a Milwaukee-based company, produces customized flexible packaging materials that have been printed or converted for various industries, including food and beverage, healthcare and medical, agriculture, industrial, and retail. The family-run, fifth-generation manufacturing company runs a 50,000ft2 facility with cutting-edge printing and conversion capabilities.
- At its Puertollano Industrial Complex, Repsol S.A. (Madrid, Spain) will install a new recycled plastics production line (Reciclex series) with a capacity to produce 25,000 tonnes annually, turning this facility into a milestone for the circular economy in the Iberian Peninsula. It will create plastics used to make rigid and flexible packaging for non-food uses, such as cleaning product containers or product packaging sacks, with an expenditure of €26 million. In addition, high- and low density polyethylene (HDPE and LDPE) with recycled plastic contents of 10% and 80% will be explicitly processed.
- The horizontal form-fill-seal machines from Mespack and Hoffer Plastics have been engineered to work with monolayer materials, the P-15 spout, and the cap for stand-up pouches. According to reports, the P-15 is 20% more plastic-free than earlier models while still lightweight. In addition, due to the closure's use of monolayers, the recycling stream is believed not to need to be separated, which should result in higher-quality recycled material and reduce energy consumption.
- The acquisition of FFP Packaging Solutions by Constantia Flexibles will provide the company access to its first consumer facility in the UK, which will be dedicated to creating recyclable laminates for flow wraps, lidding films, and pre-made pouches. FFP Packaging Solutions is a flexible plastic packaging business headquartered in Northampton, UK. It specializes in recyclable laminates for flow wraps, lidding films, and pre-made pouches, which, according to reports, account for more than 80% of its sustainable packaging sales.
Key Questions Answered in Plastic Packaging Market Report
- Which segments are contributing a significant share of the market?
- Which regional markets are likely to provide ample business opportunities?
- What strategies are helping leading players to dominate the market?
- What is the projected valuation and growth rate for the plastic packaging market?
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