Global plastic packaging market growing at CAGR of 5.2% uptil 2020 to US$370.25 bln

The global plastic packaging market is expanding at a CAGR of 5.2% between 2014 and 2020 and is predicted to reach US$370.25 billion by 2020, as per Transparency Market Research. Plastic packaging is amongst the most swiftly developing segments of the packaging industry, and integrates the best qualities of numerous plastics to deliver a broad range of protective properties while utilizing a relatively low amount of material. Factors such as rising consumer preference for flexible packaging, increasing demand for plastics in pharmaceutical packaging, and development of the food and beverage industry is predicted to accelerate the market development of plastic packaging. Plastic packaging is categorized into flexible plastics and rigid plastics. In rigid plastic packaging, products are cased within rigid containers having dimensional stability. Flexible packaging is a collection of yielding and flexible materials, which readily change shape after they are filled with goods. Rigid packaging, inclusive of PTTs, bottles, and closures, etc. represents the majority of plastic packaging used around the world. An aggressive growth is predicted for the segment of rigid plastics, because plastic containers are usually preferred over paperboard, glass, and metal packaging in several applications. The light weight and relatively high durability of rigid plastic packaging acts in its favor. In terms of end use, the plastic packaging market is segmented into industrial, personal care, household products, medical, food and beverages, and others. Food and beverages was the biggest end-use segment of the plastic packaging market and accounted for more than 65% of the market in 2013. The shift in eating habits and lifestyles of consumers has stimulated the demand for packaged fast foods in the past few years and this trend is anticipated to be consistent in the forthcoming future. However, medical is predicted to be the fastest developing end-use segment of the market for plastic packaging owing to the healthcare industry’s significant growth prospects over the coming few years. This is an outcome of several factors, including governmental initiatives, rise in disposable income, increasing number of chronic diseases, and expanding aging population, among others. Rigid regulations with regard to pharmaceuticals packaging to impede fraudulent drugs prevalent in the market and benefits of plastic packaging in sustaining the drugs’ chemical properties is likely to propel the demand for plastic packaging in the coming few years. On the basis of geography, the global plastic packaging market has been segmented into regions such as Europe, North America, Asia Pacific, and RoW. Asia Pacific represented more than 35% of the market. Numerous factors such as increasing demand for packaged food and expanding demand from the healthcare industry are anticipated to stimulate demand for plastic packaging in this area. Plastic packaging’s demand is anticipated to be more than average in the established markets of Europe and North America in the coming few years.