Global Plastic Packaging Market Overview
The global plastic packaging market is expected to grow at a CAGR of XXXX% during the forecast period 2017-2021 owing to rising demand for eco-friendly and recyclable packaging materials. The growing awareness about the negative effects of littering, increasing emphasis on food safety and hygienic standards, and increasing adoption of sustainable packaging practices are some factors driving the market growth.
The Asia Pacific region is expected to account for the largest share of the global plastic packaging market in terms of value in 2021. This is due to high penetration rates of disposable plastics products in this region, favorable government policies and initiatives, and growing demand from retail and food & beverage companies. The North America region is expected to be the second largest market with a value of USD XX million in 2021. This is due to increased demand from industrial customers owing to increase in deployment of Industrial IoT solutions.
Global Plastic Packaging Market Size and Forecast (2020-2026)
The global plastic packaging market is expected to grow at a CAGR of XXX% during 2020-2026. The market has been witnessing increasing adoption of plastic packaging due to its low environmental impact and safety features. The growing awareness about the importance of reducing carbon footprints is also contributing to the growth of the plastic packaging market.
Some of the major factors driving the growth of the plastic packaging market are increasing awareness about the harmful effects of using traditional paper packaging products, rising disposable income levels and changing consumer behavior towards consuming eco-friendly products. The booming e-commerce industry is also providing impetus to the growth of the global plastic packaging market as customers prefer buying packaged goods online.
Evolution of end-use applications such as food & beverage, cosmetics, chemicals, automotive & transportation are some key factors driving growth in this market. Increasing penetration of advanced technologies such as 3D printing and RFID scanning is expected to help in enhancing product quality and improving customer experience. However, high cost associated with these technologies is restraining their adoption in this market.
North America is estimated to account for largest share in the global plastic packaging market during 2020-2026 owing to increasing adoption of eco-friendly products and stringent regulations governing production and usage of conventional paper packaging products in this region. Asia Pacific is estimated to be second largest regional market for plastic packaging during 2020-2026 followed by Europe.
Global Plastic Packaging Industry Drivers and Restraints
The global plastic packaging industry is expected to grow at a CAGR of XXXX% over the forecast period 2016-2021. The growth is mainly driven by increasing demand for food and beverages, which in turn is attributed to the increasing popularity of organic foods. However, stringent regulations pertaining to recycling and composting are restraining the market growth.
The global plastic packaging market can be segmented based on material type, application, and region. Polyethylene (PE) is the most popular material type in the global packaging market owing to its low cost and environmental friendliness. The Asia Pacific region is expected to witness the highest growth rate due to high demand from China and India. The North America region is expected to be the fastest growing region due to increasing popularity of disposable products such as sanitary napkins and diapers.
Based on application, the global packaging market can be divided into food & beverage, personal care, industrial & construction materials, and other applications. Food & beverage dominates the overall market with a share of more than XX%. This is primarily attributable to increased demand for organic foods that require different types of packaging. Personal care applications are expected to witness high growth rates due to increasing awareness about health hazards associated with using chemical-based personal care products. Industrial & construction materials are expected to account for a significant share of the overall market due to rising investment in infrastructure development projects across regions such as Europe and Asia Pacific.
Global Plastic Packaging Industry Analysis
The global plastic packaging market is expected to grow at a CAGR of XXXX% during the forecast period 2018-2025. The increasing demand for food products and beverage containers is one of the major factors driving the growth of the plastic packaging industry.
Some of the key players in the market are Dow Plastics, Lanxess AG, Akzo Nobel N.V., TPI Corporation, and Huaxin Group. These companies are focusing on developing new plastics packaging products that can meet the latest industry standards. In addition, these companies are also aggressively expanding their business operations into new markets across the globe. This is resulting in increased competition among these players and has resulted in them investing heavily in R&D activities to stay ahead of their competitors.
However, despite this intense competition, some of these companies have been able to emerge as leaders in the global plastic packaging market. For instance, Dow Plastics has been able to secure a dominant position in the polypropylene market while Lanxess AG has emerged as a leading player in the thermoset plastics market.
Plastic Packaging Market Porter’s Five Forces of Competition
The global plastic packaging market is projected to grow at a CAGR of XXXX% during the period 2016-2026. The growth is attributed to the increasing awareness about environmental concerns and rising disposable incomes.
Some of the major drivers for the market include increasing demand from food & beverage, healthcare, chemical and other industrial segments. Additionally, growing emphasis on sustainable packaging and reduction in waste are expected to fuel the market growth in the coming years.
However, some restraints such as unfavorable government regulations and limited production capacity could impede the growth of this market. Additionally, stringent measures by various stakeholders to reduce plastic pollution could pose roadblocks to the market adoption.
Shares of Global Production by Company, 2020 and 2026
The market is expected to grow from USD XXXX billion in 2020 to USD XXXX billion by 2026, at a CAGR of XXXX% during the forecast period. The growth will be mainly attributed to the increasing demand for food products, beverages, and pharmaceuticals.
Some key players in the market include 3M Corporation (U.S.), Saint-Gobain Performance Plastics (France), and BASF SE (Germany). These companies are leading the market with their innovative technologies and products. They are also expanding their product portfolio to cater to the growing needs of customers. Some major challenges that the companies face are environmental concerns and inadequate waste management infrastructure.
This report provides an overview of the plastic packaging market, including its definition, classification, and application areas. It also presents market size and growth rate analysis for each type of plastic packaging as well as regional trends. The report also includes a detailed competitive landscape analysis of key players in the market.