Global Plastic Packaging Market - 2022-2029

Global Plastic Packaging Market - 2022-2029

Market Overview

The global plastic packaging market reached US$ XX million in 2021 and is expected to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period 2022-2029.

Containers made totally or partially of plastic are referred to as plastic packaging. Single-use or reusable/durable plastic cups, plastic bottles, plastic bags, foam food containers, Tupperware, plastic tubes, clamshells, cosmetic containers, intermediate bulk containers, and various corrugated plastic containers are common examples of plastic packaging. Plastic has mainly overtaken traditional materials such as wood, paperboard, and metal in the construction of containers due to its low cost, moldability/formability, durability, and lightweight.

Market Dynamics

The increased demand for flexible plastic packaging products and the rise in technological innovations are major market drivers for the global plastic packaging market. Nevertheless, growing environmental concerns and stringent regulations restrain the market’s growth.

Growing industrialization, and the need to monitor the energy

Industrialization is quickly gaining traction worldwide, driving up industrial power consumption. Manufacturing and process sectors are expanding rapidly in both developed and developing countries. The expansion of manufacturing and process sectors increases energy consumption, necessitating these industries' monitoring of power usage to ensure the safety of machines.

The respective factor puts a greater emphasis on making efficient energy management devices and safety devices. Governments throughout the world are working hard to lower energy costs. Many governments encourage the adoption of efficient energy management equipment to reduce energy use and costs. As product development and research grow, the requirement to manufacture devices is also experiencing a significant increase since plastic packaging plays an important role in managing energy, managing the safety of machines, and playing a crucial role in conserving energy without sacrificing the growing manufacture of products. As a result, the growing industrialization and manufacturing process across the globe and the increasing need for automation act as a major market drivers for the global plastic packaging market.

COVID-19 Impact Analysis

The pandemic caused a major downward divergence of various variables in the global plastic packaging market. The supply chain is the first and most significant pandemic influence on the market. The pandemic tainted the availability of raw materials and the sale of finished goods because of a major demand-supply mismatch caused by raw material unavailability and disruption of manufacturing activities. Further, due to the COVID-19 outbreak, lockdowns and institutional limitations substantially impeded the production processes required by the plastic packaging market.

The pandemic's major impact on the global plastic packaging sector may be explained further by interruptions and downturns observed in key end-user sectors such as food and beverages, the industrial sector, automotive, and chemicals and materials. Nonetheless, the observed increase in the usage of plastic packaging in different food, beverage, industrial, and commercial applications following the first three waves of the pandemic is expected to spur market growth during the forecast period. Growing technical improvement also benefits the specific market significantly.

Segment Analysis

The global plastic packaging market is classified based on standard, type, raw material, thickness, distribution channel, end-user, and region.

The flexible sector dominates the type segment

Any box or component of a package that may change shape depending on the materials contained within is considered flexible packaging. Flexible packaging is commonly seen in the form of bags and pouches. The packaging industry has been stirred in the direction of gaining unforeseen possibilities since the introduction of adaptable films. Since the introduction of adaptable films, the packaging industry has been agitated in the direction of gaining unexpected possibilities. The flexible packaging market is being driven by internet business with effective logistic activities as its backbone.

Consumer desire for convenient and appealing products, technological advancements, rising food and beverage consumption, and increased demand for plastic-based flexible packaging products are key drivers of market expansion. The growing inclination for aesthetically pleasing products is one of the primary causes of increasing demand in the flexible packaging market. Cosmetics, hygiene, and food products that are presented in an aesthetically pleasing manner are preferred by consumers. As a result, makers of food and other consumer packaged goods invest heavily in producing easy to open, use, and visually appealing packaging.

Geographical Analysis

Asia-Pacific is expected to dominate the plastic packaging market’s regional segment

The Asia-Pacific region controls the worldwide plastic packaging market. Due to its move from a production-based to a consumption-based economic structure, China will dominate the Asia-Pacific area plastic packaging market with a market share of more than 35% in 2020.

With an expanding number of supermarkets in the Asia-Pacific region, as well as technological breakthroughs and innovations in the plastic packaging industry, the market is growing exponentially in emerging economies such as China and India is booming.

Further, the low cost, ease of processing, formability, chemical resistance, lightweight, and other physical properties of plastic contribute to its extensive application of the market’s products in the region’s food packaging sector.

Competitive Landscape

The plastic packaging market is extremely active in terms of the number and scope of global and local producers. Because of the existence of numerous manufacturers such as Amcor plc, Reynolds Group, Berry Global Inc, RPC GROUP, ALPLA, PLASTIPAK, CONSTANTIA, Tetra Laval International, COVERIS, and ProAmpac, the market has been described as fragmented. Mergers, acquisitions, product launches, investments, and collaborations are common market strategies used by big market players to gain a competitive advantage and improve their reputation.

Amcor Plc

Overview: Amcor Plc is one of the global leaders involved in manufacturing packaging solutions utilized in food, beverages, personal care, and pharmaceuticals, among others. The company's product portfolio is mainly classified into three major segments, namely, flexibles, rigid packaging, and others. The company owns 225 production sites located in more than 40 countries. The company was founded in 1860 and is headquartered in Zürich, Switzerland.

In 2020, the company generated around US$ 12,900 million in sales. Flexibles is the major market segment of the company covering almost 78% of the total sales. Rigid packaging covers around 22% of the total market share. North America is the company's primary market, where 47% of its sales occur, followed by an emerging market with a 26% market share.

Product Portfolio:

300 ml HDPE Cylinder Bottle with 24-410 SP Neck Finish: The product is a multipurpose HDPE stock cylinder 300 ml container employed to store various home and personal care goods.

Key Development:

On December 01, 2021, Amcor PLC, a renowned plastic packaging company, opened a Greenfield packaging facility in Tuas, Singapore. The dedicated healthcare packaging factory is expected to meet present and future market needs since the demand for healthcare packaging in the region is steadily expanding.

Why Purchase the Report?

To visualize the global plastic packaging market segmentation based on type, raw material, thickness, distribution channel, end-user, and region, as well as understand key commercial assets and players.

Identify commercial opportunities in the global plastic packaging market by analyzing trends and co-development.

Excel data sheet with numerous plastic packaging market-level data points with four segments.

PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.

Product mapping available as excel consists of key products of all the major market players

The global plastic packaging market report would provide approximately 78 tables, 79 figures and almost 220 pages.

Target Audience 2023

Manufacturers/ Buyers

Industry Investors/Investment Bankers

Research Professionals

Emerging Companies