What is the global market size of Plastic Packaging Market?

Plastic Packaging Market size was valued at USD 356.38 billion in 2021 and is poised to grow from USD 369.21 billion in 2022 to USD 489.95 billion by 2030, growing at a CAGR of 3.6% in the forecast period (2023-2030).

Who are the key vendors in the Global Plastic Packaging Market?

The plastic packaging market is highly competitive with a mix of large international companies and smaller domestic players. The market is increasingly shifting towards sustainable packaging as a result of stricter regulations on the use of excessive plastic packaging, as well as growing consumer awareness of sustainability. Companies in the industry are mainly using acquisition as a strategy to grow their manufacturing capabilities and expand their presence in different regions. 'Amcor plc', 'Berry Global Inc.', 'Sealed Air Corporation', 'Dow Chemical Company', 'Huhtamaki Oyj', 'Sonoco Products Company', 'Bemis Company Inc.', 'Mondi plc', 'Constantia Flexibles Group GmbH', 'Coveris Holdings S.A.', 'Reynolds Group Holdings Limited', 'Silgan Holdings Inc.', 'RPC Group Plc', 'Printpack Inc.', 'ALPLA Werke Alwin Lehner GmbH & Co KG', 'AptarGroup Inc.', 'AEP Industries Inc.', 'Clondalkin Group Holdings B.V.', 'Novolex Holdings Inc.', 'Winpak Ltd.'

What is the key driver of Global Plastic Packaging Market?

Governments are making investments to upgrade the healthcare structures of developing nations in diverse locations, particularly in the aftermath of the epidemic. Rigid plastic packaging protects medications from contamination and has the features of durability, cleanliness, clarity, and lightweight, making it ideal for storing medical products such as syringes, pills, syrups, surgical items, and others. According to the staff study report on the 'US-China Economic and Security Review Commission,' the healthcare business in China is estimated to reach 16 trillion RMB (USD 2.3 million) by 2030. As a result, the growing healthcare sector is expected to boost the growth of the rigid plastic packaging market throughout the forecast period.

What is the key market trend for Global Plastic Packaging Market?

Manufacturers have been driven to produce new packaging alternatives because of dynamic industry developments such as the implementation of new regulatory measures. Growing environmental concerns about the use of biodegradable polymers in flexible packaging have also pushed manufacturers to develop safe and secure sustainable packaging choices. Manufacturers are researching sustainable packaging alternatives that need fewer resources and energy to make a package, minimize transportation charges, and give a longer shelf-life to the product to alleviate cost pressures and retain the integrity of product packages.

Which region accounted for the largest share in Global Plastic Packaging Market?

Based on regional analysis, Asia Pacific accounted for the largest revenue share in 2022. The region is using Plastic packaging for several applications such as urban planning, environment monitoring, weather forecasts, etc. Estimates also state that the adoption of technology in heavy and lightweight automobiles will also increase in the region, thus boosting further market growth. The second position is bagged by Europe which sees a growth rate of 20% between 2022-2028. The market in this region is growing opportunities for use in various sectors such as agriculture, corridor mapping, etc. UK, Germany, and France will emerge as the hubs of drone technology and thus promote the growth of Plastic packaging. Stringent restrictions governing the use of plastic items, along with increased consumer awareness about sustainability, are mostly to blame for the market's poor development in this region.

Global Plastic Packaging Market Size, Share, Growth Analysis, By Product(Rigid (Bottles & Jars, Cans), By Technology(Injection Molding, Extrusion), By Application(Food & Beverage, Industrial Packaging), By Material Type(Polypropylene, Polyethylene) - Industry Forecast 2024-2031

Report ID: SQMIG15G2025 | Region: Global | Published Date: February, 2024
Pages: 246 | Tables: 132 | Figures: 77

Global Plastic Packaging Market Insights

Global Plastic Packaging Market size was valued at USD 268.98 billion in 2022 and is poised to grow from USD 283.26 billion in 2023 to USD 439.29 billion by 2031, growing at a CAGR of 5.6% in the forecast period (2024-2031).

The demand for plastic packaging is on the rise, fuelled by burgeoning sectors like food and beverages, pharmaceuticals, and personal and household care. Additionally, the widespread adoption of organized retail and e-commerce worldwide is bolstering market expansion. Plastic offers versatility, being both flexible and rigid, as well as providing transparency and lightweight properties, making it the preferred choice for many industries over alternatives like metal or glass. Moreover, plastic packaging plays a crucial role in protecting, preserving, storing, and transporting goods in various ways. Without it, many products would not reach consumers intact or maintain their quality for consumption or use.

The global packaged food and beverage market has experienced rapid growth in recent years, due to several trends which are expected to shape its trajectory, such as with increasing awareness about environmental issues, there will likely be a growing emphasis on sustainable packaging solutions. This could include the development of biodegradable plastics, increased use of recycled materials, and adoption of eco-friendly packaging alternatives.

US Plastic Packaging Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Plastic Packaging Market Report Snapshots

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FAQs

The plastic packaging market is highly competitive with a mix of large international companies and smaller domestic players. The market is increasingly shifting towards sustainable packaging because of stricter regulations on the use of excessive plastic packaging, as well as growing consumer awareness of sustainability. ' Amcor plc ', ' Berry Global Inc. ', ' Sealed Air Corporation ', ' Dow Chemical Company ', ' Huhtamaki Oyj ', ' Sonoco Products Company ', ' Bemis Company Inc. ', ' Mondi plc ', ' Constantia Flexibles Group GmbH ', ' Coveris Holdings S.A. ', ' Reynolds Group Holdings Limited ', ' Silgan Holdings Inc ', ' RPC Group Plc ', ' Printpack Inc. ', ' ALPLA Werke Alwin Lehner GmbH & Co KG ', ' AptarGroup Inc. ', ' AEP Industries Inc. ', ' Clondalkin Group Holdings B.V. ', ' Novolex Holdings Inc. ', ' Winpak Ltd. '

As governments invest in upgrading healthcare infrastructure, especially post-pandemic, rigid plastic packaging emerges as a crucial solution to safeguard medications from contamination. With its durable, clean, clear, and lightweight properties, rigid plastic packaging is ideal for storing various medical products, including syringes, pills, syrups, and surgical items. For instance, PVC (vinyl) plays a crucial role in ensuring the safety of patients and healthcare workers, having been utilized in the medical field for over five decades. It is integral in the manufacturing of IV tubing and blood bags, which are essential for delivering safe medical treatment. PVC, a commonly employed plastic, consists of carbon, hydrogen, and chlorine. Its production process entails linking monomers containing these elements together to create a stable and inert film or product.

Sustainable Packaging Innovations: Manufacturers are compelled to create new packaging solutions due to evolving industry dynamics, including the adoption of fresh regulatory standards. Additionally, escalating environmental apprehensions regarding biodegradable polymers in flexible packaging prompt manufacturers to devise secure and sustainable packaging alternatives. Research efforts are directed towards sustainable packaging options that reduce resource and energy consumption during production, lower transportation costs, and prolong product shelf-life. This approach aims to alleviate cost pressures while preserving product package integrity.

Based on SkyQuest in-depth study, we found that the Asia Pacific region dominated in terms of revenue share in 2023. This region showcases extensive utilization of plastic packaging across various sectors, including urban planning, environmental monitoring, and weather forecasting. Projections suggest a growing embrace of technology in both heavy and lightweight automobile industries, thereby fueling further expansion of the market. The robust adoption of plastic packaging solutions in diverse applications underscores the region's pivotal role in shaping the global plastic packaging landscape. This trend is indicative of Asia Pacific's strategic position as a key driver of market growth, driven by evolving consumer demands and technological advancements.

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