Overview:
The Plastic Packaging Market Share is witnessing a drastic change in its market prospects. This is because it is getting mostly governed by various stringent government measures and environmental concerns. The plastic packaging market mainly owes its rise to the rapidly increasing urbanization, which has changed consumer preferences. As a consequence of that, the food and beverage sector is triggering high growth. Market Research Future (MRFR) predicts that the global plastic packaging market has a chance to register a 5% CAGR and cross USD 400 Bn valuation during the forecast period of 2018 to 2023. However, rising awareness regarding its health risks can restrain market growth.
Segmentation:
The global plastic packaging market was studied on the basis of type and application. MRFR’s analysts have made this segmentation to provide precise data on various factors that can help in a proper assessment of strategic moves.
By type, the plastic packaging market study includes sub-segments like rigid packaging and flexible packaging.
By application, the global report on the plastic packaging market includes segments like food & beverage, industrial, healthcare, personal care, and others. The food & beverage segment is creating scopes for the market to expand. Rising disposable income is bolstering the personal care segment. An increase in healthcare-related investments is set to transform the plastic packaging market.
Regional Analysis:
Asia Pacific has the largest market for Vacuum Plastic Packaging. In 2015, it had control over 35% of the global market. Development in food & beverage and healthcare industries can bolster the regional market growth.
Competitive Landscape:
The global market study of the plastic packaging market includes a recording of changes inspired by companies like BASF SE, Crown Holdings Inc., Amcor Ltd, Constantia Flexibles International GmbH, Huhtamaki Oyj, Mondi Group, Saint-Gobain, Bemis Company Inc., Sonoco Products Company, Sealed Air Corporation, Ampac Holdings LLC., and Wipak Group. MRFR’s analysts have included the measures taken by these companies in recent years to get information about trends that can inspire changes in the market.
Industry News:
In September 2020, NOVA Chemicals Corporation, a leading producer of various chemicals and plastic resins declared that they have inked a deal for a long-term agreement with Merlin Plastics Supply Inc., Canada’s largest plastics recycler, to boost the supply of high-quality, post-consumer recyclate (PCR) that are developed for consumer packaging. This also marks NOVA Chemicals’ steps into the PCR market. Plastic has evolved as an essential component for modern life and NOVA Chemicals is trying to find new ways that can be explored to establish a proper plastics circular economy. From this partnership with Merlin and the coming suite of PCR-containing resins, the company expects to meet the needs of customers and brand owners and expand its high-quality PCR supply into developing better consumer packaging. The company is trying to increase its credibility in the sector to cater to the rising number of end users who are adopting PCR content in plastic packaging.
In Central Europe, authorities are finding it difficult to come to a consensus regarding the use of plastic in packaging. The combination of plastic and paper is effective and durable, but it has a problem. It is difficult to recycle, which is going against the standard environmental policies.
The COVID-19 situation has triggered some transformations in the global plastic packaging market. The ongoing pandemic has witnessed a steep rise in the e-commerce sector and food deliveries, which inspired companies to adopt easy measures like plastic packaging. However, the scene might change in the coming days.
Related Links-
Medical Device Packaging Market- https://www.marketresearchfuture.com/reports/medical-device-packaging-market-1934
Intelligent Packaging Market- https://www.marketresearchfuture.com/reports/intelligent-packaging-market-1999
Ampoules Packaging Market- https://www.marketresearchfuture.com/reports/ampoules-packaging-market-2420
Industrial Tape Market- https://www.marketresearchfuture.com/reports/industrial-tape-market-2805
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