Plastic Packaging Market to Register 5.2% CAGR, to Reach US$370.25 Billion by 2020: Transparency Market Research

Albany - NY, Oct. 19, 2015 (GLOBE NEWSWIRE) -- However, factors such as volatility in feedstock prices, which in turn affect prices of downstream chemicals, hamper the plastic packaging market. Research initiatives for development of high-quality plastic packaging have opened opportunities for the use of nanotechnology for the development of films and printing, according to the report.The report states that plastics have extensive applications due to their cost-effectiveness and durability. Additionally, plastics can resist rough handling during distribution and transportation, due to their distinct physical properties. On top of this, plastics offer superior aesthetic value and outstanding barrier properties to keep air and moisture at bay.

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The report segments the global plastic packaging market on the basis of products and end-use applications. By products, plastic packaging is segmented into rigid plastics and flexible plastics. Rigid packaging, which includes bottles and closures, accounts for a majority share in the global plastic packaging market. The product segment is expected to witness exponential growth in the coming years as it is preferred over metal, glass, and paperboard for many applications.Application-wise, the food and beverages sector was registered as the largest end-use segment and accounted for over 65% of the plastic packaging market in 2013. Busy lifestyles and changing eating habits have spurred demand for packaged foods in the last few years, which has benefitted the plastic packaging industry.

However, the healthcare sector is expected to exhibit the highest demand for plastic packaging in the forecast period. This is mainly due to government initiatives worldwide for improved healthcare, increasing awareness among consumers regarding general health, growing disposable incomes, high prevalence of chronic diseases, and growing geriatric population base. Strict regulatory compliances for packaging of pharmaceuticals to block the sales of fraudulent drugs in the market and to retain the chemical properties of genuine drugs will accentuate demand for plastic packaging in the coming years.According to the report, Asia Pacific, which accounted for over 35% of the market, registered the highest demand for plastic packaging in 2013 and will continue to do so over the forecast period. Increasing demand for packaged food, busy lifestyles and changing eating habits, and the developing healthcare industry will drive demand for plastic packaging in the region.

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The global plastic packaging market is segmented into:

Plastic Packaging Market - Product Segment Analysis

  • Rigid Packaging
  • Flexible Packaging

Plastic Packaging Market - Application Analysis

  • Food & Beverages
  • Industrial
  • Household Products
  • Personal Care
  • Medical
  • Others (Including Various Components in Automotives, etc.)

Plastic Packaging Market - Regional Analysis

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

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Source:Transparency Market Research