The competitive landscape of the plastic packaging market includes players such as Bemis Company Inc., Amcor Ltd., Huhtamaki Oyj, Sealed Air Corporation, Mondi, and Sonoco Products. The market is crowded with several large, medium, and small scale plastic packaging manufacturers, offering a wide range of various sizes and shapes of plastic packaging materials. The market players are focusing on the development of rigid packaging products such as closures, bottles, PTTs, and others as rigid packaging has registered an increased preference over glass, metal, and paperboard packaging.
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The food and beverages industry has been the major industry driving the demand from the global plastic packaging market. In 2013, this industry held over 65% of the overall market and is anticipated to lead the market during the forecast period. “Changing lifestyle and eating habits have led to the growing demand for packaged fast foods, thereby driving the demand for plastic packaging,” states the TMR report.
Asia Pacific has emerged as the key region for the market players in the global plastic packaging market. The region accounted for more than 35% of the market in 2013 and is anticipated to retain its leading position throughout the forecast period. On the other hand, North America and Europe are expected to witness an above average demand for plastic packaging in the near future.
Growing Concerns about the Harmful Effects of Plastic Packaging on Human Health to Hamper Growth of Global Plastic Packaging Market
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The rapid growth of the food and beverages industry has led to the increased demand for plastic packaging. The growing consumer preference towards flexible plastics and the rising demand for plastics across the pharmaceutical sector are the key factors supporting the growth of the global plastic packaging market.
The increasing cost of raw materials might emerge as a restraining factor for the market’s growth during the forecast horizon. There are growing concerns regarding the usage of harmful chemicals in plastic packaging in the food and beverages industry. Phthalates, a class of toxic chemicals, found in plastic packaging has been associated with serious health ailments such as interference with human hormones, allergies, and birth defects. This is expected to hamper the growth of the global plastic packaging market.
Bioplastics to Open New Opportunities for Global Plastic Packaging Market
However, the growing concerns about the impact of plastic packaging on health have created demand for bioplastics. “As green packaging offers lesser risks of chemical contamination of food and beverages, this would open new avenues for the growth of the global plastic packaging market,” cites a TMR analyst.
The global plastic packaging market is anticipated to expand at a CAGR of 5.2% during the period between 2014 and 2020. The overall market stood at a valuation of US$259.6 bn in 2013 and is projected to be worth US$370.2 bn by 2020.
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