Plastic Packaging Product Market Growth Opportunities and Competitive Landscape

The global plastic packaging product market is expected to display higher growth rate over the next five years. Rapid surge in the plastic packaging product market is credited to soaring demand for convenient & sustainable packaging solutions. Rapid industrialization in BRICS economies such as Brazil, Russia, India, China, and South Africa is expected to stimulate market growth of plastic packaging product market in the upcoming years. Additionally, increasing industrial activities, growing manufacturing output and strong economic growth in the Asia Pacific region are estimated to expand market reach of the plastic packaging products over the forecast period.

Increasing demand for bioplastics and growing availability of plastic grades like polyethylene terephthalate (PET) & polyethylene (PE) for convenient & sustainable packaging solutions are expected to drive market growth over the next five years. The recent technological advancement in the manufacturing sector coupled with development of advanced packaging solution are anticipated to boost market growth over the forecast period. Globally, the market is predicted to generate massive revenue over next five years, providing numerous opportunities for market players to invest for research and development in the plastic packaging product market.

In addition, growing manufacturing sector in South East Asian economies such as Singapore, South Korea, Taiwan and Malaysia is projected to escalate the growth of the market in the upcoming years. Plastic packaging products are largely utilized in various manufacturing and retail applications.

Increasing adoption of the plastic packaging materials is credited to their lightweight and cost efficient properties, thus rocketing the demand of plastic packaging products market, in the past few years. However, growing concerns related to environmental hazards with excessive use of plastic and complete ban on the use of the lightweight plastic materials in few countries are expected to restrain market growth to large extent.

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The market is broadly categorized into four major segments based on the application type such as food & beverages sector, industrial packaging, retail sector and personal & household Care. The food & beverages segment is growing rapidly in the market with substantial revenue generation in the last few years. Growing popularity of plastic packaging product in the food & beverages segment is attributed to their ability to offer convenient & sustainable packaging solutions.

The market is divided by region as North America, Europe, Asia-Pacific, Latin America, and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in packaging sector, surge in number of research & development activities in the region and existence of well-established industrial infrastructure.

Asia-Pacific region is estimated to hold a major share in the plastic packaging product market with massive growth in forecast period. Countries such as India, China, South Korea, Taiwan, Malaysia, and Singapore are leading the Asia-Pacific market with growing demand from various manufacturing industries, rapid industrialization, rising disposable income and significant investment by leading industry players considering potential growth opportunities in the region.

The key players in the plastic packaging product market are Amcor Ltd., Bemis Company, Inc., Berry Plastics Co., Mondi Group, Inc., Coveris Holdings S.A., Reynolds Group Holdings Ltd., Sealed Air Co., and Sonoco Products Corp.

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