The global plastic packaging market size was valued at USD 322.40 billion in 2018 and is expected to reach USD 453.24 billion in 2026, growing at a CAGR of 5.7% between 2019 and 2026. In terms of volume, global plastic packaging market stood at approximately 9,623.11 kilotons in 2018.
Plastic packaging is used to pack various products as it is one of the most convenient materials for packaging. It has the ability to get molded easily. Moreover, it is easily available at a lower cost in the market. Thus, it has great demand in the packaging industry across the globe.
The global plastic packaging market is largely driven by the growing food and beverages industry especially in developing countries such as China, India, Brazil, and South Africa. Growing disposable income due to the escalating industrialization and globalization around the world has led to the drastic change in the lifestyle of the people, especially in the developing countries. This factor helps to increase the demand for personal care products, which in turn grows the demand for the plastic packaging market. However, the imposition of stringent rules and regulations on usage of plastic may hamper the market growth. Nonetheless, growing exposure to the untapped markets especially in developing regions may explore the new opportunities of the market in the near future.
Rigid and flexible packaging’s are the two major types of the global plastic packaging market. Flexible plastic packaging led the global plastic packaging market in 2017. It accounted for more than 65% share of the total market value in 2017 and it is also expected to exhibit its dominance over the market during the years to come. Rigid plastic packaging segment is also expected to grow at a moderate pace over the forthcoming years owing to the increase in the packaging in medical and automotive industries across the globe.
Based on applications, the global plastic packaging market is categorized into industrial, food & beverages, automotive, medical, personal care, and other applications. Food and beverages lead the application segment of the global plastic packaging market in 2017. It accounted for more than 30% share of the total consumption of the market in 2017. Moreover, the food and beverages segment is expected to be the fastest growing segment of the market over the coming years owing to the growth of the food industry including the dairy industry around the world. Growing consumption of dairy products is likely to propel the demand for flexible as well as rigid plastic packaging in the next few years.
The Asia Pacific dominated the market of plastic packaging over the past few decades. Moreover, Asia Pacific is likely to witness the highest growth rate in the forthcoming years. China is the largest producer of plastic as well as the biggest consumer of the plastic packaging industry. Increasing dairy industry along with the food and beverages industry in China, India, Thailand, and Indonesia is projected to boost the market in the years to come. In addition, expanding automobile industry along with changing trends in the automotive industry is likely to gain traction in the market of plastic packaging in the region within the forecast period.
North America was the second largest market for plastic packaging in 2017. The U.S. is the most attractive market in the region. North America is predicted to experience moderate growth over the upcoming years. This growth is attributed to the surging food and beverages industry in the region. However, stringent regulation on the use of plastics in the region may impede the growth in the province. Nonetheless, growing demand for bioplastics is likely to provide new opportunities in the forthcoming years.
Europe is likely to cater moderate growth for plastic packaging market in the years to come owing to the imposition on the usage of plastics in the region. Nevertheless, growing penetration of recycling plastic waste will help in the proper usage of plastics in the region. Rising demand for bioplastics will likely impel the growth of flexible plastic packaging in the region in the upcoming years. Moreover, Western European countries including Germany, the UK, France, etc. are expected to witness significant growth in the next few years.
Latin America and the Middle East & Africa are projected to exhibit an exponential growth for plastic packaging market during the coming years. This growth is attributed to the surging food and beverages industry in these regions. Emerging markets are likely to accelerate the demand for plastic packaging in various application industries in both the regions. Moreover, the introduction of bioplastics is expected to boom the demand for plastic packaging market in the near future.
Some of the major players of the global plastic packaging market are Mondi Plc, Ampac Holdings LLC, Bemis Company, Inc., Ukrplastic Corporation, Amcor Ltd., Constantia Flexibles International GmbH, Wipak Group, Sealed Air Corporation, Huhtamaki Oyj, and Sonoco Products Company, amongst others.
Plastic Packaging Market: Product Analysis
Plastic Packaging Market: Application Analysis
Plastic Packaging Market: Regional Analysis
Rigid Packaging Market (By Material Type: Plastic, Metal, Glass, Wood, Paper & Paperboard; By Product Type: Boxes, Trays, Containers & Cans, Bottles & Jars, Others: By Application Type: Food & Beverages, Chemical & Petrochemical Industry, Consumer Goods, Healthcare & Pharmaceuticals, Other) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2021-2030Read more...
Dunnage Air Bags Market (By Bag Type: 2 Ply, 4 Ply, 6 Ply, and 8 Ply; By Material Type: Poly-woven DAB, Kraft Paper DAB, and Vinyl DAB; By End Use: Truck, Overseas, and Railway) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030Read more...
Sterile Medical Packaging Market (By Material: Plastics, Metal, Glass, Others; By Type: Thermoform Trays, Bottles, Vials & Ampoules, Blister & Clamshells, Others; By Application: Surgical Instruments, Pharmaceutical, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2021-2030Read more...
Blister Pack Pharmaceutical Products Market (By Drug Type: Tablets and Capsules; Manufacturing Process: Cold Forming and Thermoforming; By End Use: Pharmaceuticals, Nutraceuticals and Supplements, and Veterinary Drugs) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2021-2030Read more...
Monodose Packs Market (By Packaging Type: Sachets, Blister Packs, Stick Packs, Vials, Ampoules, and Mini-tubes & Mini-jars; By Material Type: Plastic, Glass, Aluminum, and Paper & Paperboard; By Product Form: Solid, Liquid, Powder, and Gel; By End Use) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2021-2030Read more...