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(USGovernment-News.Com, December 26, 2018 ) Global Plastic Packaging Market is accounted for $301.52 billion in 2017 and is expected to reach $486.58 billion by 2026 growing at a CAGR of 5.4% during the forecast period. Some of the key factors such as increasing demand for consumer goods, change in consumer's lifestyle with rapid urbanization, rising consumerism in emerging economies and consumers demand convenience processed and packaged foods are driving the market growth. However, environmental concerns regarding usage of plastic and packaging of medicines are hindering the market growth.
Plastics are organic compounds with high molecular weight, which consists of a broad range of synthetic organic compounds which can be molded into a variety of shapes, due to malleability. Plastic products have progressively more substituted materials such as wood, paper, metals and glass in many applications. Packaging is a technology, which involves enclosing and protecting different types of products for storage, distribution, sale and use. Plastic is frequently more price-competitive and also offers better performance. As a recyclable material, plastic provides environmental benefits such as waste reduction and energy savings.
Based on End User, beauty & personal care segment held significant market share during the forecast period. Personal care packaging includes that of products such as cosmetics and toiletries. This industry has witnessed remarkable growth over the past few years due to increasing consumer awareness toward grooming and hygiene. By geography, Asia Pacific dominated the global market which can be attributed to rapidly growing end-use industries in key economies which is likely to drive demand for the market in this region over the forecast period.
Some of the key players profiled in the Plastic Packaging Market include Sonoco Products Company, AMCOR Limited, Berry Plastics Corporation, Ardagh Group, CPMC, BWAY, Alpla Werke Alwin Lehner GmbH & Co. KG, Bemis Company, Inc., Can-Pack, Consolidated Container Company, Coveris Holdings S.A., Crown Holdings, Greif, Huhtamäki Oyj, Kian Joo Group, Mondi Group, Reynolds Group Holdings Limited, Sealed Air Corporation and Zhuhai Zhongfu Enterprise Co. Ltd.
End Users Covered: -Beauty & Personal Care -Food & Beverages -Healthcare & Pharmaceuticals -Homecare -Other End Users
Regions Covered: -North America -Europe -Asia Pacific -South America -Middle East & Africa
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