Global Plastic Packaging Market 2015 to grow at a CAGR of 4.12% by 2022
Plastic Packaging Global Market Outlook – Trends, Forecast, and Opportunity Assessment (2014-2022)
The Global Plastic Packaging market is valued at $829.7 billion in 2014 and is expected to reach $1145.6 billion by 2022 growing at a CAGR of 4.12%. Growth of food & beverages industry expected to drive demand for plastic packaging. Increasing cost of raw materials is the major factor hindering the market. Rising usage of nanotechnology in plastic packaging is the key opportunity in the market. Furthermore, rising consumer preference towards light weight, durable and highly aesthetic packaging is expected to significantly encourage growth of the market over the next few years.
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Global Plastic Packaging market is segmented by product, by application and by geography. Based on product, market is segmented into flexible and rigid. Based on application, market is classified into food & beverages, household products, medical, industrial, personal care, others. Market by geography is segmented into North America, Europe, Asia Pacific and Rest of the World. In addition, expansion of the food & beverages market, which is the largest application of plastic packaging, is expected to fuel market growth. Market by geography is segmented into North America, Europe, Asia Pacific and Rest of the World. Asia Pacific is estimated to grow faster than any other country. North America is the world’s largest consumer of packaging, and is characterized by such packaging giants as International Paper, Tetrapak, Reynolds Group, Ball Corporation and Owens-Illinois.
The Key players in the market include, Crown Holdings, Ardagh Group, BWAY, Kian Joo Group, Amcor Ltd, Can-Pack, CPMC, BWAY and Greif.
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