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Plastic packaging is the process of wrapping products in such a way that there is no space for chemical, oxygen, and other impurities to interfere with the products. Packaging of products such as oil, beverages, and dairy products is accomplished only with plastic. This is attributed to the fact that it offers durability, flexibility, rigidity, weightlessness, robustness, and transparency while packaging. Thus, all these attributes make plastic packaging suitable over its counterparts in key sectors such as personal & household care, pharmaceuticals, packaging, and food & beverages industries. Moreover, in extreme environments such as hot or cold temperatures, plastic can sustain and does not deteriorate, thereby conserving cosmetics & personal care, food & beverages, and other products.Â
The growth of the global plastic packaging market is driven by rise in adoption of plastics as an ideal packaging material, due to its various characteristics such as ease of sterilization, impermeability, stability, lightness, strength, and flexibility (from film to rigid applications). Owing to the evolving lifestyle and consumer preference toward consumption of processed foods, frozen foods, ready-to-eat, and on-the-go parcel food, the food & beverage industry is expected to grow during the forecast period. The development of the food industry in emerging nations is, in turn, anticipated to augment the demand for plastic packaging, thereby fueling the global market growth.
Packaging is primarily used to provide protection for products, inform consumers about their features, facilitate long-distance transport, and storage. In comparison to wraps, films and bags for industrial packaging applications, the use of rigid high-density polyethylene (HDPE), plastic canisters, bottles, and tanks is projected to have a significant impact on market. In addition, advancements in innovative packaging solutions, such as introduction of bioplastic packaging, is anticipated to offer remunerative opportunities for the expansion of the global market. However, recent ban on the use of plastic across various countries, such as India, and negative impact of plastic on environment are expected to impede the market growth.
Owing to the outbreak of the COVID-19 pandemic, the global plastic packaging market is expected to witness a slowdown during the next couple of years. Companies are dealing with missing sales and disrupted supply chains as production activities are shutdown. However, surge in demand for PPE products, masks, and gloves is expected to fuel the market growth, as these products require plastic packaging, and demand for these products is increasing on a daily basis, owing to the COVID-19 outbreak.Â
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Plastic Packaging Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights
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Key Market Players | Amcor Ltd., Constantia Flexibles International GmbH, Sonoco Products Company, Mondi Plc, Ampac Holdings LLC, Ukrplastic Corporation, Sealed Air Corporation, Wipak Group, Bemis Company, Inc., Huhtamaki Oyj |
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