The global plastic packaging market will continue its steady growth despite the recession’s impact on packaging demand, says a new report from Visiongain. Researchers expect the global plastic packaging market to reach $196.42 billion this year, and this growth will be propelled by four drivers: upcoming environmental issues, changing consumer needs, high disposable incomes, and improved packaging products.
The report—The Plastic Packaging Market 2012-2022—says that mature markets are expected to grow modestly but emerging markets will experience “progressive above-average growth.”
Researchers noted that these emerging economies maintained positive growth as a whole during the global economic crisis. This growth is expected to continue, and the strong growth will drive demand sustainable, lightweight, user-friendly, and enhanced plastic packaging products in the coming decade. This helps the plastic packaging segment because plastics have increasingly replaced traditional packaging materials because they are lightweight and offer high functionality.
The plastic packaging market is also benefitting from the advent of biodegradable plastic and bioplastic. The researches note that these materials gained an edge over other packaging materials because they are easy to recycle, reduce and reuse, and raise a package product’s eco-friendly profile. All this can usually be achieved without losing the molding and protective properties of plastic.
Although the drive for eco-friendly and lightweight materials is fueling flexible plastic packaging consumption, it still hasn’t wrestled rigid plastic packaging from holding the majority of the plastic packaging market. To learn more about the packaging study, visit the Visiongain website.