plastic packaging industry was estimated at approximately USD 347.35 Billion in 2022.
Plastic Packaging Industry | Forecast 2030
The economic value generated by the plastic packaging industry was estimated at approximately USD 347.35 Billion in 2022. This economic output is an amalgamation of businesses that are involved in the raw material suppliers, manufacturers of plastic-based packaging products, distribution & supply, and application of plastic packaging.
Material types in the plastic packaging market include polyethylene terephthalate (PET), polyethylene (PE), polystyrene (PS), polypropylene (PP), polyvinyl chloride (PVC), and others. Polypropylene is widely gaining acceptance as a material in manufacturing plastic packaging products due to its flexibility and malleability, making it suitable to be extruded or molded into a variety of shapes and sizes for plastic packaging products for various end-use industries. In addition, PP can withstand repeated steam sterilization cycles, impermeability to water, greasy substances, and chemical & bio inertness making it suitable for pharmaceutical/healthcare packaging. Similarly, PET is gaining acceptance in the food & beverage market due to its properties such as transparency, flexibility, light weight, chemical resistance, and temperature resistance.
Food & Beverage Plastic Packaging Market Insights
Food and beverage is one of the largest markets with a significant impact on the global economy and is constantly growing at a significant rate owing to the rising population around the globe. Changing lifestyles, high rates of urbanization, and increased per capita income are driving the demand for packaged food and beverages, which, in turn, is driving the plastic packaging market.
The global food & beverage plastics packaging market is expected to witness growth on account of rising demand for packaged food & beverage demand in developed and developing economies, stringent regulations regarding the preservation of packaged food shelf life, and more convenient features offered by plastic packaging compared to other types of packaging. The convenience can be in the type of weight, price, heat-sealable, portability, and ease of use. Growing demand for packaged ready-to-eat meals, snacks, beverages, and other food products is substantially propelling the penetration of packaging in the food & beverage sector which can positively drive the demand for food & beverage plastic packaging.
Order your copy of the Free Sample of “Plastic Packaging Industry Data Book – Food & Beverage, Personal & Household, Industrial and Pharmaceutical/ Healthcare Plastic Packaging Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030” Data Book, published by Grand View Research
Personal & Household Plastic Packaging Market Insights
Rising consumption of cosmetics, along with increasing disposable income and demand for personal care products, is likely to drive the demand for plastic packaging in personal care & cosmetics applications. Moreover, various product innovations, such as Envers, an extensive range of cosmetic packaging from Lumson S.P.A., which utilizes airless technology on its polyethylene terephthalate glycol (PETG) bottles, increase the demand for added functionality.
Demand for cosmetics and personal care products from millennials is on the rise in major countries including the U.S., China, India, and other developing economies. The consumer base in these countries is expected to increase substantially over the forecast period leading to a higher demand for plastic packaging.
Industrial Plastic Packaging Market Insights
The industrial packaging segment includes automotive, construction, energy, transportation, and chemical packaging applications. Various automotive parts such as sealing parts, dashboard assemblies, interior panels, interior door panels, bumpers, and air ducts use plastic packaging.
Plastic is a primary material for shippers, pallets, drums, crates, containers, and IBCs which are primarily used for the transportation of industrial, chemical, and petrochemical products. The growing e-commerce industry is expected to create demand for such pallets, shippers, and crates owing to additional warehousing requirements.
The petrochemical market is projected to grow due to the critical demand from end markets that consume petrochemicals. Petrochemicals are widely consumed in chemical, automotive, and other industrial sectors to produce lubricants, motor oil, adhesives, coatings, and paints. The demand for these products is driven by the growth of the automotive, construction, and manufacturing sectors. The growing population and urbanization across the globe are propelling these sectors’ growth which can increase the consumption of petrochemical-based products, thus fueling the demand for rigid bulk packaging.
Pharmaceutical/ Healthcare Plastic Packaging Market Insights
Packaging plays a crucial role in the safe storage of pharmaceutical products. The most common materials used for drug packaging include plastic and glass. The material selected for developing packaging for a specific drug depends on factors such as the degree of protection needed for the product, cost, method, compatibility with the sterilization process, and the degree to which the packaging material reacts with the packaged drug. Although some plastics are seen to react with pharmaceutical drugs, plastics such as PET and HDPE are used for producing pharmaceutical packaging since they do not leach harmful chemicals into pharmaceutical products.
In addition, pharmaceutical/healthcare plastics are specifically modified with additives to cater to the required functions such as impact resistance, durability, UV resistance, and moisture resistance. The cost of these plastics also falls low compared to borosilicate glass-based packaging which makes pharmaceutical packaging manufacturers consider plastics for packaging pharmaceutical drugs.
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