The packaging materials market is expected to grow constantly by 2023 while registering a significant compound annual growth rate during the forecast period. Packaging is considered as the science or innovation of wrapping up or securing the item for appropriation, utilize and deal. The developing interest for flexible packaging in industries, for example cosmetics, food and beverages, pharmaceuticals and pet food is the key pattern driving the market. As the packaging industry have opted to environment and eco-friendly packaging materials there has been rise in demand of the product by the end users applicant which have proven to be one of the driving factor of this market. Rise in utilization of frozen meat products, personal care products, household products, and alcoholic drinks across the globe are the major factors considered for the growth of the market.
Material Type Outlook and Trend Analysis:
Based on the materials the global packaging market is categorized into cardboards & papers, flexible plastics, metal, wood, rigid plastics, textiles and others. The rigid plastic has acquired the largest market share with a higher. Rigid plastics are considerably used in food, cosmetics, pharmaceutical and household industry for packing. Metal packing material will also witness tremendous growth in the market over the forecast period. The rise in demand of alcohols, and other beverages in region such as Asia-Pacific, Europe, and North-America are the major reasons for growth of the metal packing. Steel, tin and aluminum are most widely used under the metal packaging segment.
Product Outlook and Trend Analysis:
Base on the product the global packaging market is portioned into containers, bottle & jars, cans & containers, closure & lids, drums, wraps & pouches etc. Among the other the bottle & cans segment have considered to have the largest share of the market. They are basically used for the packaging of beverages, household products and chemicals. Closures and lids will witness a steady growth in the market over the forecast period. Closures are basically used to cover or to seal other packaging products. Additionally, rigid plastics are the most widely used product under the closure segment.
End User Outlook and Trend Analysis:
On the basis of end users the global packaging materials is segmented into food, healthcare, beverages, chemicals, cosmetics and other end users. Food and beverages have augmented the largest market share among the other end users. Increase in demand of packed food products such as frozen meat, dairy are the key factor for the growth of this segment. Household will also considerably witness huge growth in the market over the forecast period. Increase in demand of detergents, cleaners and other items are the major reason for the growth of this segment.
Regional Outlook and Trend Analysis:
North-American region is considered to acquire the largest share of the overall market because of changing lifestyle and eating habits of the consumers. Europe has acquired the second largest market of the packaging material and will grow at a considerable CAGR over the forecast period. Changing food habits in sectors such as Germany, U.K., Russia, and France are the major reason for the growth of this segment. On the other hand Asia-Pacific and Mid-Eastern regions will register a steady growth in the market.
The leading competitors in the market are Stora Enso, Ball Corporation, Owens-Illinois, Crown Holding, International Paper Company, Amcor, Mondi, Sealed Air, Berry Plastics, Reynolds Group, etc. The packaging material market is described by the existence of various small and medium sized ventures, producing a wide range of product based on type and users.
The Packaging Materials Market is segmented based on:
By Material Type:
Cardboards & papers
Bottle & jars
Cans & containers
Closure & lids
Wraps & pouches
By End User:
Other End Users
Rest of Europe
Rest of Asia Pacific
Rest of South America
Middle East and Africa
Rest of MEA
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?