Plastic Packaging Industry| COVID-19 Analysis Is Expected To Grow With a CAGR Of ~ 6.3% By 2022
Plastic Packaging Industry Synopsis
On the other hand, the inconsistent price of the raw material, such as petroleum and crude oil, can impede the growth during the review period. It is expected to show far-reaching results by 2022 in the APAC region. Furthermore, there is mounting pressure from the consumers on the manufacturers regarding the carbon footprint. It has driven the plastic manufacturers towards evolving bioplastics and capitalizing in recyclable products.
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Competitive Landscape
The top market players identified by MRFR in the global market are Amcor Ltd, Crown Holdings Inc., BASF SE, Saint-Gobain, Huhtamaki Oyj, Bemis Company Inc., Mondi Group, Sealed Air Corporation, Constantia Flexibles International GmbH, Sonoco Products Company, Ampac Holdings LLC and Wipak Group.
Regional Overview
The geographical overview global Plastic Packaging Industry has been conducted in four major regions, namely the Asia Pacific, Europe, North America, and the rest of the world (including Latin America and the Middle East and Africa).
APAC leads the global COVID-19 Analysis with its fast-growing market worldwide. Over 35% of overall volume consumption in 2015 was valued for the APAC region. The region is likely to show some rapid expansion in healthcare and food & beverage industries along with augmented investment in the same. This would result in a growing share of APAC in the global Plastic Packaging Industry by 2022.
However, North America had the prime Plastic Packaging Industry size in 2015 and is estimated to show stable growth by 2022. Europe and the Rest of the World are also anticipated to grow from 2016 to 2022. The European food and beverage industry is projected to show some staggering growth which is likely to bolster the Plastic Packaging Industry by 2022.
Market Segmentation
The global market for plastic packaging is segmented on the basis of type and application. The type segment consists of products including rigid packaging and flexible packaging.
Rigid packaging is expected to generate the largest share of the revenue. End-users favor rigid packaging the most. The rise of rigid plastic market into the beverage sector is based on the expectancy of it being of hygienic, high quality, and healthy. The retail industry is also expected to boost the growth of this segment during the forecast period.
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