Healthcare will be major driver of plastic packaging
From Packaging World
The global plastic packaging market—defined as bags, pouches, films, containers, and envelopes made from plastic—was valued at $259.65 billion in 2013 and is expected to reach $370.25 billion by 2020, growing at a CAGR of 5.2% over the forecast period between 2014 and 2020. In terms of volume, the plastic packaging market was worth 78,400.2 kilo tons in 2013. That’s according to a new study, “Plastic Packaging Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020,” from Transparency Market Research.
According to the study, increasing demand for plastic packaging in the healthcare industry is expected to be one of the key factors driving the growth of this market. In addition, expansion of the food and beverage market, which is the largest application of plastic packaging, is expected to fuel growth. Furthermore, rising consumer preference for lightweight, durable, and highly aesthetic packaging is expected to significantly encourage growth of the market over the next few years.
However, the study adds, volatility in the price of crude oil, which consequently affects the price of downstream chemicals, is expected to hamper the plastic packaging market adversely.
One development in plastic packaging is research and development activities that have opened up opportunities for the usage of nanotechnology in the formation of films and printing.
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