The Rigid Packaging Sector Is Expected To Lead The Plastic Packaging Market, Expanding At A Cagr Of More Than 5.6 Percent In Terms Of Revenue And 5.3 Percent In Terms Of Volume

 

Plastic Packaging

Plastics are organic molecules with a high molecular weight that comprise of a diverse spectrum of synthetic organic compounds that, due to their malleability, can be moulded into a variety of shapes. Packaging is a technology that encloses and protects different sorts of products for storage, distribution, sale, and use. In recent years, the increasing demand for healthy, safe, and convenient food in Asia Pacific, Europe, and North America has driven the global market for plastic packaging. Furthermore, due to its strength, adaptability, and recyclability, the use of polyethylene terephthalate (PET) as a packing material for food & drinks, pharmaceuticals, and household products is expected to boost an exceptional sustainability for the plastic packaging market during 2017-2025.

 

Over the projected period, the rigid packaging sector is expected to lead the Plastic Packaging Market, expanding at a CAGR of more than 5.6 percent in terms of revenue and 5.3 percent in terms of volume. According to a report conducted by Coherent Market Insights, the worldwide Plastic Packaging market's industrial end use industry segment is expected to reach more than US$ 21.45 billion by the end of the calendar year 2017. Plastic packaging promotes cutting-edge solutions to innovative packaging solutions that safeguard fragile goods, are low in cost, and are easy to transport. Because of its great chemical resistance and tensile strength, High Density Polyethylene (HDPE) is widely utilised as a plastic packing material, and so finds widespread application in a variety of end-use industries.

 

Asia Pacific, followed by Europe and North America, accounted for the majority of the global plastic packaging market in terms of revenue and volume in 2016, and this trend is expected to continue over the forecast period. In terms of volume, Asia Pacific held a 41.8 percent share in 2016, followed by Europe (24.3 percent ). Growing demand for rigid packaging products in Asia Pacific is expected to drive growth in the global plastic packaging market over the forecast period, owing to rising demand for packaged and convenience foods, as well as rising population and infrastructure development in the retail and hospitality sectors.

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