Plastic Packaging Market - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

 

Plastic Packaging Market

Plastics are organic compounds with a high molecular weight that consist of a diverse range 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 various products for storage, distribution, sale, and use. Plastic packaging materials are made from petroleum and its derivatives, and they have a wide range of applications in a variety of end-use industries. PET is the primary feedstock used in the production of plastic bottles, which are widely used in the food and beverage, pharmaceutical, and cosmetics industries due to their high durability, lightweight, low cost, and recyclability.

These factors contribute to the growth of the Plastic Packaging Market. According to the World Wildlife Fund, the plastics industry produced as much plastic in 2019 as it had in the previous five years combined. Since 1950, the production of virgin plastic has increased 200-fold, and it has grown at a rate of 4% per year since 2000.

The global Plastic Packaging Market is expected to surpass US$ 559.12 Bn by the end of 2028, in terms of revenue, and exhibit a CAGR of 5.30% during the forecast period (2021 to 2028).

Plastic packaging is propelling the development of cutting-edge packaging solutions that protect fragile goods while remaining inexpensive and easy to transport. Due to its high chemical resistance and tensile strength, high-density polyethylene (HDPE) is widely used as a plastic packing material, which finds wide application in various end-use industries such as chemical and cosmetics. Furthermore, un-pigmented HDPE bottles and containers are translucent, provide better stiffness, and are best suited for products with a short shelf life, such as milk.

Demand for polyethylene terephthalate (PET) plastic bottles for the packaging of bottled water, juices, soft drinks, medicines, salad dressing, oil, household cleaners, and personal care products is a major factor driving the global plastic packaging market's growth.This is attributed to the advantages of PET materials, including high transparency, shiny surface, good stability, high-pressure resistance, good barrier properties, and lightweight.

In terms of revenue, Asia Pacific dominated the global plastic packaging market in 2021, accounting for 43.8% of the market. Rapidly expanding application industries in key economies like China, India, Vietnam, South Korea, and Thailand are expected to drive the regional market during the forecast period. In terms of both demand and production, China dominated the Asia Pacific market. The country's large population, which supports the growth of the food and beverage, automotive, personal care, construction, and consumer electronics industries, is expected to be a key driver for market expansion. As a result, the development of infrastructure in the retail and hospitality sectors is expected to drive the growth of the global plastic packaging market over the forecast period.

Consumers are increasingly gravitating toward more environmentally friendly packaging materials. Aluminum and glass have seen widespread acceptance due to their environmental friendliness and high recyclability. As a result, consumers are increasingly rejecting plastic. Furthermore, rising consumer awareness of good health and bio-based packaging materials is compelling consumers to use biodegradable materials instead of plastic. This is expected to limit the growth of the global plastic packaging market during the forecast period.