Packaging Materials Market Size to Go Beyond USD 1.3 trillion by 2024

MaketStudyReport.com adds a New Packaging Materials Market Research Report for the period of 2017 - 2024 that shows the growth of the market is rising at 2024.

Packaging Materials Market will cross USD 1.3 trillion by 2024, according to a new research report.

The steady growth in the European pharmaceutical industry will also be one of the driving factors for packaging materials market in the study period. Germany, UK, France, Spain, and Italy are the largest pharmaceutical markets in the region accounting for around 70% of the total European market. The pharmaceutical market in these five countries is expected to grow by 25% between 2017 to 2022. Germany and France pharmaceutical industry sales will exceed USD 40 billion and USD 30 billion respectively by 2022, making them the largest markets in Europe. These factors are likely to increase packing materials consumption in the region and will boost the global packaging materials market till 2024.

Increasing drug manufacturing activities in the U.S. will positively impact the global packaging materials market. Packing materials such as flexible paper, flexible plastic, rigid plastic, glass and metal are widely used in pharmaceutical products such as medicines, antibiotics, vitamins among others. Due to the reactive nature of the pharmaceutical drugs, these products are mostly packed using high quality and inert constituents such as glass, HDPE, and PET structures. The most commonly used structures for pharmaceutical packaging include bottles, vials, containers, and jars. The U.S. is the prime pharmaceutical industry in the globe accounting for around 40% share of the global revenue. Pharmaceutical manufacturing industry in the country was worth more than USD 150 billion in 2016 which will increase to around USD 170 billion by 2024. This upward trend will propel demand for packing materials in the North American market till 2024.

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Paper & cardboard is a key packaging materials segment is expected to generate revenues of more than USD 150 billion in 2024. This segment will gain by more than USD 4% each year from 2017 to 2024 owing to increasing usage of paper-based products for packing applications. Flexible paper packaging materials are widely used for food, pharmaceutical, and personal care products. Cardboard and corrugated board products are widely used in bulk, secondary as well as tertiary packaging applications for a wide variety of products.

Among the different product types in the packaging materials market, bags, pouches, & wraps will be the largest segment which will grow by more than 4% CAGR during the study period. The superior performance of these products, lower costs and variety in shapes makes it one of the most sought-after product in the packing materials market.

Healthcare and cosmetics end-user segments are likely to combinedly account for more than 15% of the total market by 2024. Rising consumption of pharmaceutical products around the globe coupled with increasing personal care products demand will augment these end-user segments? market in coming years.

Major packaging materials market participants include Crown Holding Inc., Amcor, Ball Corporation, Mondi, Sealed Air, International Paper Company, Reynolds Group, etc. Apart from these main players, a considerable number of smaller companies are also present in market which caters to customers regionally.

Packaging Materials Market by Material
o Paper & cardboard
o Rigid plastics
o Metal
o Flexible plastics
o Glass
o Wood
o Textiles
o Others

Packaging Materials Market Material by End-user
o Paper & cardboard: Food, Beverage, Healthcare, Cosmetics, Household products, Chemicals, Others
o Rigid plastics: Food, Beverage, Healthcare, Cosmetics, Household products, Chemicals, Others
o Metal: Food, Beverage, Healthcare, Cosmetics, Household products, Chemicals, Others.
o Flexible plastics: Food, Beverage, Healthcare, Cosmetics, Household products, Chemicals, Others,
o Glass: Food, Beverage, Healthcare, Cosmetics, Household products, Chemicals, Others.
o Wood: Food, Beverage, Healthcare, Cosmetics, Household products, Chemicals, Others
o Textiles: Food, Beverage, Healthcare, Cosmetics, Household products, Chemicals, Others
o Others: Food, Beverage, Healthcare, Cosmetics, Household products, Chemicals, Others

Packaging Materials Market by Product
o Bottles & cans
o Containers & jars
o Bags, pouches & wraps
o Closures & lids
o Boxes & crates
o Drums & IBCs
o Others

Packaging Materials Market by End-user
o Food & beverage
o Healthcare
o Logistics
o Automotive & transportation
o General manufacturing
o Others

The above information is provided on a regional and country basis for the following:
o North America: U.S., Canada.
o Europe; Germany, UK., France, Spain, Italy, Russia,
o Asia Pacific: China, India, Japan, Australia, Indonesia, Malaysia, South Korea
o Latin America: Brazil, Mexico.
o MEA: Saudi Arabia, UAE, Kuwait, Qatar, South Africa

More Report At: https://empowerednews.net/author/gminsights/

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