Whats driving the Packaging Materials Market in 2019-2024? | Key Players are Crown Holdings, Mondi Group, Sealed Air Corporation , International Paper, DS Smith, Bemis Company, Inc., Ball Corporation, Stora Enso, Amcor
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.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
2. Ball Corporation
3. Crown Holdings
4. International Paper
7. Reynolds Group
8. Sealed Air
9. Stora Enso
13. Berry Plastics
14. DS Smith
15. Graphic Packaging
Packaging Materials Market will surpass USD 1.3 trillion by 2024; according to a new research report. 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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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.
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.
- Packaging Materials Market by End-user
• Food & beverage
• Automotive & transportation
• General manufacturing
- Packaging Materials Market by Material
• Paper & cardboard
• Rigid plastics
• Flexible plastics
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- Packaging Materials Market by Product
• Bottles & cans
• Containers & jars
• Bags, pouches & wraps
• Closures & lids
• Boxes & crates
• Drums & IBCs
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.
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