Press release
Packaging Materials Market Growth 2020-2024 | Amcor, Ball Corporation, Crown Holdings, Mondi, Sealed Air, Stora Enso, WestRock, Bemis, DS Smith
Packaging Materials Market
The report provides a detailed analysis of the market size & estimations, major investment pockets, top winning strategies, drivers & opportunities, competitive scenario, and wavering market trends.
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As per estimates in fact, packaging materials market share from flexible plastics is expected to be valued at USD 190 billion by 2024.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
o Amcor
o Ball Corporation
o Crown Holdings
o International Paper
o Mondi
o Owens-Illinois
o Reynolds Group
o Sealed Air
o Stora Enso
o WestRock
o Bemis
o COVERIS
o Berry Plastics
o DS Smith
o Graphic Packaging
The food sector is reported to be the largest growth ground for packaging materials industry, given that it accounted for USD 300 billion of the overall market size in 2016 and is expected to grow further in the ensuing years. This rapid growth can be attributed to the robust consumption of ready-to-eat meals, frozen raw meat products, dairy products, and canned sea-food. In consequence, this would have a major impact on the demand for flexible plastics.
Speaking of flexible plastics, it is prudent to mention the instance of Sappi Limited that recently introduced the Sappi Seal in packaging materials market. Incidentally, Sappi Seal, touted to be the second generation of this flexible packaging solution, has been designed to replace hot set laminates that are made from plastic with products containing a high ratio of renewable raw materials.
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Of late, plastic waste has been the growing environmental issue worldwide, thereby being a subject of strict regulatory compliance. Reliable reports claim that if the present situation continues, there will be over 12 billion metric tons of plastic in landfills by 2050. The mass production of plastics has accounted for a whopping 91% of plastic that isn't recycled and ends up as trash and litter.
In consequence of this threatening scenario, packaging materials market trends have been gathering considerable attention from leading industry players including the likes of Amcor, Ball Corporation, Sealed Air, Mondi and DuPont that are investing heavily in R&D activities to develop green and sustainable packaging materials.
In a bid to develop innovative products these companies are collaborating with the technology providers to bring forth sustainable, creative, and green packaging solutions that are further likely to help retailers, packaged goods manufacturers, and food service providers drive sales and delight consumers.
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
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Speaking of the recent innovation trends in packaging materials industry, it is worthy to mention that Micro-Fibrillated Cellulose (MFC), a unique fiber extracted from plant waste, is being used liberally as a stronger yet lighter sustainable packaging material. It has been reported that adding as minimum as 1% of MFC to an existing substrate improves the packaging performance by 15% to 20%.
It is noteworthy to state that apart from core industry participants, several tech giants including Amazon, Dell, REI, Puma, and Colgate-Palmolive are betting big on sustainable packaging by introducing bamboo and other bio-based product categories. Thus, with sustainability credentials rolling ahead in full gusto, global packaging materials market is projected to tread along a lucrative growth path in the years ahead.
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