The heterogeneous landscape of global plastic packaging market is set to see a host of trends across a varied range of factors. This is set to help the market grow at a sturdy rate, compounded annually. Besides, numerous growth opportunities will present themselves in the market over the stated period due to growing e-commerce and easy availability, better protection and low cost of plastic. This is particularly true of some of the developing countries that are not being able to let go off plastic.
Some of the factors that will keep the global plastic packaging market buoyant are explained below.
- Due to low cost and heavy protection provided by plastic when compared to glass, the use of this material is quite heavy in certain industries such as food and beverages, cosmetics, and pharmaceuticals. Besides, a number of household products are packed in plastic packaging to preserve them better. All this is set to help the market chart growth.
- Small vendors can seldom afford any other packaging for cost reasons. Thus plastic holds a prominent place in countries such as India, where the informal sector is huge and small and medium enterprises contribute significantly to the growth of global plastic packaging market.
Trend within the global plastic packaging market reflect a heterogenous landscape, and the market has a different standing in various regions. While plastic usage has reduced in several parts of the world, it continues to be the most sought-after material for packaging in other regions.
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Therefore, the total volume of revenues within the global plastic packaging market has touched sustained levels in recent times. Ban on plastic manufacturing in several developed countries is overcompensated by the large amount of plastic generated across developing countries. Furthermore, plastic packaging has never gone out of practice for past several decades, especially in the developing countries.
However, the global plastic packaging market is currently being restricted by the price control need on its raw materials that are generated from petrochemicals, or crude oil. The price of crude is increasing globally amidst a shortage of supply of fuel. This is hampering the use of crude for purposes other than transportation and exploration. Manufacturers in the global plastic packaging market are therefore looking towards alternative raw materials and have already found positive scope of growth in fields such as bioplastics.
The global plastic packaging market is expected to expand at a CAGR of 5.3% within a forecast period from 2013 to 2020, in terms of revenue. This revenue is expected to touch US$300,582.5 mn by the end of 2016 and is likely to reach US$370,354.9 mn by the end of 2020. The overall volume of production in the global plastic packaging market is expected to reach 108,853.1 kilo tons by the end of 2020.
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Platform of Opportunities Shifts from Developed to Developing Economies
From a regional perspective, the global plastic packaging market is finding ample opportunities of growth in consumption as well as development rates within emerging economies across the world. This is especially apparent in Asia Pacific where the end-user industries of the global plastic packaging market have taken off at very fast rates. Industrial growth and infrastructure development, coupled with a high increase in the demand for all products that require plastic packaging are currently boosting the opportunities that players can have in these regions.