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US packaging materials market size, by end-user, 2013 – 2024 (USD billion).
US packaging materials market size, by end-user, 2013 – 2024 (USD billion).

The global packaging materials market size was estimated over US$ 900 billion in 2016 and will exhibit growth by a CAGR of over 3% up to 2024, according to a study by Global Market Insights.

Rigid plastics: A major material segment

The global packaging materials market has been segmented according to materials into paper & cardboard, rigid plastics, metal, flexible plastics, glass, wood, textiles, and other niche materials such as foams, leather, etc.

Rigid plastics is a major material segment which will gain by a CAGR exceeding 3.5% during the forecast period. This segment’s market will be augmented by the increasing demand for polyethylene terephthalate (PET), high-density polyethylene (HDPE), and polyvinyl chloride (PVC) bottles for packaging drinking water, soft drinks, juices, etc. Rigid plastic materials are also extensively used to pack processed food products, cosmetics, pharmaceuticals, household products, etc.

Bottles & cans account for nearly 20% of the market

According to product, the global packaging materials market is segmented into bottles & cans, containers & jars, bags, pouches, & wraps, closures & lids, boxes & crates, drums & intermediate bulk containers (IBCs), and other packaging structures such as bins, trays, etc.

Bottles & cans are a major product segment accounting for close to 20% of the overall market in 2016. They are employed in packaging a broad range of products including beverages, chemicals, household products, personal care products, pharmaceuticals, etc. Increasing demand for beverages across the globe will drive this segments market during the forecast period.

Closures & lids product segment will gain by more than 3% CAGR during the forecast period. These products are used to cover and seal other packaging products such as containers, bottles, cans, etc. Although rigid plastic is the most widely used material for these products, metals, glass, wood, and paper-based closures & lids are also available in the market. High growth in the food & beverage packaging industry coupled with rising demand for household and personal care products will propel this segment’s growth during the forecast period.

F&B industry dominates the end-user segment

The global food & beverage industry size exceeded US$ 4.8 trillion in 2016 and will grow by a CAGR of around 4% in the next five years. This enormous size of the global food & beverage industry coupled with a steady growth rate in the next few years will be the major factor behind the packaging materials market growth during the forecast period.

Rising packaged food demand across all regions of the world will augment the food end-user industry segment. Rising popularity of frozen and raw meat products, dairy products, and seafood will also contribute towards this segments market growth.

High consumption of alcoholic and non-alcoholic beverages will also be a major growth enabler for the market. Alcoholic drinks such as beer, whiskey, wine, etc. are packed in glass, metal as well as rigid plastic bottles. Glass and rigid plastic bottles are also widely used in packaging non-alcoholic beverages such as soft drinks, energy drinks, juices, etc.

Household products is a key end-user segment which will gain by more than 4.5% CAGR during the forecast time frame. Rising demand for household cleaners, detergents, and other sanitary items will augment this segment’s market. The global household cleaners market value was more than US$ 25 billion in 2016 and will exceed 35 billion by 2024 gaining by a CAGR close to 4%.

Rising demand for personal care products will also have a positive impact on the packing materials market growth. Rising income levels of consumers in emerging economies and willingness to spend on personal grooming will increase beauty and skin care products’ demand in coming years. The global personal care products industry will surpass US$ 600 billion by 2024 and will drive demand for packing materials during the forecast period.

North America and Europe: Important packing materials markets

North America is a mature packing materials market and was valued above 500 billion in 2016. An increasingly urban lifestyle in the U.S. coupled with changes in the eating patterns of consumers will drive demand for packing materials in the country. Rising consumer preference for the consumption of processed, ready-to-eat food items will augment the regions packaging materials market. The North American region is characterized by a high volume of international and regional trade. Increasing exports from the U.S. to other regions of the globe will also help the North America packing materials market growth.

Europe accounted for more than 20% of the overall packing materials market in 2016 and this share will increase during the forecast years. Russia, Germany, France, and UK will lead the European industry owing to the mature food, beverage, and household products market in these countries. Although eastern European countries will have lower share of the market compared to the other developed countries in the region, their growth rates will be higher owing to a greater potential for market penetration.

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