Global plastic packaging market to reach US$196.42 billion in 2012, says report

Although the overall packaging industry was severely impacted by the economic recession, the plastic packaging market is gradually gaining significance through the latest technologies and enhanced products in the vast global packaging industry, says the UK-based independent media company Visiongain, which publishes a new materials report The Plastic Packaging Market 2012-2022.

According to Visiongain's estimates, the global plastic packaging market will reach US$196.42 billion in 2012, as the global plastic packaging market is a steadily growing market which is expected to follow a modest growth rate in mature markets and a progressive above average growth rate in emerging markets, driven by environmental issues, changing consumer needs, high disposable incomes and improved packaging products.

Visiongain says that the emerging economies will continue to register strong growth, driving demand for sustainable, lightweight, user-friendly and enhanced plastic packaging products in the coming decade. And although the consumption of flexible plastic packaging is growing at a rapid pace, rigid plastic packaging still holds the majority of the market.

A key trend that has been beneficial to growth is said to be consumers' shift to consumption at home. Visiongain explains that in an attempt to save money, many consumers are attempting to re-create the dining out experience at home, with intelligently packaged ready meals. As such plastic packaging applications are increasing in the food & beverage sectors. Also, the sub-markets of the consumer plastic packaging industry continue to rapidly develop, with stand out growth rates being witnessed in the personal care and healthcare sectors in particular, according to the UK media company.

In addition, the plastic packaging market stands immune to the recent economic downturn as technological advancements related to lightweight, convenient and sustainable packaging will retain its demand in the industry. Furthermore, key industry players and manufacturers are opting for better materials made from renewable sources for packaging purposes thus keeping them out of the landfills.

Visiongain emphasizes that environmental-friendliness and sustainability have become basic qualifying criterions for all packaging products. In this regard, the plastic packaging market is at a distinctive advantage since with the advent of biodegradable plastic and bioplastic, the plastic packaging market has gained an edge over other packaging materials, which makes it easier to recycle, reduce and reuse and raise its eco-friendly profile.