- The key vendors in the Global Plastic Packaging Market 2015-2019 are Amcor Ltd., Bemis Company Inc., Berry Plastics Corp., Sealed Air Corp. and Sonoco Products Co.
London, 31 March 2015: TechNavio, an independent tech-focused global research firm, has announced the publication of its market research report on the Global Plastic Packaging Market 2015-2019. Technological improvements and advancements are one of the major trends being observed in this market Corporations are investing a huge portion of revenue in R&D to come up with new innovations in plastic packaging. Modern microprocessor-based controllers and intelligent control systems are used to make hi-tech plastic, which is resistant to extreme conditions of temperature and pressure. The Global Plastic Packaging market is expected to grow at a CAGR of 6.06 percent during the forecast period of 2014-2019.
The key customers of plastic packaging are distributed across various verticals such as the F&B, pharmaceuticals and healthcare, chemicals, and other sectors. These customers benefit from plastic products because of their non-reactive nature and ease of transportation as they are lightweight. These packaging products are used to pack multiple products such as baby food, bakery, confectionery, frozen foods, personal care products, and medical devices. The growth of the market is primarily attributed to the supply of convenient plastic packaging solutions by companies to customers across all consumables verticals.
“Biodegradable plastics are plastics that are easily decomposed by micro-organisms, thereby reducing the toxic effect they have on the environment compared to conventional plastics,” says Faisal Ghaus, Vice President of Technavio Research.
“With stringent environmental compliance regulations worldwide, vendors are more likely to use biodegradable plastics as a substitute rather than paying hefty penalties.”
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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