Packaging: Key market research findings
- Focus on sustainable packaging solutions
- Rigid plastic packaging to be the fastest-growing segment
- Leading players include Amcor, Ball, Crown Holdings, International Paper, Mondi, Owens-Illinois, Reynolds, Sealed Air, Smurfit Kappa, Stora Enso, and WestRock
Technavio has released a new market research report on the global packaging market, which is anticipated to grow at a CAGR of around 5% between 2016 and 2020. The growing trend of e-commerce and online shopping has increased the demand for packaging products and subsequently effective packaging materials. The packaging manufacturers are developing lightweight glass packaging, which is recyclable, cost-effective and enhances the end-user usability. APAC is the largest revenue-generating region in the market and is anticipated to occupy more than 39% of the overall market revenue by 2020. The primary reason for this region’s growth is the surging demand for various retail products and the growing use of plastic packaging. Also, the region is witnessing the entry of several packaging film manufacturers to countries such as India and China to reduce their operational costs.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Consumer product manufacturers are increasingly shifting towards the use of eco-friendly packaging materials. This has propelled the use of corrugated boxes as the paper can be recycled up to seven times over other packaging products. Corrugated boxes are considered environment-friendly and sustainable packaging solution as compared to other forms of packaging. The manufacturers are focusing on producing 100% recyclable corrugated boxes. Also, the packaging manufacturers are using biodegradable PET that can be easily decomposed and are less toxic,” Sharan Raj, Lead Analyst, Transportation & Logistics, Technavio Research
Rigid plastic packaging is the most preferred form of packaging because of its lightweight nature, comparatively lower costs, and its availability in various designs. Several manufacturers are shifting towards the use bioplastics that are derived from plant sources. The increase in the use of high barrier solutions, improved resin formulations, and highly efficient machinery solutions for filling of plastic packaging has boosted the utilization potential of rigid plastics. The segment will occupy more than 29% of the overall market share by 2020.
This market comprises companies that manufacture and distribute board, plastic, metal, and glass packaging products. The manufacturers are focusing on expanding their geographic reach and realigning their product offerings to reduce operational costs. They are targeting on high growth segments to strengthen their financial position in the market. At present, the market is witnessing intense restructuring and consolidation because of the overcapacity. The preference for value-added services and customized packaging solutions to provide convenience, safety, durability, and freshness protection will boost the growth of the market.
A more detailed analysis is available in the Technavio report, Global Packaging Market 2016-2020
We can customize reports by other regions and specific segments upon request.
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