With global industrial packaging growing at a CAGR of over 4% is expected to reach over 80 Bn by the end of forecast period.
Albany, NY -- (SBWIRE) -- 12/07/2018 -- The global industrial plastic bags market is vastly driven by the development of food, pharmaceutical, electrical and electronics industries. To expand geographical outreach, manufacturers are focusing on product innovation and technological advancement by developing their products in packaging market. However, to overcome government stringent regulations manufacturers are focusing on bio-degradable plastic bags as these bags are easy to recycle and do not pose a threat to environment. The industrial plastic bags are mostly used for the transportation industrial products at relatively low cost. The industrial plastic bags are generally termed as 'single-use bags' as these plastic bags are used only for short period of time.
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The industrial plastic bags reduces the weight of goods and materials during transportation over other packaging solutions such as drums, cartons etc. Industrial plastic bags are lightweight, have high elasticity which helps in adhering the weight of the product packed. Industrial plastic bags have excellent barrier properties and are best suited to carry dry products over other packaging bags such as jute bags, paper bags etc.
Industrial plastic bags: Market dynamics
With global industrial packaging growing at a CAGR of over 4% is expected to reach over 80 Bn by the end of forecast period. Increasing demand for food and beverages, grocery, dairy products are expected to fuel the growth of industrial plastic bags market. The factors accentuating the market growth of the industrial plastic bags are rapid industrialization, rising demand of consumer goods, increase in retail outlets etc. Increased traction of industrial plastic bags in humid regions for providing protection against rain, moisture and other liquid contents is expected to propel the demand in industrial plastic bags market. Factors such as abrasion resistance, moisture resistance will drive the growth of industrial plastic bags market. In addition to the barrier properties, industrial plastic bags are easy to open and pack which in turn increases the efficiency of the manufacturers.
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Furthermore, another factor that is leading to the increase in demand of industrial plastic bags is the growth of healthcare industries and pharmaceuticals and the popularity of using convenient packaging solutions. Industrial plastic bags are recyclable and reusable which helps in driving the market value of industrial plastic bags. Consumer preferences towards bio-degradable industrial plastic bags may incline the manufacturers to focus on innovation and technology. Moreover, reduced prices of crude oil in developing economy is expected to increase the momentum of industrial plastic bags market attributed to cheap availability of raw materials.