Packaging materials market from beverage segment is likely to grow by a CAGR above 4% to reach a market value exceeding USD 300 billion by 2024
Sellbyville, DE -- (SBWIRE) -- 10/11/2018 -- Among the different product types in the packaging materials market, bags, pouches, & wraps will be the largest segment which will grow by more than 4% CAGR during the study period. The superior performance of these products, lower costs and variety in shapes makes it one of the most sought-after product in the packing materials market.
Paper & cardboard is a key packaging materials segment is expected to generate revenues of more than USD 150 billion in 2024. This segment will gain by more than USD 4% each year from 2017 to 2024 owing to increasing usage of paper-based products for packing applications. Flexible paper packaging materials are widely used for food, pharmaceutical, and personal care products. Cardboard and corrugated board products are widely used in bulk, secondary as well as tertiary packaging applications for a wide variety of products.
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Developments in the Asia Pacific food & beverage sector will be a major reason behind the growth of packaging materials market growth. The Asia Pacific region includes a large number of emerging economies such as China, India, South Korea, etc. These countries have been witnessing increased consumption of food & beverage products which will in turn drive packaging materials market demand.
In 2016, the Asia Pacific food & beverage industry registered a turnover of exceeding USD 3 trillion and is likely to witness a high growth rate. The three most important food segments that are driving the Asia Pacific food market are grain mill products, meat products, and oils and fats. These developments will boost demand for flexible & rigid plastics, glass, metal, and paper packaging materials demand throughout the forecast span.
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Increasing drug manufacturing activities in the U.S. will positively impact the global packaging materials market. Packing materials such as flexible paper, flexible plastic, rigid plastic, glass and metal are widely used in pharmaceutical products such as medicines, antibiotics, vitamins among others. Due to the reactive nature of the pharmaceutical drugs, these products are mostly packed using high quality and inert constituents such as glass, HDPE, and PET structures. The most commonly used structures for pharmaceutical packaging include bottles, vials, containers, and jars.
The U.S. is the prime pharmaceutical industry in the globe accounting for around 40% share of the global revenue. Pharmaceutical manufacturing industry in the country was worth more than USD 150 billion in 2016 which will increase to around USD 170 billion by 2024. This upward trend will propel demand for packing materials in the North American market till 2024.
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The global packaging materials market has several key global players along with a large number of smaller regional manufacturers. Some major manufacturers of packing materials include Ball Corporation, Amcor, Crown, Mondi, Bemis, Owens-Illinois, Sealed Air, and many more. Major companies in the packing industry rely on production capacity expansions and acquisitions to strengthen their industry positions. For example, Amcor's expansion of the production capacity of PET bottles in its Texas plant in 2017 was intended to cater to the needs of North American customers and is likely to help the company to increase its business in the region.
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