Plastic bags and sacks market is growing due to major major transition in the oil and gas industry, T-shirt bags segment in the global plastic bags and sacks market is slated to account for maximum share, Europe is anticipated to dominate the global plastic bags and sacks market
Albany, NY -- (SBWIRE) -- 07/24/2017 -- According to a recent study by a group of professional market research analysts at Transparency Market Research (TMR), the global plastic bags and sacks market is high fragmented and the competition is getting stiffer, with introduction of new products. Most of the vendors operating in this market have full capabilities, and regularly indulge in mergers and acquisitions to strengthen their position. Some of the key vendors identified by the TMR report that are currently functioning in the global plastic bag and sacks market are Mondi Group, Bischof & Klein GmbH & Co, Berry Plastics Inc., Novolex, AEP Industries Inc., Alpha Poly, Ampac Holdings LLC, Goglio Group, Arihant Packaging, Interplast Group, Da Nang Plastic Joint Stock Company, Hanoi Plastic Bag JSC, and Schur Flexibles Group.
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As per the projections provided by the TMR report, the global plastic bag and sacks market will increment the demand at a moderate CAGR of 3.0% during the forecast period of 2016 to 2024, growing steadily from its evaluated worth of US$18.2 bn in 2015. Development of customized products based on end-users preferences and acquisition of unorganized players are two key strategies adopted by the market leaders to maintain their stronghold over the fragmented market.
LLDPE and LDPE Sub-segments Projected for Healthy Growth
Based on material, the TMR report segments the global plastic bags and sacks market into biodegradable and non-biodegradable. While biodegradable segment is further divided into polyhydroxyalkanoates (PHA), polylactic acid (PLA), and starch blend resin, non-biodegradable segment is bifurcated into low density polyethylene (LDPE), high density polyethylene (HDPE), polypropylene (PP), linear low density polyethylene (LLDPE), and polystyrene (PS). In the market in its present scenario, non-biodegradable accounts for the most prominent share of demand in the global plastic bags and sacks market in terms of volume, although biodegradable segment is projected for the best growth rate during the forecast period. Among the biodegradable plastics and sacks segment, HDPE sub-segment continues to serve the maximum demand, although LLDPE and LDPE sub-segments are anticipated to gain incremented demand in the near future.
Based on product, the report segments the global plastic bags and sacks market into gusseted bags, trash bags, t-shirt bags, lay flat bags, woven sacks, and rubble sacks, while application-wise, the market has been bifurcated into retail and consumer including grocery products, food and beverages, and clothing apparel, and institutional, including hospitals and healthcare facility and hospitality.
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Geographically, the report takes stock of the plastic bags and sacks market in the regions of Europe, Asia Pacific, North America, Latin America, and The Middle East and Africa. While Europe and North America currently serve the maximum demand, stringent environment regulations in various countries in these parts are expected to considerably obstruct the demand for non-biodegradable plastic bags and sacks, and force the vendors to innovate for bio-degradable products. Asia Pacific, on other hand, has slightly flexible environmental regulations, and hence is projected to expand the demand at most prominent rate during the forecast period of 2016 to 2024.
Rising Disposable Income Driving Demand
Plastic bag remain as common form of minimized packaging for consumers across the globe, as it slender raw material in comparison to cartoons, boxes, and jars. Factors such increasing disposable income among the urban population, improvement in global economic performance, advancements in biodegradable plastic bags and sacks, and increasing demand for consumer goods and grocery are some of the key factors driving the demand in the global plastic bags and sacks market.