PVC Packaging Materials to Witness Exponential Rise in Revenue Share During the Forecast Period 2019 - 2027
Seattle, WA -- (SBWire) -- 11/15/2019 --Polyvinyl chloride (PVC) packaging material is widely used for the packaging of various products such as personal care, food and beverages, medical, and others. It has excellent mechanical and chemical properties such as lightweight, good impact strength, resistance to oil, grease, and chemicals, and others. The high versatility of plastic enables reuse and recycling.
PVC packaging production requires less fuel as compared to other packaging materials such as metal and glass. According to Plastics Europe, the energy required for PET (polyethylene terephthalate) and HDPE (high-density polyethylene) was 82.7 GJ (gigajoule) per ton and 76.7 GJ per ton whereas, for PVC was 56.7 GJ per ton. Moreover, also protects against contamination by helping to prevent the spread of germs during manufacturing and distribution hence these factors are expected to hamper the market growth of PVC packaging materials market growth.
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Growing demand from processed food is also expected to drive the growth of the PVC packaging market. This is owing to the high use of PVC packaging in processed foods, due to its aforementioned properties. According to the U.S. Department of Agriculture, Foreign Agricultural Service, in Germany, the processed food and drinks market was valued at US$ 190 billion in 2016 and the food industry represented the third-largest processing industry in Germany.
However, the use of PVC packaging has been ban in various countries such as Spain, Canada, Czech Republic, and South Korea, due to health risks associated with it, this is expected to hinder the growth of PVC packaging materials market. According to the Legislative Council, State of California, the California Assembly passed a bill no. AB 1329, which prohibits a retail establishment from selling, distributing or importing a flexible or rigid polyvinyl chloride packaging container.
Among the end-use industry, the food and beverage segment is expected to witness significant growth in the near future, owing to the rising growth of this industry. According to the U.S. Census Bureau, in the U.S., the total food sales in 2016 was US$ 1,594.06 billion. Furthermore, increasing consumer spending on food and drink results in the growth of this segment. According to the Department for Environment Food & Rural Affairs, the total consumer expenditure on food, drink, and catering increased by 0.9% in 2014 to US$ 231.10 billion.
The rigid packaging application segment is expected to show significant growth in the global PVC packaging materials market over the forecast period. According to Coherent Market Insights' analysis, the global rigid packaging market was valued at US$ 529.97 billion in 2016 and is expected to exhibit a CAGR of 4.05% during the forecast period (2017-2025).
Major vendors are focusing on introducing new products in order to cater to the increasing consumer demand. For instance, in February 2018, Westlake Chemical Corp. announced plans to expand its Geismar polyvinyl chloride plant to boost its annual volume of PVC products.
Europe holds a significant position in the global PVC packaging materials market growth, owing to growing personal care and cosmetics industry in the region as PVC packaging is used in the packaging of cosmetic products since these are resistant to oil, grease, and chemicals. According to Cosmetic Europe, cosmetics and personal care industry in Europe was valued at US$ 94.13 billion in 2015 with Germany (US$ 15.89 billion) positioned as the largest market, followed by the U.K. (US$ 14.06 billion), France (US$ 13.94 billion), and Italy (US$ 12.10 billion), respectively.
Asia Pacific is expected to be the fastest-growing region in the global PVC packaging materials market over the forecast period and this can be attributed to rising demand for PVC packaging products from the pharmaceutical industry especially from emerging economies such as China and India. According to India Brand Equity Foundation (IBEF), the pharmaceutical industry in India accounted for 2.4% of the global pharmaceutical industry and is expected to expand at a CAGR of 12.89% during 2015 – 2020.
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Furthermore, shifting consumer preferences towards packaged goods along with expanding the retail industry is expected to affect the growth of the market during the forecast period. For instance, India Brand Equity Foundation (IBEF), Government of India, the retail market is expected to nearly double to US$ 1 trillion by 2020 from US$ 600 billion in 2015.
Some of the leading players operating in the global PVC packaging materials market are Reliance Industries Limited, Palram Industries Ltd., Bilcare Singapore Pte Limited, Jinhua Zhong Bang packaging materials Co., Ltd. and Teknor Apex Company, Inc.
PVC Packaging Materials Market
Based on application, the PVC packaging materials market is segmented into:
Based on end-use industry, the PVC packaging materials market is segmented into:
- Food & Beverages
- Personal Care
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