The flexible plastic packaging market will show strong growth of 6.7 per cent CAGR for the next five years, according to market researchers Persistance, with the Asia Pacific showing the strongest growth of all at 7.3 per cent, meaning a 42 per cent growth in the market size by 2022.
Compelling drivers sending growth skywards include rising demand from the pharmaceutical and food and beverage industry, increase in middle class population, increasing preference of handling and convenient packaging, and growing implementation of plastic flexible packaging because of the variety of benefits it provides.
These include being simple to store, lightweight, inexpensive, reseal and carry, creates appeal, sustains the products shelf life, multiple packaging options for ample variety of products, easy to transport, maintains and indicates freshness, ease invisibility of the products within.
The prominent market players in the flexible plastic packaging globally include Sealed Air, Bemis, Amcor, Constantia Flexibles, Mondi, Berry, Huhtamäki Oyj, Sonoco, Ampac, Montaplast, together with Bischof and Klein.
The overall market is segmented on the basis of pack type, material type, end use and region.
Based on pack type, the market is sub-segmented into bags, sachet and pouches, films and wraps, tubes and others pack types (squeezable bottles, liquid packaging). The sachet and pouches division is considered to exhibit high potential furthermore is slated to grow at a remarkable 7.7 per cent CAGR over the assessment period.
Based on the material type, the overall market is sub-categorized in BOPP, BOPET, polyethylene, cast polypropylene, polypropylene, polyamide, ethylene vinyl alcohol, polyvinyl chloride and polystyrene. The Polyethylene material type segment is estimated as the biggest segment to hold maximum market shares of approximately 50 per cent as well as is likely to dominate the worldwide market during the calculated period. On the other hand, the BOPP segment is anticipated to record a high growth rate over the assessment period of 2017-2022.
The flexible plastic packagings are broadly used in the personal care products, tobacco products, food and beverages, pharmaceuticals and industrial and institutional. The personal care products are expected to a steady growth and will record a CAGR of 7.9 per cent over the estimated period. The tobacco products and food and beverage segment are likely to record similar growth rate during 2017-2022.
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