Plastic Packaging Materials Market| COVID-19 Analysis

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The market for Plastic Packaging Materials is fueled by growth in food & beverages, and healthcare industries worldwide. The change in consumer’s lifestyle with rapid urbanization has increased the demand for Plastic Packaging Materials. The consumers demand convenient, processed and packaged foods which reduce the cooking time.

Segmental Analysis

The global Plastic Packaging Materials market can be segmented on the basis of the type and application.

Based on the type, products can be bifurcated into rigid packaging and flexible packaging. Rigid packaging is slated to generate the largest share of revenue. End-users prefer rigid packaging the most. The growth of rigid plastic market into the beverage sector is based on the expectation of it being of superior quality, hygienic, and healthy. The retail sector is also poised to boost the growth of this segment over the forecast period.

Application-wise segmentation includes industrial, healthcare, food & beverages, personal care and others. Among these, food & beverage sector has registered the highest percentage of the global revenue in 2015 and expected to rise further during the assessment period. Along with rapid urbanization, the demand for packaged food is also rising. This shift in consumer habit has driven a growth in the global market for Plastic Packaging Materials. Rapid growth in the pharmaceutical industry can sustain the growth rate of healthcare plastic segment in the forthcoming years.

Regional Analysis

The geographical analysis of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East and Africa) APAC dominates the global Plastic Packaging Materials market with its fast growing market globally. Over 35% of total consumption volume in 2015 was accounted for APAC region. The region is predicted to witness rapid development in healthcare and food & beverages industries coupled with increased investment in the same. This would lead to an expanding share of APAC in global Plastic Packaging Materials market by the end of the review period.