Flexible Plastic Packaging Market To Reach $264.9 Billion by 2030- Exclusive Report by MarketsandMarkets™
The report "Flexible Plastic Packaging Market by Packaging Type (Pouches, bags, roll stock, films & wraps), Printing Technology (Flexography, Rotogravure, Digital Printing), End-user Industry, Material (Plastics, aluminum Foils,) and Region - Global Forecast to 2027", is approximated to be USD 182.4 billion in 2022, and it is projected to reach USD 264.9 billion by 2030, at a CAGR of 4.8%.
The Flexible plastic packaging market is experiencing significant growth driven by several factors, including the increasing demand for packaged and processed food and beverages, changing lifestyles, rising disposable income, and a growing awareness of sustainable packaging. Additionally, rising urbanization and a focus on hygiene are also contributing to the market's expansion. However, the high cost of raw materials and poor recycling infrastructure may limit market growth. Despite these challenges, opportunities exist in the market for sustainable packaging alternatives and as a substitute for traditional packaging materials. The Flexible plastic packaging industry also faces the challenge of adapting to rapid technological changes.
By Packaging type, Bags accounted for the 2nd largest share in 2021
Paper and plastic bags are prevalent packagings used for various purposes. Plastic bags (of the thin film) are usually made of LDPE, HDPE, and polypropylene. Common uses of plastic bags include bags for shopping, household garbage, food packaging, dry cleaning, newspapers, frozen foods, fresh produce, agricultural products, medical & biohazard waste, and antistatic bags. Plastic bags are inexpensive to mass-produce, relatively easy to transport due to their lightweight, and can be folded into small sizes. They are water-resistant and do not add weight to the goods they carry. Due to the pandemic, single-use plastic bags are one of the most preferred packaging options among consumers. Despite growing environmental concerns, the production and consumption of single-use plastic bags are increasing worldwide. In the current scenario, countries are not focusing on sustainability. In the US, New York is among the states that have postponed implementing a ban on plastic bags.
By Material, Aluminium Foils accounted for the 2nd largest share in 2021.
Aluminum foil is a thin aluminum sheet (produced from bauxite ore) and is a lightweight metal with a silvery-white appearance. It is also the world’s most abundant metal in free and combined states. The aluminum used in Flexible plastic packaging is in the form of rolled products. Aluminum foil packaging with multilayered plastics is widely used for packaging fresh and processed meat, poultry, and fish, as they provide better hygiene and increase product shelf-life. They are extensively used in the food & beverage and healthcare sectors for packaging products, such as cheese cubes and blister packs. Aluminum has high ductility, and barrier protection, making it an ideal packaging material. It increases the shelf-life of products by keeping food, drinks, and other products safe and fresh. Another factor that enhances the use of aluminum for packaging purposes is its unparalleled recyclability.
By Printing Technology, Rotogravure accounted for the 2nd largest share in 2021.
Rotogravure is widely used for high-quality prints, producing fine images. The rotogravure printing process consists of a cylinder, a rubber-covered impression roll, an ink fountain, a doctor blade, and fluid ink. This process uses a printing cylinder embedded with minute cells capable of retaining ink directly transferred onto the substrate with a combination of pressure and capillary action. The inks used in rotogravure are low viscosity, which enables them to be drawn into the engraved cells in the cylinder and then transferred onto the substrate. Rotogravure printing technology is expected to experience rapid growth in the flexible plastic industry. It provides high-quality, high-speed printing with precise and consistent ink transfer, making it an ideal choice for printing high-resolution images and text on flexible plastic packaging materials. Additionally, rotogravure printing can be used on a wide range of materials, including films, foils, and laminates, making it a versatile option for various applications.
By Applications, the Flexible plastic packaging Market and Pharmaceutical & Healthcare Industry segment accounted for the largest share in 2021
The pharmaceuticals & healthcare segment is one of the most important industries that drive the demand for flexible plastic packaging. The demand for these types of packaging is driven by several factors, including the need for reliable and safe packaging solutions to protect sensitive products from contamination, ensure proper dosages, and extend the shelf life of medicines and medical devices. Healthcare products, including pharmaceuticals and medical products, must be protected from external conditions, such as light and moisture, as well as contamination and physical damage, which could alter the quality of the product.
North America accounted for the largest share of the Flexible plastic packaging Market in 2021
The flexible plastic packaging market in North America is growing owing to the rising demand for single portion packs or small packs, high disposable income levels, growing demand for convenience food, improving economic situation, and increasing consumption of packed food. An increase in the export of food products is expected to fuel the growth of the market in North America during the forecast period. Technological advancements drive the growth of the flexible plastic packaging market in North America in the food, beverage, and healthcare industries.
The Flexible plastic packaging Market comprises major players such as Huhtamaki Oyj (Finland), Berry Global Group Inc. (US), Amcor Limited. (Australia), Mondi Group. (UK), Sonoco Products Company (US), Westrock Company (US), Constantia Flexibles (Austria), Sealed Air Corporation (US), Transcontinental Inc (Canada), DS Smith (UK), and others are covered in the Flexible plastic packaging market.
These insights are based on a report Flexible Plastic Packaging Market by MarketsandMarkets™.