Plastic packaging is a term used to describe any container made from plastics. Plastic is known for many different properties, including the ability to be molded into virtually any shape, including blocks and polyhedrals (hollow shapes). Most plastic is thermoplastically safe; that is, it will not burn when exposed to heat or chemicals. Plastic has a wide range of uses, including packaging tools, food, medicine, cosmetics, paints, and detergents. Plastic packaging is made through extrusion molding or injection molding, and both processes use heated containers made from polymer-based plastics.
Market Dynamics
Increasing
funding for sustainable plastic packaging is expected to propel growth of the global
plastic packaging market. For instance, in December 2020, UK Research and
Innovation (UKRI) announced US$ 35.25 million worth of funding for projects
that improve plastic packaging across the retail supply chain.
Initiatives
to replace plastic packaging with paper-based packaging is expected to hinder
growth of the global plastic packaging market. For instance, in January 2021, Yum
China Holdings, Inc., a fast-food restaurant company,) launched a series of
plastic reduction and environmentally friendly packaging initiatives across its
brands in China. Similarly, in February 2020, The Alloyd Division of Sonoco,
launched EnviroSense PaperBlister, its first, all-paper retail blister package.
The
plastic packaging market in North America is witnessing increasing adoption of recycled
plastic packaging. For instance, in June 2020, Mondelēz International, a multinational
confectionery, food, holding and beverage and snack food company, announced
that Philadelphia cream cheese sold across Europe is to be made with recycled
plastic packaging, starting from 2022. Similarly, in February 2020, TC
Transcontinental announced the creation of a Recycling Group within TC
Transcontinental Packaging, which will start purchasing equipment for
converting flexible plastics recovered from sorting facilities and other
commercial, industrial and agricultural sources into recycled plastic granules.
Competitive Analysis
Major
players operating in the global plastic packaging market include, Amcor Ltd.,
Sealed Air Corporation, Bemis Company, Serioplast US LLC, TC Transcontinental,
Sonoco Products Company, Mondi Plc., Tray Pack Corporation, Lacerta Group Inc.,
Bemis Company Inc., Alwin Lehner GmbH & Co. Kg, and RPC Group Plc.
Major
players operating in the global plastic packaging market are focused on
adopting expansion strategies to enhance their market share. For instance, in
June 2020, Serioplast US LLC announced to establish production operations in
Red Springs North Carolina, U.S.
In-depth report on Plastic
Packaging Market by Coherent Market Insights:
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