According to a report by Global Market Insights, the global packaging materials market is expected to expand over USD 1.3 trillion business by 2024. With consumer preferences undergoing an extensive change in recent times, the market has registered itself as one of the strongest and fastest growing business spheres. Technological advancements and innovative packaging materials have persistently set the stage for the packaging industry to witness remarkable product demand from numerous end-use sectors. These business domains, including the likes of F&B, cosmetics, pharmaceutical, chemicals, and household products have also been projected to expand commendably in the years ahead, that would further widen the growth prospects of packaging materials industry.

The food sector is reported to be the largest growth ground for packaging materials industry, given that it accounted for USD 300 billion of the overall market size in 2016 and is expected to grow further in the ensuing years. This rapid growth can be attributed to the robust consumption of ready-to-eat meals, frozen raw meat products, dairy products, and canned sea-food. In consequence, this would have a major impact on the demand for flexible plastics. As per estimates in fact, packaging materials market share from flexible plastics is expected to be valued at USD 190 billion by 2024.

Speaking of flexible plastics, it is prudent to mention the instance of Sappi Limited that recently introduced the Sappi Seal in packaging materials market. Incidentally, Sappi Seal, touted to be the second generation of this flexible packaging solution, has been designed to replace hot set laminates that are made from plastic with products containing a high ratio of renewable raw materials. These solutions are gaining increasing traction as a standard flexible packaging material in the food industry and other sectors which comprise primary & secondary packaging such as sachets and flow wraps for toys & sweets. The aforesaid instance validates that global packaging materials market is witnessing a slew of technological advancements addressing sustainability and safety concerns.

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Of late, plastic waste has been the growing environmental issue worldwide, thereby being a subject of strict regulatory compliance. Reliable reports claim that if the present situation continues, there will be over 12 billion metric tons of plastic in landfills by 2050. The mass production of plastics has accounted for a whopping 91% of plastic that isn’t recycled and ends up as trash and litter. In consequence of this threatening scenario, packaging materials market trends have been gathering considerable attention from leading industry players including the likes of Amcor, Ball Corporation, Sealed Air, Mondi and DuPont that are investing heavily in R&D activities to develop green and sustainable packaging materials.

Speaking of the recent innovation trends in packaging materials industry, it is worthy to mention that Micro-Fibrillated Cellulose (MFC), a unique fiber extracted from plant waste, is being used liberally as a stronger yet lighter sustainable packaging material. It has been reported that adding as minimum as 1% of MFC to an existing substrate improves the packaging performance by 15% to 20%.

Unrefutably, these emerging packaging trends though at its embryonic stage are certain to take the industry by storm more sooner than anticipated, courtesy the dynamic competitive landscape of packaging materials market that is faring determinedly along the Asia Pacific belts, Europe, and North America. These regions have become massive investment grounds for the industry players, given the extensive packaged products proliferation.

It is noteworthy to state that apart from core industry participants, several tech giants including Amazon, Dell, REI, Puma, and Colgate-Palmolive are betting big on sustainable packaging by introducing bamboo and other bio-based product categories. Thus, with sustainability credentials rolling ahead in full gusto, the global market is projected to tread along a lucrative growth path in the years ahead. Global Market Insights, Inc., anticipates packaging materials market to exceed a valuation of USD 1.3 trillion by 2024.

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Packaging materials research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in billion units & revenue in USD billion from 2013 to 2024, for the following segments:

Packaging Materials Market by Material
Paper & cardboard
Rigid plastics
Metal
Flexible plastics
Glass
Wood
Textiles
Others

Packaging Materials Market Material by End-user
Paper & cardboard
Food
Beverage
Healthcare
Cosmetics
Household products
Chemicals
Others
Rigid plastics
Food
Beverage
Healthcare
Cosmetics
Household products
Chemicals
Others
Metal
Food
Beverage
Healthcare
Cosmetics
Household products
Chemicals
Others
Flexible plastics
Food
Beverage
Healthcare
Cosmetics
Household products
Chemicals
Others
Glass
Food
Beverage
Healthcare
Cosmetics
Household products
Chemicals
Others
Wood
Food
Beverage
Healthcare
Cosmetics
Household products
Chemicals
Others
Textiles
Food
Beverage
Healthcare
Cosmetics
Household products
Chemicals
Others
Others
Food
Beverage
Healthcare
Cosmetics
Household products
Chemicals
Others

Packaging Materials Market by Product
Bottles & cans
Containers & jars
Bags, pouches & wraps
Closures & lids
Boxes & crates
Drums & IBCs
Others

Packaging Materials Market by End-user
Food & beverage
Healthcare
Logistics
Automotive & transportation
General manufacturing
Others

The above information is provided on a regional and country basis for the following:
North America
Europe
Asia Pacific
Latin America
MEA