Plastic Packaging Market Outlook:
The global plastic packaging market size reached US$ 376.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 516.3 Billion by 2032, exhibiting a growth rate (CAGR) of 3.58% during 2024-2032.
Global Plastic Packaging Companies
Plastic packaging refers to the use of plastic materials to enclose, protect, and transport various products. It is a widely used form of packaging due to its efficiency, strength, durability, lightweight nature, and cost-effectiveness. Plastic packaging plays crucial roles in modern life, including providing protection to products during transportation, preserving them for longer periods, preventing waste, facilitating transportation over long distances, and displaying essential product information like nutritional content or allergy advice23. These packaging materials come in various types, each with specific properties and applications. The rapid expansion of the e-commerce sector is a significant driver of the plastic packaging market. According to UN trade and development experts UNCTAD, the e-commerce sector saw a “dramatic” rise in its share of all retail sales, from 16% to 19% in 2020.
ALPLA-Werke Alwin Lehner GmbH & Co. KG
Amcor plc
Anchor Packaging LLC
Berry Global Inc.
Honeywell International Inc.
Huhtamäki Oyj
Mondi plc
Printpack
Sealed Air Corporation
Sonoco Products Company
Winpak Ltd.
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Leading packaging companies are investing in research and development (R&D) to innovate new plastic packaging solutions that meet evolving consumer demands and regulatory requirements. They are developing sustainable packaging alternatives, lightweight designs, barrier technologies for extended product shelf life, and smart packaging solutions with enhanced functionality. In May 2022, Amcor PLC developed its latest technology, PowerPostTM, which delivers a bottle up to 30% lighter and can be made from 100% recycled material. The technology was developed for hot-fill beverages and avoids spills from overflow. Furthermore, the product is built on a vacuum-absorbing technology, PowerStrap. Besides, companies are forming strategic partnerships and collaborations with suppliers, technology providers, recycling organizations, and industry stakeholders to drive innovation, share best practices, and accelerate the development and adoption of sustainable packaging solutions. For example, in March 2022, The ALPLA Group acquired the recycling company Texplastfrom the FROMM Group and all its shares in the joint venture, PET Recycling Team Wolfen. The international company will increase its annual processing volume in Germany to 75,000 tons of PET bottles. Furthermore, in January 2023, Amcor Limited completed the acquisition of MDK, a Chinese-based firm specializing in the provision of packaging solutions tailored for medical devices. This strategic move enhances the presence of Amcor in the medical packaging sector, strengthening its capabilities to meet the evolving needs of healthcare consumers in the rapidly growing Chinese market.
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