However, there is increasing pressure from the consumers on the manufacturers regarding the carbon footprint. It has encouraged the plastic manufacturers towards developing bioplastics and investing in recyclable products. Moreover, the staggering prices of the raw material, such as petroleum and crude oil can hamper the growth during the review period.

Segmental Analysis

The global market for plastic packaging industry 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.

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 Industry 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 Industry by the end of the review period.

On the other hand, North America accounted for the largest market size in 2015 and is projected to exhibit steady growth by 2022. Europe and Rest of the World are also touted to grow substantially over the assessment period. The food and beverage market in Europe is likely to show some remarkable growth which is poised to contribute towards the global Plastic Packaging Industry share by 2022.

Competitive Analysis

The major market players operating in the global market as identified by MRFR include- Amcor Ltd, BASF SE, Sonoco Products Company, Crown Holdings Inc., Constantia Flexibles International GmbH, Saint-Gobain, Bemis Company Inc., Mondi Group, Huhtamaki Oyj, Sealed Air Corporation, Ampac Holdings LLC and Wipak Group.