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Packaging Materials Market : A brief outline of the global Industry Growth over 2024

Author : Rahul Varpe | Published Date : 2019-04-05 

Increasing drug manufacturing activities in the U.S. will positively impact the global packaging materials market. Packing materials such as flexible paper, flexible plastic, rigid plastic, glass and metal are widely used in pharmaceutical products such as medicines, antibiotics, vitamins among others.

Due to the reactive nature of the pharmaceutical drugs, these products are mostly packed using high quality and inert constituents such as glass, HDPE, and PET structures. The most commonly used structures for pharmaceutical packaging include bottles, vials, containers, and jars. The U.S. is the prime pharmaceutical industry in the globe accounting for around 40% share of the global revenue.

Pharmaceutical manufacturing industry in the country was worth more than USD 150 billion in 2016 which will increase to around USD 170 billion by 2024. This upward trend will propel demand for packing materials in the North American market till 2024.

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Packaging Materials Market will surpass USD 1.3 trillion by 2024; according to a new research report. The steady growth in the European pharmaceutical industry will also be one of the driving factors for packaging materials market in the study period. Germany, UK, France, Spain, and Italy are the largest pharmaceutical markets in the region accounting for around 70% of the total European market.

The pharmaceutical market in these five countries is expected to grow by 25% between 2017 to 2022. Germany and France pharmaceutical industry sales will exceed USD 40 billion and USD 30 billion respectively by 2022, making them the largest markets in Europe. These factors are likely to increase packing materials consumption in the region and will boost the global packaging materials market till 2024.

Among the different product types in the packaging materials market, bags, pouches, & wraps will be the largest segment which will grow by more than 4% CAGR during the study period. The superior performance of these products, lower costs and variety in shapes makes it one of the most sought-after product in the packing materials market.

Packaging materials market 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 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

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Healthcare and cosmetics end-user segments are likely to combinedly account for more than 15% of the total market by 2024. Rising consumption of pharmaceutical products around the globe coupled with increasing personal care products demand will augment these end-user segments' market in coming years.

Major packaging materials market participants include Crown Holding Inc., Amcor, Ball Corporation, Mondi, Sealed Air, International Paper Company, Reynolds Group, etc. Apart from these main players, a considerable number of smaller companies are also present in market which caters to customers regionally.

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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