Global Polyethylene Packaging Market 2019-2023 | Increasing Adoption of Bioplastics to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--May 15, 2019--
The global polyethylene packaging market is expected to post a CAGR of over 5% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global polyethylene packaging market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the growing demand for HDPE bottles as it is one of the most widely used resins for manufacturing plastic bottles. It is economical, impact-resistant, and provides a good moisture barrier. One of the significant advantages of HDPE over other plastic packaging types is its ability to be recycled. The high recycling capabilities of HDPE packaging products make the resin attractive for the manufacture of packaged bottled products like milk and juices. Moreover, HDPE bottles are preferred over PET as the former offers more printing options than that provided by other substitutes. HDPE packaging is also available in different colors, which helps in product differentiation as different colors of packaging products help to enhance the aesthetic value of the products and attract consumers, thereby resulting in more sales as well as the growth of the global polyethylene packaging market in the coming years.
As per Technavio, the increasing adoption of bioplastics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global polyethylene packaging market 2019-2023 research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global polyethylene packaging market: Increasing adoption of bioplastics
Rising concerns for the sustainability of the environment are driving the market for bioplastic materials. Bioplastic films are made from biodegradable materials and are thus compostable and have a negligible carbon footprint as compared to that of conventional plastic materials. The production of bioplastics consumes 60% less energy than that needed to produce petroleum-based plastics. Moreover, the increasing use of bioplastic packaging will influence flexible packaging manufacturers to move toward bioplastics. Continuous development of new products by polymer manufacturers is also one of the main trends in the market. Product developments by some of the polymer manufacturers will also encourage other polymer manufacturers to introduce innovative products to remain competitive in the market. Thus, the emergence of bioplastics will drive the growth of the market.
“Dynamic industry changes such as the introduction of new regulations influence manufacturers to develop new packaging options. To reduce the cost pressure, and at the same time maintain the integrity of product packaging, manufacturers have started considering sustainable packaging solutions that require fewer materials and energy to manufacture, reduce transportation costs, and offer extended shelf life to the product. Thus, investments in polyethylene packaging solutions, development of new sustainable packaging options, and the usage of recyclable materials will highlight the growth opportunities of the market,” says an analyst at Technavio.
Global polyethylene packaging market: Segmentation analysis
This market research report segments the global polyethylene packaging market by type (HDPE and LDPE), application (food and beverage, medical, and others), and geographical regions (APAC, North America, Europe, South America, and MEA).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to continue dominating the global market as well as register the highest incremental growth due to the increasing demand from food and beverage industry, trade and export activities and economic factors such as growing urbanization and the rising household income.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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INDUSTRY KEYWORD: MANUFACTURING CHEMICALS/PLASTICS PACKAGING
SOURCE: Technavio Research
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PUB: 05/15/2019 10:38 AM/DISC: 05/15/2019 10:38 AM