Rapid pharma expansion in North America to bolster global packaging materials market

7:07 AM, 1st February 2021
Packaging and shipping materials, including metal, glass, rigid plastic, flexible plastic, and flexible paper, are gaining widespread adoption in vitamins, antibiotics, medicines, and other pharmaceutical products to protect from physical, chemical, and biological damage

The growth of the global packaging materials market can be credited to the increasing drug manufacturing processes, stemming from the rising demand for pharmaceutical products in the United States.

Packaging and shipping materials, including metal, glass, rigid plastic, flexible plastic, and flexible paper, are gaining widespread adoption in vitamins, antibiotics, medicines, and other pharmaceutical products to protect from physical, chemical, and biological damage. These products are usually packed with high-quality constituents such as HDPE, glass, and PET structures due to their reactive nature.

The pharmaceutical industry in the US has been witnessing a major upsurge, accounting for nearly 40 percent of the revenue regenerated across the globe. In 2016, the industry recorded revenue worth above $150 billion and is likely to reach $170 billion by 2024. This industry expansion will significantly add impetus to the industrial packaging materials demand in North America, which in turn, will foster overall packaging materials market growth over the forecast spell.

As per Global Market Insights Inc’s estimates, the global packaging materials market size is expected to cross $1.3 trillion by 2024.

Increasing adoption of paper-based packaging to drive market expansion 

In terms of segmentation by material, the paper & cardboard segment is set to register remuneration of more than $150 billion and depict a 4 percent growth rate through 2024, driven by the rising acceptance of paper-based products for various packing applications.

Furthermore, escalating adoption of paper packaging for personal care, pharmaceutical, and food products, coupled with high usage of cardboard & corrugated board products in bulk, secondary, and tertiary packaging applications, will give the global packaging materials market share a significant boost over the projected timeframe.

High demand for lightweight variant may impede glass & metal packaging business 

The usage of glass packaging material has posed severe impacts on the finished products as the material is heavy and have high chances of breakage. There are also several other disadvantages of using metal in product packaging as it is a corrosive and moderately heavy shipping material. These factors are likely to create hindrance in the global packaging materials market forecast in years ahead.

Accelerating demand for cosmetics & personal care products will proliferate market share  

With regards to the product spectrum, the global packaging materials market form the bags, pouches, & wraps segment is poised to depict a CAGR of more than 4 percent through 2024. The segmental growth can be attributable to their low costs, superior performance, and availability in different shapes.

Based on end-user, the cosmetics and healthcare segments are expected to hold a combined market share of above 15 percent by 2024, which can be attributed to the unprecedented demand and subsequent increase in the production of personal care and pharmaceutical products.

Key packaging materials market players include Reynolds Group, International Paper Company, Sealed Air, Mondi, Ball Corporation, Amcor and Crown Holding Inc, among others. Apart from these key industry players, there are several small companies that have been regionally serving the customers. These firms are focusing on increasing their stance in the global market through varied strategies such as M&A and innovative product launches.

Get detailed analysis on the Packaging Materials Market: https://www.gminsights.com/request-sample/detail/2482

 

Contact Us:

Arun Hegde

Corporate Sales, USA

Global Market Insights, Inc.

Phone: 1-302-846-7766

Toll Free: 1-888-689-0688

Email: sales@gminsights.com

Web: https://www.gminsights.com

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