Greater emphasis on medical products safety to impel global packaging materials market dynamics over 2024
Selbyville, Delaware, United States, October 13 2020 (Wiredrelease) Global Market Insights, Inc –: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.
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The pharmaceutical industry in the US has been witnessing a major upsurge, accounting for nearly 40% 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. 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% 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.
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% 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% by 2024, which can be attributed to the unprecedented demand and subsequent increase in the production of personal care and pharmaceutical products.
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Escalating sales of pharmaceutical products in Europe to offer lucrative growth opportunities
The European packaging materials market is anticipated to account for a considerable share in the foreseeable future, owing to the steady growth of the pharmaceutical industry in the region.
The most prominent regional markets include Italy, Spain, France, the UK, and Germany, which will hold over 70% of the market share in Europe. Additionally, the pharmaceutical market in these 5 countries is likely to exhibit a growth rate of 25% through 2022. The pharmaceutical product sales in Germany and France will surpass $40 billion and $30 billion respectively by 2022. These factors are projected to contribute to the rising popularity of the packaging materials market in the coming years.
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.
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