Plastic Product & Packaging Manufacturing Market to Surge with 4.7% CAGR, Projected to Hit US$ 1,146.18 Billion by 2034 | Fact.MR Report

Medical Devices and Equipment are Food Packaging Significantly Uses Plastic Products Leading to Higher Sales Worldwide

/EIN News/ -- Rockville, MD , Jan. 07, 2025 (GLOBE NEWSWIRE) -- Based on the newly published report by Fact.MR, a market research and competitive intelligence provider, the global Plastic Product & Packaging Manufacturing Market is evaluated to reach US$ 722.14 billion in 2024. The market is further forecasted to progress at a CAGR of 4.7% between 2024 and 2034.

Due to plastic's unparalleled cost-effectiveness and adaptability, demand for plastic products and packaging is still rising sharply across all industries. Plastics are now used in several sectors, ranging from healthcare to the production of automobiles, and their use is forecasted to grow over the next 20 years worldwide. Medical industries increasingly rely on plastic components for protective equipment to sophisticated diagnostic instruments. Plastic packaging is valued by the food sector for its capacity to increase product safety and shelf life, while automakers use plastic parts to lighten their vehicles and increase fuel economy.

This need is further stimulated by the expansion of the electronics industry, where plastic is essential to the production and packaging of devices. Furthermore, the requirement for plastic items in infrastructure development and construction has increased due to the fast industrialization and urbanization in potentially high growth countries companies to developed ones. This increase in demand draws attention to the vital role plastic plays in economic development and technological innovation, but it also shows the significance of creating sustainable production and recycling practices.

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Key Takeaways from Market Study:

• The global plastic product & packaging manufacturing market is projected to reach a valuation of US$ 1,146.18 billion by the end of 2034.
• The market in North America is evaluated to progress at a CAGR of 5.1% through 2034.
• The East Asia market for plastic products and packaging manufacturing is projected to expand at a CAGR of 5.3% from 2024 to 2034.
• Sales of plastic products and packaging manufacturing in Canada are forecasted to rise at a CAGR of 4.9% through 2034.
• The market in South Korea is forecasted to progress at a CAGR of 5.7% in East Asia through 2034.
• Demand for plastic containers and packaging products is approximated to increase at a CAGR of 4.9% from 2024 to 2034.

“Plastic protects sensitive components in electronics while being lightweight and electrically insulating, therefore leading to increased demand worldwide,” says a Fact.MR analyst.

Leading Players Driving Innovation in the Plastic Product & Packaging Manufacturing Market:

Key players in plastic product & packaging manufacturing are Berry Global, Amcor, Sonoco, Sealed Air, Huhtamaki, UFlex, Constantia Flexibles, Ball Corp, Westrock Co, Smrufit Kappa, DS Smirth Plc.

Environment-Friendly Plastic Products Making it Easier for Key Players to Win Global Market

Businesses, such as BASF, Dow Chemical, and DuPont are making significant investments in recycling technology and biodegradable substitutes to solve environmental issues while preserving several uses of plastic.
These advances include designing materials to be durable while utilizing less raw materials, producing items from recovered ocean garbage, and making polymers that decompose organically. To lessen their reliance on fossil fuels, certain producers are leading the way in the development of bio-based plastics derived from renewable resources, such as vegetable oils and corn starch.

Closed-loop recycling systems, which convert post-consumer plastic trash into new items of comparable quality, are also implemented by businesses. Plastics that were formerly challenging to handle are now recycled thanks to sophisticated sorting technology and chemical recycling procedures.
Sustainable plastics are positioned as the industry's future thanks to these environmental developments, which are also drawing in eco-aware customers and adhering to tighter rules globally.

Plastic Product & Packaging Manufacturing Industry News:

• In October 2023, Greif Inc., a U.S.-based manufacturer of industrial packaging products and services, expanded its product line horizontally by purchasing PACKCHEM Group SAS, a French manufacturer of barrier & non-barrier jerrycans and small plastic containers, for a transaction value of USD 538 billion.
• In March 2023, SK Chemicals paid USD 100 billion to acquire the chemically recycled BHET and PET business division of Shuye, a Chinese green materials company.

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More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the plastic product & packaging manufacturing market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product & service (intermediate & other plastic goods, plastic container & packaging products, miscellaneous plastic products), and major market (building & construction, motor vehicle & transport manufacturing, electrical equipment & components, other), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

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About Us:

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