It is a sustainable option as it utilizes fewer raw materials to conserve resources, lightweight yet firm enough to hold a big measure of product and is light to carry thus it preserves energy. The flexible packaging calls for less energy to produce as well as to transport, in addition to this it renders smaller measures of greenhouse gases on its direction to the market. The flexible plastic packaging, in the end, results in a lesser amount of consumer waste. It helps in maintaining along with indicates freshness hence offers consumer amenities.
The global market for flexible plastic packaging is anticipated to record a CAGR of 6.7% throughout the projected period of 2017-2022. The overall market is also expected to account for a market value of approximately US$ 202 Billion through the end of the projected the year 2022.
Based on the region, the worldwide market is studied across MEA, APEJ, Japan, Europe, Latin America and North America. APEJ to dominate the worldwide market in revenue terms all through the predicted period.
Based on the pack type, the global market is categorized as films & wraps, tubes, bags, sachet & pouches and other pack types (liquid packing, squeezable bottles). The sachet and pouches category is showing huge potential for expansion. The category is expected to increase at the highest pace, reflecting a 7.7% CAGR throughout the predicted period and is projected to exhibit a high market share.
Based on the material type, the global market is divided into Polypropylene, Polyethylene, Cast Polypropylene, BOPP, BOPET, Poly Vinyl Chloride, Polyamide, Polystyrene and Ethylene Vinyl Alcohol. The BOPP material type will be witnessing maximum demand for packing snacks, packaging potato chips, in labels and wrapping films and reusable woven bags for shopping. The BOPP material is anticipated to grow at the fastest 10% CAGR all through the predicted period. The polyethylene material type is likely to be witnessing firm growth and sustain an attractive market share all through 2017-2022.
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