Asia Pacific market propels growth for global plastic industry
Packaging industry to benefit from global plastic consumption
Industry experts are envisaging robust growth in the global packaging sector as global plastic consumption is expected to reach 297.5 million tons by 2015, according to a new report by market research firm Global Industry Analysts, Inc. The prime market driving this growth will be the Asia Pacific region with the likes of India and China making swift progress in the medium to long-term period. The factors influencing this growth are development of new age plastics, emergence of new applications, and the focus on green chemistry due to legislative and environmental requirements.
Accounting on advancement in packaging material science and mounting demand for product protection and stability, the global packaging industry is expected to further flourish. Bioplastic demand is also on the rise and is expected to grow, owing to novel applications in the packaging industry, primarily for food and beverages.
India is fast emerging as a giant in the packaging sector, more so in the flexible packaging sector as it is expected to touch Rs. 22950cr in 2015. Uflex Ltd., India’s largest flexible packaging company, is one such company that has set benchmarks in the packaging field backed on innovations that has worked wonders for the company and the industry alike. Some of the newer concepts that have been introduced in sustainable packaging segment by company include Eco-friendly flexi tube for cosmetic & paste, Slider Zipper with diaphragm and Non-plastic laminates for mouth freshener industry. These concepts have been well-appreciated and accepted in India and abroad.
Besides growing demand from the automobile, mining, chemical, construction and agricultural industries, the Asia-Pacific market is propelled by trends such as globalization, demand for durable products and urbanization. With rapid urbanization taking place in the region and globalization happening because of the lucrative opportunities that the APAC market offers, packaging sector is sure to grow by leaps and bounds in the times ahead.