Packaging Materials Market

Packaging materials market to penetrate the trillion-dollar business space by 2024

The structure of Packaging Materials Market is changing at a rapid pace. Though these changes are not dramatic individually, but the amalgamation in long term would reach an inflection point where it can be claimed transformation. Sustainability, e-commerce, waste challenges, and subsequent advancements in packaging technologies are few of the major rationales aptly characterizing the market trends. Quoting a recent case that clearly depicts the extent by which packaging materials market giants are driven by the sustainability trends is Suntory Holdings’ recent investment in Anellotech.

Elaborating further, the former is reported to invest nearly USD 9 million in Anellotech’s Bio-TCat technology in a bid to develop complete bio-based PET beverage bottles. Reportedly, the deal is a part of the companies’ corporate sustainability goals, in which Suntory would be making a hefty investment of USD 15 million on Anellotech’s advanced solutions. For the uninitiated, Anellotech and Suntory, two of the renowned sustainability groups partaking in packaging materials market began their cordial partnership in the year 2012 for the development of cost effective renewable chemicals. While Suntory’s active response to the sustainability call is not unheard of, its latest venture of producing 100% bio-based PET botte is undoubtedly a news to be reckoned with. Unlike most PET beverage bottles that are made from fossil sources comprising 70% parazyline and 30% MEG, Suntory uses 100% plant derived materials for its Mineral water Tennensui Mineral water brand.

A trend toward minimization of environmental impacts has been observed in global packaging domain, triggering technological integration and advanced value chain models. Packaging materials industry, being at the core of the industry space, needless to mention, is also driven by the similar trends. With further enhancement in material characteristics by the technological beneficiaries, overall packaging materials market is forecast exceed a massive valuation of USD 1.3 trillion by 2024.

Industry players have been extensively focusing on production capacity enhancement, which by extension is generating a considerably massive demand for advanced packaging materials. Amcor Rigid Plastics’ yesteryear expansion of the bottle manufacturing plant in Ohio is an apt instance of the same. Reportedly, the 40-million-dollar investment made by the leading packaging giant at the Bellevue plant is in response to the increased packaged food demand across this belt. The program is supported by JobsOhio Economic Development Grant, via the assistance of RGP (Regional Growth Partnership).

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