Commenting on the report, an analyst from the team said: “One of the key trends set to emerge in the market during the forecast period is the growing consumer preference for flexible plastics over rigid plastic packaging material. Flexible plastic packaging materials are 80% lighter in weight than an equivalent rigid plastic material, and are also cheaper to manufacture.”
One of the contributing factors that impact the market in a positive light is the demand from the pharmaceutical and healthcare sector. The development of this sector is driving the demand for plastic packaging for pharmaceuticals and medical devices.
The report also states that increasing operational costs is one of the challenges faced by the market because of the volatile prices of raw materials and high energy costs. Costs also rise due to the expenses involved in the procurement of raw materials, difficulties in their supply, and rising energy costs affecting the production and recycling processes.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors