Global Plastic Bags and Sacks Market Analysis, Trends, Forecast up to 2024
Transparency Market Research (TMR) delivers key insights on the global plastic bags & sacks market in its latest report titled, “Plastic Bags & Sacks Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 – 2024”. In terms of volume, the global plastic bags & sacks market is projected to increase at a CAGR of over 3.4% during the forecast period (2016–2024) owing to various factors, regarding which TMR offers vital insights in detail in this report.
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A plastic bag or a polybag is a type of container usually made of thin, flexible plastic film and non-woven fabric through the process of extrusion. Plastic bags & sacks are used to carry and transport goods across a number of end-use industries such as chemicals, food & beverages, pharmaceuticals, hospitality, industrial products, and healthcare.
Plastic bag is one of the most common forms of minimized packaging, and it consumes less raw material as compared to boxes, cartoons, and jars. Macroeconomic factors such as rising disposable income and increasing purchasing power among consumers are fuelling demand for convenient and cost-effective plastic bags & sacks. Also, improvement in the global economic performance and rising standard of living of the middle income population group are in turn anticipated to strengthen sales of plastic bags and sacks. Over the last decade, most major players, especially in the consumer goods sector, have been focusing on marketing in order to enhance brand visibility, with brand owners laying emphasis on ‘promotional merchandise’. Brand owners are capitalizing on latent opportunity to use plastic bags as a promotional medium. This trend is anticipated to be adopted by several brands in the near future, in turn fueling demand for plastic bags. Plastic bag manufacturers offer various printing options to clients, and an increasing shift has been observed towards customization of plastic bags in order to cater to specific demands of brand owners.
Increasing demand for consumer goods, food & beverage, and grocery in the retail industry, followed by significant increase in the number of modern retail formats such as hypermarkets, supermarkets, and convenience stores are expected to fuel demand for plastic bags & sacks. Also, stringent policy and regulatory landscape as well as actively imposed bans on the use of lightweight and single-use plastic bags have been major challenges for plastic bag manufacturers worldwide.
The global plastic bags and sacks market is segmented on the basis of material type into biodegradable and non-biodegradable. Biodegradable segment is further sub-segmented into polylactic acid (PLA), polyhydroxyalkanoates (PHA), starch blend resin, and others. Non-biodegradable segment is sub-segmented into high density polyethylene (HDPE), low density polyethylene (LDPE), linear low density polyethylene (LLDPE), polypropylene (PP), polystyrene (PS), and others. Non-biodegradable segment accounts for significant share in terms of volume of the total plastic bags and sacks market; however, biodegradable segment is anticipated to witness an impressive CAGR over the forecast period. By non-biodegradable segment, HDPE sub-segment is expected to dominate in terms of volume; however, LLDPE sub-segment, followed by LDPE sub-segment, is anticipated to be the most attractive in terms of growth rate. On the basis of product type, the global plastic bags and sacks market is segmented into T-shirt bags, gusseted bags, lay flat bags, trash bags, rubble sacks, woven sacks, and others. On the basis of application, the global plastic bags & sacks market is segmented into retail & consumer, institutional, and industrial. Retail & consumer segment is further sub-segmented into grocery products, food & beverage, clothing & apparel, and others.
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On the basis of region, the global plastic bags and sacks market is segmented into North America, Europe, Latin America, Asia Pacific (APAC), and Middle East and Africa (MEA). Europe is estimated to dominate the global plastic bags & sacks market in terms of revenue, followed by North America. However, Asia Pacific is expected to increase at the highest CAGR and is expected to be the most attractive region in the global plastic bags & sacks market over the forecast period.
Key players in the global plastic bags & sacks market include AEP Industries Inc, Mondi Group, Berry Plastics Inc, Alpha Poly, Novolex, Ampac Holdings LLC, Bischof & Klein GmbH & Co, Interplast Group, Starlinger & Co Gesellschaft GmbH, Da Nang Plastic Joint Stock Company, Hanoi Plastic Bag JSC, Arihant Packaging, Goglio Group, and Schur Flexibles Group.
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