MarketStudyReport.com adds “South Korea Plastic Packaging Market – Market Trends and Forecasts (2015 – 2020)”new report to its research database.
The South Korea plastic packaging market is projected to reach USD21.23 billion by the end of 2020, at a compound annual growth rate of 9.21% over the six year forecasted period. Plastic packaging has changed the ways in which packaging industry used to function. It is one of the most used & preferred packing material across the South Korea, than its counterparts like paper and glass. Plastic packaging generally refers to the packaging that relates to the bags, pouches, containers and envelopes made of plastics. They are generally made up of polymers such as high density polyethylene (HDPE), low density polyethylene (LDPE), polyethylene terephthalate (PET), polypropylene (PP) and polyvinyl chloride (PVC).
Lightweight, durability and comfort are some of the factors which have augmented the use of plastics as a packaging material across the region. The demand for plastic packaging continues to surge even though serious concerns are being raised about its impact on the environment. Regulatory pressures and consumer demand have pushed manufacturers to look for plastic packaging solutions, which are of reduced weight, biodegradable or are derived from sustainable sources. These packaging solutions help in meeting the concerns of consumers and governments alike. The low cost of manufacturing and uses across wide range of divisions has accelerated the demand for plastic packaging in the South Korean market.
Growth in food & beverage industry, increasing consumer preference towards plastic packaging products as it is lighter than glass and metal and increasing adoption of plastics as a packaging material in the pharmaceutical industry & in personal care products along with strict environment regulations are some of the factors augmenting the growth of the market. However, rising raw material prices, easy availability of the substitutes such as paper, metals etc. for packaging and uncertainty of final products serves as a key impediments hindering the growth of the market.
The South Korea plastic packaging market has been segmented on the basis of type of plastic, industry and products. On the basis of type of plastic the market has been bifurcated into rigid plastic, flexible plastic and others. Whereas, on the basis of industry the market has been segmented into food & beverage, healthcare, retail, manufacturing and others. By products the market has been segmented into bottles, cans, jars, pouches and others.
In 2014, Food & beverages industry emerged as the biggest end user of plastic packaging in the South Korea and held the largest market share of the overall market. Whereas, Plastic packaging has gained significant traction in healthcare industry, on account of multitude of benefits which it offers like shelf-life, durability, high barrier properties and others and will be the fastest growing industry over the six year forecasted period.
Some of the companies mentioned in the report are Amcor, Mondi Group, Bemis, Rexam, RPC Group, Winpak and AptarGroup.
Key Deliverables in the Study
Market analysis for the South Korea plastic packaging market, with region specific assessments and competition analysis on a country scales
Market definition along with the identification of key drivers and restraints
Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a country scale
Extensively researched competitive landscape section with profiles of major companies along with their market shares
Identification and analysis of the macro and micro factors that affect the South Korea plastic packaging market on a country scales
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market
Insights on the major countries in which this industry is blooming and to also identify the regions that are still untapped
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