Plastic packaging has become an increasingly popular material within a wide range of industries including the healthcare sector. As we mentioned in last week's blog, plastic has changed the face of medical history by making revolutionary plastic products and applications which have life changing properties such as providing people with mobility (prosthesis) and increasing people's hearing (hearing aids). A recent study has found that there has been an increasing demand for plastic packaging in the healthcare industry and is expected to be one of the key factors driving the growth of the market.
The growth of plastic packaging
The global plastic packaging market was valued at nearly $260 billion in 2013 and is expected to reach as high as $370.25 billion by 2020. In terms of volume, the plastic packaging market was worth 78,400.2 kilo tons in 2013. Over the years consumers have preferred to have lightweight, durable and highly aesthetic packaging and this is due to significantly rise and encourage growth of the market over the next few years.
There have been several regulations put in place across the globe regarding the packaging of pharmaceuticals due to factors such as the maintenance of hygiene, the reduction of fraudulent drugs within the retail market, and the ability to retain the medicinal properties of the drug. With this in mind, plastic packaging is expected to receive the fastest growth from the medical application industry over the next few years.
The demand from other markets
In addition to the demand in plastic packaging in the healthcare industry, the expansion of the food and beverage market is also one of the largest applications of plastic packaging and will help fuel the growth of the plastic packaging industry. The food and beverage market accounted for 65% of the market share in 2013, being one of the highest demanding markets for plastic packaging.
Plastics have been extensively used in packaging due to their many great qualities such as durability, cost effectiveness and high barrier properties. They are tough and durable meaning they can withstand transportation and distribution conditions. Plastics also have a superior aesthetic value and an excellent barrier against moisture and air.
At Coda Plastics, we are proud of being part of both the healthcare and food and beverage markets, providing innovative and designs and solutions for our clients. If you would like more information on how we can help your company with any plastic packaging solutions, please feel free to contact us on 01692 501020.
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