Plastic Bag Market Projected to Reach $29.4 Billion by 2027
A plastic bag and sack, are also referred to as polybag and is completely composed of thin plastic film. Plastic bag and sack is widely used across packaged industry for packaging packed food products, apparel, fresh produce, stationery, and other product. These bags are considerably transparent, offer flexibility and tear-resistance. Moreover, it also provides a superior moisture barrier properties. Retail & consumer, food and beverage, institutional services, and other industrial applications are some of the major application area of plastic bag and sack.
The global plastic bag and sack market is projected to reach around US$ 29.4 billion by the end of 2027, in terms of revenue, growing at CAGR of 4.2% during the forecast period (2019-2027).
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Drivers
Declining prices of oil &gas around the globe are projected to drive the market growth of the plastic bag and sack. According to a report by the Energy Information Administration (EIA), the global crude oil inventory rose by around 500 barrels in 2015 that translated to 40% drop in oil prices from US$ 46 per barrel in 2014 to US$ 33 per barrel in 2015. Therefore, the declining price of oil &gas is encouraging manufacturer to use these raw materials for the production of plastic bags.
Increasing focus of manufacturers for producing innovative plastic bags will favor the market growth in the near future. For instance, in May 2016, Interplast Group introduced a new and extensive line of industrial can liners developed for environmentally-focused businesses and industries. The product is ideal for diverse applications and is available in High-density polyethylene (HDPE) and Linear low-density polyethylene (LLDPE), in a wide range of sizes and gauges.
Market Trends
The global plastic bag and sack industry is experiencing an ongoing trend of strategic acquisitions and mergers among major players who are actively looking to expand their presence around the globe. This ongoing trend is expected to foster market growth over the forecast period. For instance, in February 2018, Arkansas-based Delta Plastics has acquired California-based plastics firm Command Packaging, along with its Encore Recycling subsidiary. Command Packaging, based in Los Angeles, makes plastic carryout bags for the food service, grocery, and retail markets.
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Competitive Section
Key players operating in global plastic bag and sack are AEP Industries Inc., Mondi Group, Berry Plastics Inc., Alpha T-shirt, Novolex, Ampac Holdings LLC, Bischof & Klein GmbH & Co. KG, Inteplast Group, Starlinger & Co Gesellschaft M.B.H, Da Nang Plastic Joint Stock Company, Hanoi Plastic Bag JSC, Goglio Group, Schur Flexibles Group
Few Recent Developments
Berry Plastics Inc.
- In August 2016 Berry Plastics Group, Inc, and AEP Industries Inc. have entered into a definitive merger agreement under which Berry will acquire all of the outstanding shares of AEP in a cash and stock transaction.
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