Page 50 - Plastics News July 2023

BUSINESS NEWS

923,000 Americans are engaged in forecast period. The segment growth ing
manufacturing automobiles and their can majorly be attributed to the sig- • Others
parts, and 1,251,600 work in deal- nificantly growing food and beverage Few of the well-known market lead-
erships. The automotive and parts industry all over the world. The indus- ers in the global market of flexible
industry in the United States gener- try is predicted to witness robust rev- plastic packaging coating that are pro-
ated approximately USD 1.5 trillion enue of nearly USD 6.5 billion by the filed by Research Nester are PPG In-
in sales by 2021.The automobile in- year 2031. Increasing consumption of dustries, Inc., Glenroy, Inc., Akzo No-
dustry contributes 3% of overall GDP packaged food and flavored drinks is bel N.V., Sierra Coating Technologies
to America. In addition, an increase in also estimated to be a major factor in- LLC, Koninklijke DSM N.V., Paramelt
per capita income for residents should fluencing the growth of this segment. B.V., DuPont de Nemours, Inc., Am-
enable them to switch to private eco- Flexible packaging is largely used in cor Limited, Mondi plc, and other key
friendly vehicles. By 2022, nearly 75% the food and beverage industry, espe- market players.
of Americans say they own a car, and cially in ready-to-eat food packaging.
another 20% say they will own a Hence, the growth of the food and Recent Development in the Global
business or family car. Flexible plastic beverage industry is expected to be a Flexible Plastic Packaging Coating
packaging coating is widely used in the major factor contributing to segmen- Market
automotive industry to make modern tal growth. • Amcor Limited was introduced
and efficient vehicles. Hence, this is Global Flexible Plastic Packaging Coat- by the company's Vice President
expected to drive market growth in ing Market, Segmentation by Type at the Global Plastics Summit.
the North American region. • Urethane The company attended the sum-
Global Flexible Plastic Packaging • Soft Touch mit and spoke about the indus-
Coating Market, Segmentation by try's evolution towards circular-
Functions • UV-Curable ity.
• Food & Beverage • BPA Free • Witnessing growing demand for
sustainable flexible packaging,
• Cosmetics • Others Glenroy, Inc. also announced an
• Pharmaceuticals Global Flexible Plastic Packaging investment to expand its adhe-
• Automotive Coating Market, Segmentation by Ap- sive lamination capacity. These
plication
• Other • Caps & Closures steps are taken to provide a bet-
Amongst these segments, the flex- • Aerosols & Tubes ter solution for existing and new
ible packaging segment is anticipated customers.
to hold a significant share over the • Industrial & Promotional Packag-

Biodegradable Plastic Market on Track to Hit $12 Billion Globally by 2028.
Can the Industry Surmount the Challenges Ahead?

urugram, India, (GLOBE NEWS- by the action of living organisms, usu- “Ken Research shares 3 key insights
GWIRE) -- Driven by the rising ally micro-organisms. Biodegradable on this high-opportunity market from
consumption from various end-user plastics are typically made from re- its latest research study”
industries such as packaging, automo- newable sources (such as sugarcane, 1. Rising Awareness for Eco-Friendly
tive, electronics, and others, global castor beans, soy, corn, potatoes, and Plastic Solutions and Reduction in
Biodegradable Plastics Market is fore- others), microbes, petrochemicals, or the usage of Conventional Plas-
casted to Cross US$12 Bn by 2028 a combination of all three. Some bio- tics provide Opportunity for the
says Ken Research Study. degradable plastics are compostable, Market Growth
which means they decompose under
Biodegradable plastics are the type of controlled conditions such as those According to Ken Research
plastics that can be broken down into Analysis, the Global Biodegrad-
water, carbon dioxide, and biomass found in compost or anaerobic diges-
tion locations. able Plastics Market was valued

50 PLASTICS NEWS July 2023