Impact of COVID-19 on the Global Plastic Packaging Market
The packaging industry across the globe has not been as affected by the COVID-19 pandemic compared to other industries. In the packaging industry, by material type, the plastics segment has the greatest demand. Many manufacturers and companies that originally used other materials prefer plastic for the obvious health care protection, as it is far safer, more cost-efficient, and long-lasting. The medical industry uses different grades of plastic for packaging. Plastics help in preventing the proliferation of diseases and keeps the products packaged in it from getting spoiled, reacting, and rotting. During the lockdown, the plastic packed products are intended to have an extended shelf-life as the public will not be able to buy substitutes for the expired products because most of the production units have been shut down. The workers are also requested to stay in the quarantine and self-isolation. China, a leader in the packaging industry, suffered a loss of clients, and its economy is expected to reduce by nearly 50% during and after the pandemic. This is because all the businesses who were relying upon China for packaging are now shifting their packaging businesses to other countries, such as India. Additionally, after the epidemic has stabilized, many firms might prefer to rely on other countries instead of China.
GDP Growth rate in TOP COUNTRIES, 2010–2020 (%)