Albany, NY -- (SBWIRE) -- 04/22/2019 -- Flexible packaging industry is a supporting arm of the retail and consumer goods industry. Flexible packing products are made from elastic materials, mainly plastic to easily fill a wide range of different products comfortably. These products in the flexible packaging market include bags, wraps, stretch films, trash bags, etc.

Currently, the flexible packaging market is a mix of lucrative opportunities and a few worrisome trends. Increasingly stringent environmental regulations are constricting plastic bag sales and pose a challenge to the growth of the flexible packaging market. On the other hand, innovations like advancements in printing are allowing flexible packaging market to reach greater heights.

The global flexible packaging market is prognosticated to reach a value of US$358.7 bn towards the end of the forecast period that is set from 2017 to 2024. The CAGR is estimated to be 5.2%. The market figures depict a notable rise in value progressing from a valuation of US$238.5 bn as per the 2016 records.

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Some notable developments in the market are mentioned below:

- Uteco Converting, a global manufacturer of printing machines recently signed an agreement with Kodak. The agreement allowed Uteco to purchase Kodak's advanced inkjet printing systems. These printing system promises to showcase new prospects for the flexible packaging market.

It features mainstream commercial application for printing and packaging with 600 x 1800 dpi resolution and manufacturing speeds of 150m/minute. Additionally, it offers higher resolution, additional detailing, and clean lines for labelling and promotions. Moreover, it will allow retailers and brands to use water-based inks on both paper and plastics. This acquisition promises rewarding opportunities for end-use industries reliant on flexible packaging market for promotions.

- Uflex, a flexible packaging company based in India has introduced a new packaging recycling solution, which consists of using Multi-layer Packaging (MLP) waste is recycled into pellets. The recycling machine enables production of various products such as floor tiles, benches, and ladders through recycled pallets. The machine can clock 400 meters per minute.

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