Protective Packaging Industry to boost technology to achieve CAGR of 4.07% by 2023

Posted October 31, 2018 by suraj28426713

Global Protective Packaging Market Information: By Product Type (Rigid Protective, Flexible Protective, And Foam Protective), Material (Paper & Paperboard, Plastics, And Others),

Synopsis of Protective Packaging Market

Packaging is the covering of products in packages with the help of protective wrappings or other external covering, which provides protection, information, security, and other benefits. Boxes, bubble wrap, plastic, bags, cloth, and cartons are some of the common packaging materials. Product packaging has grown as an important part of sales and marketing operations. With online sales growing at a rate of 20% annually, the packaging is impacting brand image, as well as shipping costs. Innovative packaging solutions enhance brand value with internal packaging and also demonstrates assurance to environmentally responsible packaging, coupled with minimizing the size and weight of the overall package for lower shipping costs.

A recent study shows that consumer are more inclined toward purchasing products online, which is increasing the demand for packaging to protect goods from shock, vibration, and other damaging effects of shipping and handling. Increasing e-commerce sector is one of the main drivers and supports gains for products such as air pillows and protective mailers.

Technological advancements in packaging play a vital role in driving the growth of protective packaging market. The market is experiencing high growth due to different factors such as growth in demand from the food & beverage and healthcare sectors, and preference for convenient packaging. Advancement in technology has allowed innovation instead using traditional methods for packaging. Recent trend shows that key market players are focusing on R&D activities to develop sustainable and environment-friendly packaging materials, which can be reused and recycled. Popularity towards online shopping and adoption of protective materials coupled with sustainable packaging are predicted to experience a positive impact on the market growth during the forecast period. Increased demand for protective packaging spurs investment in e-commerce applications. Many companies are investing heavily in the development of packaging products and are coming up with barrier resistance properties that offer resistance to heat and moisture and eliminates oxidation of foods. Protective packaging helps to maintain the quality and consistency of food products while extending their shelf life without the use of preservatives. The protective packaging market was valued at USD 20.47 billion in 2017 and is expected to reach a value of USD 35.91 billion at the end of the forecasted period at a CAGR of 4.07%. High demand for protective packaging benefits Internet sales by using environment-friendly materials.

The global protective packaging market is segmented based on product type, material, function, application, and geography. On the basis of the product type, it is segmented into rigid protective, flexible protective, and foam protective. By material, the market is classified as paper & paperboard, plastics, and others. By function, it is divided into cushioning, blocking & bracing, void-fill, insulation, wrapping, and others. The application segment includes food, beverage, healthcare, cosmetics, industrial, and other consumer goods. The market is analyzed across Americas, Europe, Asia-Pacific, and the Middle East & Africa.

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Key Players:
Packaging Corporation of America, Sealed Air Corporation, Protective Packaging Solutions, Smurfit Kappa Group, Pregis Corporation, ACH Foam Technologies LLC, Automated Packaging Systems Incorporated, Bayer AG, FP International, Cascades, IVEX Protective Packaging, BASF SE, Macfarlane Group, Universal Protective Packaging, Unisource Worldwide, Cellofoam North America Incorporated, and Ecovative Design LLC are some of the prominent players at the forefront of competition in the global protective packaging market and are profiled in MRFR Analysis.

Global Protective Packaging Market - Competitive Analysis
Protective packaging industry has seen significant growth in last few years due to its application across industries, cost efficient solution and sustainable packaging solutions. Sealed Air Corporation and Veritiv Corporation has been able to spread its operations across regions of North America, Europe, APAC and others, which has enabled them to acquire such a major share in the global bubble wrap packaging market. These companies under its protective packaging solutions offer extensive product line including bubble wrap packaging and generated revenue of USD 1,523.7 million and USD 2854.2 million respectively from the segment (Protective Packaging).

Sealed Air Corporation seeks to enhance its position as a leading global provider of innovative packaging and hygiene solutions that the customers use for improving performance, cost competitiveness, sustainability and automation with the objective of enhancing productivity of operations. Sealed Air Corporation has majorly been focusing on the expansion as a strategy and is accelerating the rate of growth in the developing economies.

The major strategy of Veritiv Corporation (U.S.) is to invest in higher margin segments to achieve higher growth. For this reason, the company is majorly focusing on the packaging and services segment. The company is also focusing on expanding its existing services by focusing on logistics, Design, Fulfilment/kitting and Equipment Service.
On the other hand the major strategy of Pregis Corporation (U.S.) is to serve a large number of industries by offering a wide range of products. With the continuous research and development activities undertaken by the company, the major focus is on identifying and solving each customer’s unique protective packaging needs.

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Global Protective Packaging Market - Segments
Global Protective Packaging Market is segmented in to 4 Key dynamics for an easy grasp and enhanced understanding.
Segmentation By Product Type : Comprises – Rigid Protective, Flexible Protective, and Foam Protective.
Segmentation By Material : Comprises – Paper & Paperboard, Foam Plastics, Plastics and others
Segmentation By Application : Comprises – Consumer Goods, Food & Beverages, Industrial Goods, and others
Segmentation By Function : Comprises – Flexible Cushioning, Insulation, Wrapping, Void-Fill, and others
Segmentation By Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World

Global Protective Packaging Market - Regional Analysis
Asia-Pacific is expected to show a very high rate of growth in demand for protective packaging over the coming years, owing to rising disposable incomes and the booming ecommerce industry. The protective packaging market in developing countries such as China and India are estimated to grow at a high rate in the forecast period. China is estimated to grow faster than any other country because of its strong economic growth along with increase in online shopping and rapid urbanization.

China accounts for the largest market in Asia Pacific. In China, the electronics and appliance retailers dominate the market. Domestic manufacturers are accounting for the increase in share of consumer electronics due to growing brand reputation and improved technology. Factors such as rising increase in disposable income, urbanization are some of the major factors driving the demand for bubble wrap packaging solutions.

In Japan, electronics and consumer goods is expected to dominate the market during the forecast period. E-commerce industry offers an attractive and convenient shopping option to consumers, which provides an innovative, sustainable and seamless experience over all channels. Furthermore, E-commerce in India has transformed the Style of business. The growth factors for e-commerce in Japan are mobile commerce use bubble packaging for light weight and heavy duty products.

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Issued By suraj
Country United States
Categories Advertising , Business , Industry
Tags growth and size , market research , packaging industry
Last Updated October 31, 2018