Pune, March 29, 2023 (GLOBE NEWSWIRE) -- Based on SNS Insider analysis, the use of advanced technologies such as 3D printing, automation, and robotics has led to the development of innovative composite packaging solutions. This has made composite packaging more efficient, cost-effective, and reliable, which is expected to drive its adoption. SNS Insider reports that the Composite Packaging Market will experience a compound annual growth rate of 5% between 2023 and 2030, increasing from its evaluated value of USD 81.58 billion in 2022 to USD 120.53 billion by 2030.
Composite packaging is a type of packaging that is made by utilizing multiple materials. This type of packaging is specifically designed to improve the durability, stress load, and elasticity of the overall pack. It is a popular choice for packaging items that require extra protection during transportation and storage.
Download PDF Brochure: https://www.snsinsider.com/sample-request/1427
Market Report Scope
| Report Attributes | Details |
| Market Size in 2022 | USD 81.58 Billion |
| Market Size by 2030 | USD 120.53 Billion |
| CAGR From 2023 to 2030 | 5% |
| Key Segments | • By Material Type (Glass, Plastic, Metal, Paper) • By End User (Food and beverage industry, Consumer goods, Household, Retail and wholesales, Cosmetics, Pharmaceuticals, Others) |
Market Analysis
The composite packaging market is experiencing significant growth, due to the increasing demand from various end-use industries, including food and beverage, healthcare, and consumer goods. This trend is driven by the many benefits that composite packaging offers, such as durability, lightweight, and flexibility, which make it an ideal packaging solution for products that require protection during transportation and storage. One of the primary reasons for the growing demand for composite packaging is its ability to provide superior protection to products during transportation and storage. Composite packaging can be made from renewable materials, which means it can be recycled, reducing waste and helping to protect the environment.
Impact of Recession
The impact of a recession on the composite packaging market can be mixed. While decreased demand and consumer behavior changes may lead to a decline in the market, lower raw material prices may benefit manufacturers. However, the long-term effects of a recession on the market depend on the severity and duration of the economic downturn.
Ask For Customized Report As Per Your Business Requirement: https://www.snsinsider.com/enquiry/1427
Key Regional Development
North America has a strong presence of major players in the composite packaging industry, which has contributed significantly to the region's dominance in the market. These players have invested heavily in research and development to create innovative and sustainable packaging solutions that meet the changing needs of consumers. The growth of the composite packaging market in North America is also driven by the increasing focus on sustainable packaging solutions. With rising environmental concerns, consumers are becoming more conscious of the impact of packaging waste on the environment. This has led to a shift towards eco-friendly packaging solutions, which are more sustainable and recyclable.
Key Takeaway from Composite Packaging Market Study
- The plastic segment's dominance is expected to continue over the forecast period as the demand for composite packaging solutions increases globally. The increasing adoption of sustainable packaging practices is also expected to drive the growth of the market, as plastic materials can be recycled and repurposed to reduce waste and environmental impact.
- The food and beverage industry segment’s dominance in the market is expected to continue in the projected period. The industry's need for packaging solutions that offer protection to products during transportation and storage is driving this growth.
Recent Developments Related to Composite Packaging Market
- Fiberon, a leading manufacturer of composite decking, railing, and cladding, has recently announced that it has secured an Environmental Product Declaration (EPD) for its Wildwood composite cladding product line. The product is designed to mimic the natural look and texture of wood while offering superior durability and low maintenance.
- SUSU (South Ural State University) scientists have recently made a groundbreaking discovery in the field of material science by patenting a new technology for the synthesis of biodegradable materials. These biodegradable materials can be used in a wide range of applications, from packaging materials to disposable utensils, reducing the amount of plastic waste that accumulates in landfills and oceans.
Buy Exclusive PDF Copy of the Research Report along With ME Sheet: https://www.snsinsider.com/checkout/1427
About SNS Insider
At SNS Insider, we believe that businesses should have access to the best market intelligence and insights, regardless of their size or industry. That's why we offer a range of solutions tailored to meet the unique needs of each client, from startups to big corporations. With a passion for our work and an unwavering commitment to delivering value, we are dedicated to helping our clients achieve their full potential.
