New York (US), May 30, 2023 (GLOBE NEWSWIRE) -- Protective Packaging Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Protective Packaging Market Information By Product Type, Material, Application, and Region - Forecast till 2030", By 2030, the market for protective packaging would have grown from USD 33725.7 million in 2022 to USD 53802.92 million, at a healthy rate of 6.90% from 2022 to 2030.
Market Scope
Protective packaging is widely used in industries including food, electronics, and pharmaceutical. Protective packaging can be broken down into three primary categories according to the sort of product it is protecting: rigid, foam, and flexible. Additionally, protective packaging offers solutions that guard against damage to industrial goods, machinery, and equipment while being stored and transported. Protective packaging also provides surface protection, void fill, flexible cushioning, protective confinement, blocking and bracing, and protective containment.
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Market Competitive Landscape:
The affluent companies active in the protective packaging industry are
- Max Packaging (India)
- Springpack (U.K)
- Sealed Air Corporation (U.S.)
- Protective Packaging Solutions (U.S.)
- Smurfit Kappa Group (U.K)
- Pregis Corporation (U.S.)
- ACH Foam Technologies LLC (U.S.)
- Bayer AG (Germany)
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 53802.92 million |
| CAGR | 6.90% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Forecast Units | Value (USD million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Material, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Key Market Drivers | Rising in consumer online shopping. |
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To diversify their product offerings, major market players are spending a lot of money on research and development activities, which is bolstering the protective packaging industry's growth. Industry participants are engaging in a range of strategic initiatives to strengthen their presence in addition to key market changes such as new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. In order to expand and survive in a more cutthroat and competitive market environment, the protective packaging business must offer products at reasonable prices.
Manufacturing locally to cut operational costs is one of the main business methods producers in the protective packaging sector use to benefit customers and increase the market sector.
Market USP Covered:
Market Drivers:
Consumers are increasingly making purchases online, which is what is causing changes to product design, packing, picking, fulfilment, and shipping. Product protection is therefore regarded as one of the most important topics. The manner that the majority of businesses choose the best solution is primarily changing as a result of the rapid expansion of e-commerce and the technological developments in packaging material possibilities. Performance, material-driven pricing concerns, packaging requirements, on-demand packaging requirements, delivery methods, and sustainability are the primary factors taken into account.
Protective packaging has evolved as a result of several firms' recent efforts to streamline and optimize their packaging options. The conventional, age-old approaches are still seen as useful and widely applied. However, the most recent improvements in tools and materials have increased the uptake of protective packaging in the most recent generation. Additionally, automated packaging solutions are becoming more and more popular because they speed up the manufacturing of high-volume packing while reducing waste and labor.
Continuous work and greater investment are being made in the market to provide recyclable and reusable eco-friendly and sustainable packaging materials. Due to its eco-friendly features, such as higher recycling compatibility, paper mailers are becoming more popular. One of the important trends in developed economies, like North America, where recycling programs are widely used and there are strict environmental rules, is this one.
Opportunities
The need for protective packaging of various products is surging as a result of rising smartphone penetration and rising consumer demand for consumer electronics across numerous geographic locations. Vendors want to deliver their goods to customers undamaged. The type of product being packaged, such as food or consumer electronics, as well as the environmental factors it has to be protected from, are the main factors in choosing the right protective packaging options. Product type, material, specs, and other features may all be considered while making a decision.
The modern protective packaging materials have boosted consumer retention and sustainability, specifically in response to market need. In the current market environment, product makers are putting a lot of effort into giving their end users a good experience.
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Market Restraints:
Over the projection period, an increase in raw material prices is anticipated to impede market expansion. The rate of market expansion may also be hampered by environmental limitations on non-renewable fossil fuel feed supplies used for packaging.
COVID 19 Analysis
Some of the packaging megatrends were changed as a result of the COVID-19 controversy. There will be a significant increase in e-commerce shipping and other home delivery services as consumers around the world become more motivated to purchase their goods through other channels than they did before the pandemic. In response to the crisis, US customers are altering their behavior, according to study, and they plan to treble their grocery store spending online. Similar trends have been observed in China, where a major online retailer's fresh food sales increased by more than 200 percent during ten days in late January 2020 compared to the same period the previous year, with sales of meat and vegetables rising by more than 400 percent.
Cost pressures on the packaging business are also anticipated to rise as clients face increasing pressure, consumers become even more price-sensitive, and package converters must get enough orders to keep their facilities fully occupied.
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Market Segmentation
By Product Type
Rigid protective, flexible protective, and foam protective are the major product categories that make up the protective packaging market segmentation. In 2021, the Protective Packaging market revenue was dominated by the foam protective segment, which contributed around 33% of total market revenue. This is principally attributable to the products' ideal for protective packaging lightweight, strong thermal insulation, and shock-absorbing characteristics.
By Material
Paper & Paperboard, Plastics, and Other Materials are included in the Protective Packaging market. The plastics sector dominated the market in 2021 and is anticipated to grow at the highest rate from 2022 to 2030.
By Application
In terms of application, the Protective Packaging industry has been divided into consumer goods, food & beverage, industrial goods, and more. The market is being pushed by the industrial sector's explosive growth as well as the transportation of intermediate goods to build machinery, electrical, and aeronautical items, with Industrial Goods holding the greatest segment share in 2021.
Regional Insights
North America, with the highest valuation of USD 13029.69 million in 2021, is the market leader. The market here can capture a significant CAGR over the study period. The enormous demand for protective packaging in the region results from the high need for packaged commodities, especially food and beverages. Other than this, there are a number of protective packaging producers in the region, which gives manufacturers easy access to these materials.
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