Pune, India, Dec. 19, 2023 (GLOBE NEWSWIRE) -- The global protective packaging market size was valued at USD 36.31 billion in 2022 and is expected to expand from USD 38.52 billion in 2023 to USD 61.44 billion by 2030, exhibiting a CAGR of 6.90% over the study period.
Protective packaging solutions are extensively deployed in the pharmaceutical sector to ensure safe transportation and storage of products. The market expansion can be attributed to the growing use of the product in the food & beverage industry. Moreover, the products made from recycled and natural fiber molded pup for non-alcoholic and alcoholic beverages are provided by manufacturers.
Fortune Business Insights™ provides this information in its research report titled “Protective Packaging Market Size, Share and Forecast Report, 2023-2030”.
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List of Key Players Mentioned in the Protective Packaging Market Report:
- Smurfit Kappa (Ireland)
- Westrock Company (U.S.)
- Sealed Air Corporation (U.S.)
- Sonoco Product Company (U.S.)
- Huhtamaki (Finland)
- DS Smith PLC (U.K.)
- Pregis LLC (U.S.)
- Pro-Pac Packaging Limited (Australia)
- Storopack (Germany)
- Intertape Polymer Group (U.S.)
Report Coverage:
The report offers comprehensive coverage of the latest trends, key industry developments, and the impact of the COVID-19 pandemic on the market growth. It further provides detailed insights into the major factors proliferating the market growth.
Competitive Landscape:
Notable Companies Focus on Product Innovations to Gain a Competitive Edge
The major market players are emphasizing different strategic initiatives such as joint ventures, mergers and acquisitions, collaborations, and others. Several firms are also focusing on launching enhanced product capabilities to sustain their leadership.
Disruptions in Product Manufacturing Hampered Market Growth
The COVID-19 pandemic hurt the protective packaging market. The market witnessed a reduction in the usage of protective packaging due to the closure of various industries. Moreover, the demand for the product was reduced from the end-use industry.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/protective-packaging-market-107319
Segmentation:
Lightweight Nature of Plastics to Propel Segment Growth
By material, the market is bifurcated into paper & paperboard and plastics. The plastics segment accounts for the largest protective packaging market share. Plastics weigh less and demonstrate excellent shock-absorbing and thermal insulation properties. This factor is proliferating the plastics segment growth.
Insulation Attributes of Flexible Products to Foster Segment Growth
For product type, the market is divided into flexible, foam, and rigid. The flexible segment accounts for the largest market share. Flexible protective packaging solutions offer insulation properties, which is driving the segment growth.
Cushioning Characteristics of Wrapping to Escalate Segment Growth
By function type, the market is divided into wrapping, blocking & bracing, void fill, cushioning, and insulation. The wrapping segment has the largest share in the market. Wrapping exhibits cushioning and lightweight attributes, which reduces the chances of physical product damage. This factor is impelling the wrapping segment growth.
Safety Offered by Packaging to Fuel Food & Beverage Segment Growth
By end-use industry, the market is segmented into e-commerce, automotive, consumer electronics, food & beverage, pharmaceutical, personal care & cosmetic, and others. The food & beverage segment accounts for the largest market share. Packaging offers safety to goods, which is boosting the food & beverage segment growth.
Based on region, the market is classified into the Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Drivers and Restraints:
Rising Product Demand in the E-commerce Sector to Boost Market Expansion
One of the major factors propelling the protective packaging market growth is a surge in the demand for the product in the e-commerce industry. A new water-resistant paper that can bear exposure to water without damage has been developed, which makes the packaging more suitable for e-commerce items such as flowers, vegetables, and others. This helps in the temporary protection of products against water, bolstering the demand for protective packaging.
Despite such growth opportunities, strict regulations on the deployment of plastic in packaging may impede market growth.
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Regional Insights:
Asia Pacific Has the Largest Share due to Expanding E-commerce Business
Asia Pacific market holds the largest protective packaging market share. The flourishing e-commerce business surges the use of the product for safe transportation and shipping. This factor is fueling regional growth.
North American market has the second largest share, owing to the strong presence of top packaging companies in the region.
Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on the Protective Packaging Market
- Global Protective Packaging Industry Analysis (USD Billion), Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Material
- Plastic
- Paper & Paperboard
- Market Analysis, Insights, and Forecast – By Product
- Rigid
- Flexible
- Foam
- Market Analysis, Insights, and Forecast – By Function Type
- Wrapping
- Void Fill
- Insulation
- Cushioning
- Blocking & Bracing
- Market Analysis, Insights and Forecast – By End-use Industry
- Food & Beverage
- E-commerce
- Pharmaceutical
- Automotive
- Consumer Electronic
- Personal Care & Cosmetic
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued…!
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Read Related Insights:
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Custom Packaging Market to Hit USD 63.07 Billion by 2030
Industrial Packaging Market Size, Share and Forecast Report [2023-2030]
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