Selbyville, Delaware , March 06, 2024 (GLOBE NEWSWIRE) -- The Protective Packaging Market size could record USD 55 billion by 2032, as per a recent study by Global Market Insights Inc.
The rising collaborative efforts among industry leaders to introduce innovative products will influence the demand for protective packaging. Strategic partnerships between key players are facilitating the development and launch of cutting-edge protective packaging solutions. For instance, in February 2024, pioneering packaging provider Pregis LLC partnered with ExxonMobil Corp to introduce an innovative foam packaging product for addressing the growing consumer demand for circular plastic products while ensuring the continued high-performance standards of PE foam packaging. Furthermore, the rapid growth of the e-commerce sector will significantly augment the market development.
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Rigid protective packaging to gain traction
Rigid protective packaging market is projected to exhibit a 9.5% growth rate over 2023-2032. Rigid packaging, such as plastic containers, metal cans, and glass bottles, offer unparalleled protection for fragile and sensitive products during storage and transportation. Numerous industries, such as pharmaceuticals, electronics, and cosmetics are heavily relying on rigid protective packaging to safeguard their products from damage, contamination, and tampering. With the increasing focus on product safety and integrity, the demand for rigid protective packaging will further continue to grow.
Wrapping to record immense preference
The wrapping function segment in the protective packaging market will reach USD 12 billion by 2032. Wrapping has emerged as a critical aspect of packaging for providing a layer of protection around products to shield them from damage, moisture, and other external factors during transit and storage. In the form of bubble wrap, foam sheets, or stretch films, protective packaging also ensures that items arrive at their destination intact with minimized risk of breakage or spoilage.
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Europe to accrue a high revenue share
Europe protective packaging market will register more than 4.5% CAGR from 2023 to 2032. Due to the presence of a robust manufacturing sector and extensive retail distribution networks in the region, there is a constant need for protective packaging to ensure the safe transit of goods. Additionally, the influx of stringent regulations on product safety and environmental sustainability is driving the demand for high-quality protective materials. With e-commerce continuing to thrive and the consumer preferences shifting towards eco-friendly packaging solutions, the demand for protective packaging in Europe is expected to remain steady.
Protective Packaging Market Players
Huhtamaki, Sonoco, Smurfit Kappa, Sealed Air Corporation, Dow, Ds Smith Plc, Pro-Pac Packaging Limited are some of the companies in the protective packaging industry. These players are undertaking various strategies like partnerships, R&D investments and acquisitions to meet the evolving consumer needs and preferences. They are also coming up with new packaging materials and designs that offer enhanced protection and sustainability. For instance, in January 2024, Sonoco Products, a global leader in sustainable packaging, agreed to sell its protective solutions packaging business for approximately $80 million in cash. This strategic decision is in line with Sonoco's goal of optimizing its portfolio by prioritizing its core operations.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
