Protective Packaging Market Size, Industry Trends, Business Opportunities, Strategies, Key Players Analysis and Forecast 2030
Research Reports
Mar 09, 2023
Market Research Future Insights
According to market research future insights analysis, the Protective Packaging market industry is projected to grow from USD 33725.7 Million in 2022 to USD 53802.92 million by 2030, exhibiting a compound annual growth rate (CAGR) of 6.90% during the forecast period (2023 – 2030).
Future expansion in the global protective packaging market is anticipated due to the e-commerce sector’s explosive rise and the manufacturing sector’s advancement. Additionally, the growing popularity of online shopping spurs the expansion of the e-commerce sector as a whole, which in turn helps the market expand. Additionally, using recyclable materials is anticipated to support market expansion, which will enhance spending on R&D activities. Another element driving market expansion is the rise in the use of protective mailers by business owners to incorporate inflated air cushions and fill the space with filler material. But during the anticipated timeframe, a rise in raw material prices is anticipated to impede market expansion. The expansion of the industry is anticipated to be constrained by environmental limitations on non-renewable fossil fuel feed sources used for packaging.
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Regional Analysis
North America dominated the market for protective packaging in 2023. The significant presence of renowned packaging giants like the Sealed Air Corporation, Sonoco Products Company, WestRock Company, Greif, International Paper Company, Coveris Holdings S.A., and others who produce and sell a wide range of protective packaging solutions in accordance with industry requirements is one of the reasons for the rising demand for protective packaging solutions in the United States.
Europe is anticipated to maintain a consistent growth rate. In the European region, e-commerce has already made a name for itself as a key sales channel for a wide range of goods, from food and beverages to consumer electronics and home and personal care products. Additionally, the expansion of the market for protective packaging solutions has been aided by the increase in online sales, as these solutions allow sellers to guarantee the secure delivery of their online-sold goods. Furthermore, the development of recyclable materials for protective packaging due to technological breakthroughs has greatly increased the need for these efficient and environmentally friendly packaging solutions in many of the region’s nations.
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Market Segmentation
The global protective packaging market has been bifurcated into material, product, and function.
Based on material type, the market has been segmented into foamed plastic, paper, and plastic. Due to its excellent thermal insulation, light weight, and shock-absorbing qualities, which are extremely ideal for protective packaging, the foam plastics material segment retained the greatest market share in 2021.
Based on product type, the market is divided into foam protective packaging, flexible protective packaging, and rigid protective packaging. Due to the rising demand for affordable and recyclable materials, the flexible protective packaging sector had the biggest revenue market share in 2021.
Based on function type, the market has been segmented into wrapping, void fill, insulation, cushioning, and blocking & bracing. In 2021, cushioning had the largest market share because it shields lightweight and delicate items from harm during storage and transportation, controls how the packed product moves, and guards against vibration and shock damage.
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Key Players
Some of the key market players are Sealed Air Corporation, Crown Holdings Inc, Sonoco Products Company, Winpack Ltd, Smurfit Kappa Group, DS Smith Plc, WestRock Company, Schur Flexibles Holding GesmbH, Greif, International Paper Company, Nefab Group, and Cascades Inc.
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