Innovations Unveiled: The Future of Packaging Materials
Research Reports
Nov 09, 2023
Packaging Material Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), Packaging Material Market Information by Material, Product, End User, and Region – Forecast till 2032”, The packaging materials industry shall expand from USD 1145.4 Billion it reached in 2023 to a whopping USD 1519.97 Billion by 2032, with a CAGR of 3.60% between 2023 and 2032.
To lower the possibility of any kind of loss or damage during shipping or delivery, tangible products are protected with packaging materials. Paper, plastic, metal, and glass are the most often used materials for packaging. When it comes to electronic, food, and pharmaceutical packaging, among other packaging applications, the need for materials used in packaging is growing due to the critical role that packaging plays and the associated risks. Using these items, covers and lids are applied to containers, cans, bottles, and other packaging materials. Rigid plastic is the material most commonly used for these items, though alternatives such as glass, metal, wood, and paper-based lids and closures are also available on the market.
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Market Competitive Landscape:
- Amcor
- Ball Corporation
- Crown Holdings
- International Paper
- Reynolds Group
- Mondi
- Stora Enso
- WestRock
- Bemis
Market USP Covered:
Market Drivers:
The worldwide e-commerce industry’s explosive development is propelling the packaging material market. To guarantee the efficient and safe delivery of goods, the expanding e-commerce sector needs specific packaging materials. Businesses serving the e-commerce market may find great growth potential in packaging materials intended for the sector, such as returnable packaging, void fill materials, and protective packaging.
Demand for environmentally friendly and sustainable packaging materials is rising as people become more conscious of environmental issues. It is anticipated that during the forecast period, companies providing packaging materials made of renewable, biodegradable, and compostable materials will see a sharp rise in business.
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Another important factor propelling the packaging material market’s expansion is technological innovation in packaging material innovation. Technological developments can spur innovation in the market for packaging materials. For instance, the creation of novel materials, coatings, and printing processes can enhance the functionality, robustness, and appeal of packaging, thereby promoting market acceptance.
The world’s largest beverage company, Coca-Cola, declared in February 2023 that it intended to introduce the Minute Maid line of fruit-based drinks, with a focus on the Indian market. It is said that the new fruit-based drink carton development is a seamless package with distinctive shapes. For the newest cutting-edge packaging solution, the company will employ Direct Injection Molding Concept Technology, guaranteeing a fantastic pouring experience with an easy grip.
Advances in logistics, transportation, and warehousing, along with other improvements in the efficiency of the packaging supply chain, are seen to have a positive effect on the market. Effective supply chain management can result in lower costs, less waste, and faster delivery times, all of which can affect the selection of packaging materials. The growth of the packaging material market is being driven by economic factors such as GDP growth, disposable income, and consumer spending patterns.
Market Restraints:
During the study period, the ban on single-use plastic materials in many Asian and African countries is expected to grow slowly. In addition, there are various regulations pertaining to deforestation that apply to the paper packaging material industry. The overall expansion of the global market for packing materials is anticipated to be hampered by such an unfavorable regulatory environment.
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Market Segmentation
The packaging material market is divided into segments according to the materials used, such as paper, cardboard, wood, textiles, glass, metal, rigid plastic, and flexible plastic. The market was dominated by the rigid plastics category.
Based on product category, the packaging material market is divided into categories: Bags, Pouches, Boxes, Bottles, Cans, Jars, Containers, Wraps, Drums, and IBCs. The category with the most revenue was bottles.
Food & Beverage, Healthcare, Household Products, Chemicals, and Cosmetics are included in the market segmentation of packaging materials, in terms of end user.
Regional Insights
The worldwide market is dominated North America. The regional industry is well-established and extremely competitive, with the United States and Canada serving as the two primary markets. Demand for eco-friendly packaging materials like recycled and bioplastics is rising as people continue to be more conscious of environmental issues.
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