Protective packaging solutions are predominantly used in industries to protect industrial and non-industrial goods from magnetic influences, vibration, shock, and electrostatic or atmospheric damage. According to a recent FMI report, the protective packaging market will surpass a valuation of US$ 26.5 Bn in 2021, exhibiting a CAGR of 4.8% between 2021 and 2031.
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The rising emphasis of manufacturers on safe and secure transportation of fragile and non-fragile products to reduce unnecessary maintenance and shipping costs is propelling the sales of protective packaging solutions in the market.
Additional benefits of protective packaging such as moisture and air barrier properties with high-level customization are driving market growth. FMI predicts that future demand and sales of protective packaging solutions will witness an upwards trajectory. Pivotal factors such rising output from the manufacturing sector coupled with swift penetration of transport and logistics worldwide is accelerating the growth of the protective packaging market substantially.
The COVID-19 pandemic and its global impact has adversely affected the global protective packaging market. Stringent and complete lockdowns in American, European and Asian countries resulted in a decline in the supply and sales of protective packaging solutions.
Fluctuation in demand from various end use industries has created negative impact on the demand of protective packaging solutions. The demand for protective packaging solutions will be sluggish for the next two quarters of 2021 as various countries across the globe are witnessing a new wave of the COVID-19 pandemic. Nevertheless, demand for protective packaging solutions will gain traction in the later part of 2021 as industries recover rapidly with adequate precautionary measures.
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Key Takeaways from Protective Packaging Market
- Flexible protective packaging is leading the market and is projected to hold more than 65% of the value share during the next decade, supported by improved flexibility in logistics.
- Plastic is a widely used material for producing a wide range of protective packaging solutions. It is projected to witness incremental opportunity of US$ 7.9 Bn during the forecast period.
- The U.S. is a dominant market, accounting for more than 88% of the North America market. It is driven by strict packaging standards and regulations in multiple industries.
- Germany will remain a dominant market in Europe, accounting for over 22% of the regional market share, supported by the presence of an active manufacturing sector.
- China and India are high potential markets reflecting a 7.5% and 9% CAGR through 2031 respectively. These markets are supported by wide consumer bases and manufacturing sectors.
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Protective Packaging Market by Category
By Material Type:
- Foamed Plastic
By Product Type:
- Foam Protective Packaging
- Flexible Protective Packaging
- Rigid Protective Packaging
By Function Type:
- Void Fill
- Blocking & Bracing
- North America
- Latin America
- Western Europe
- Eastern Europe
A recent market report published by Future Market Insights on the protective packaging market provides global industry analysis for 2014-2020 and forecast for 2021-2031. The report offers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historical, as well as current growth parameters of the protective packaging market, the growth prospects of the market are obtained with maximum precision.