Driven by increasing emphasis on optimizing supply-chain management, the protective packaging market size is expected to reach US$ 26.55 Bn in 2021, as per latest insights by Future Market Insights (FMI). The protective packaging demand outlook remains positive with the market forecast to rise at a CAGR of 4.8% from 2021 – 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.
Sealed Air Corporation, Smurfit Kappa Group, DS Smith Plc, WestRock Company, Sonoco Products Company are the top players operating in the protective packaging market. Furthermore, Greif, International Paper Company, Cascades Inc, Schur Flexibles Holding GesmbH, Winpack Ltd, Crown Holdings Inc are also the noticeable players in the protective packaging 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.
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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.
“Recent developments aimed at encouraging faster conveyance of heavy and light duty goods with precise and safe packaging solutions is fuelling the popularity of protective packaging offerings among end users. Evolving preferences of industry players as they exhibit higher focus on sustainability and paper-based corrugated packaging solutions are anticipated to create new growth avenues for protective packaging manufacturers,” says the FMI analyst.
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 Solutions Prevent Damage to Fragile Cargo
Handle with care warnings are displayed on fragile cargo as there is little margin for mistakes and mishandling. Fragile goods and items are oddly sized and fragile in nature, requiring a customized packaging solution to ensure safe and secure transportation.
Shipping and cargo industries employ protective packaging solutions for bracing of cargo, damage prevention, and securing products during transit. Protective air pillows, dunnage bags, shipping containers, mailers and more are designed to reduce the impact of jerky movements and to preserve the integrity of industrial goods including delicate items.