Growing usage of packaging peanuts across industries like electrical & electronics, automotive, pharmaceutical, and furniture & home décor for protecting fragile and sensitive products is expected to drive the global packaging peanuts industry swiftly during the forecast period.
The global Peanuts Packaging Market is expected to surpass a valuation of US$ 1.3 Bn in 2022. Furthermore, with rising penetration of e-commerce platforms and growing adoption of electronic devices worldwide, the overall sales of Peanuts Packaging are expected to rise at 4.9% CAGR between 2022 and 2032, surpassing a market valuation of US$ 2.1 Bn by the end of 2032.
Peanuts Packaging are innovative packaging solutions used across various industries to prevent damage to fragile objects during shipping and transportation. These protective packaging solutions ensure that the shipped products will reach their destination safely.
The growing utilization of Peanuts Packaging across a multitude of industries, spanning electronics, automotive, pharmaceuticals, and construction, is a pivotal driver propelling market demand. Anticipated sales of Peanuts Packaging are set to strengthen, with the top three countries poised to collectively command an estimated 25-30% market share by the close of 2022.
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Market Demand Factors
These days, online shopping has become the most followed trend, especially after the pandemic. Since people are busy with their work and may not have time for visiting, they are ordering decorative items from e-commerce websites such as Pepperfry, Amazon, etc. The manufacturer or supplier has to make sure that the product should reach safely to its destination without any damage. This is prompting them to use packaging solutions like Peanuts Packaging.
Nowadays, most people have upgraded their lifestyles and decorated their living spaces. People are earning more money and hence their spending capacity has also changed. Many brands have come up with home decor items in the market and consumers are now more interested in keeping their space lavish. So, the demand for house furnishing items or house decoration items is increasing. This in turn is creating high demand for Peanuts Packaging and the trend is expected to continue during the forecast period.
Key aspects related to UV-cured acrylic foam tapes:
- Adhesive Composition:
- UV-cured acrylic foam tapes are composed of an acrylic adhesive that is cured through exposure to ultraviolet light. This curing process results in a durable and high-performance adhesive bond.
- Foam Substrate:
- These tapes typically have a foam substrate, which can be single-sided or double-sided. The foam provides cushioning, conformability, and helps compensate for gaps and irregularities in the bonded surfaces.
- UV Curing Process:
- The UV curing process involves exposing the adhesive to ultraviolet light. This exposure triggers a chemical reaction within the acrylic adhesive, causing it to cure rapidly and form a strong bond. UV curing offers advantages such as quick curing times and precise control over the curing process.
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Recent Developments
In September 2023, GreenTech Innovations collaborated with AgroSolutions to introduce a groundbreaking sustainable packaging solution named HarvestGuard. This innovative material is crafted from repurposed agricultural waste, specifically derived from the husks and stems of rice crops.
In March 2021, EcoPac Industries Ltd. unveiled a pioneering addition to their packaging lineup, collaborating with NatureMold Technologies. The result was a novel packaging material called EcoShapes, consisting of biodegradable, molded shapes derived from plant-based sources. These eco-friendly shapes offer a sustainable alternative for protective packaging applications, reducing environmental impact.
Key Players
- Willard Packaging Company
- Test Valley Packaging
- Pioneer Packaging
- Puffy Stuff Inc.
- Styro Insulations Mat. Ind. LLC.
- President Container Inc.
- AP Packaging Corp
- Polar Tech Industries
- Johnpac LLC
- Supply One Inc.
- Eco Packaging Solutions
- Nefab Group
- Stream Peak International PTE Ltd.
- Green Light Packaging Ltd
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Market Segmentation
By Material:
- Expanded Polystyrene
- Virgin
- Recycled
- Starch-based Polymers
By Application:
- Cushioning
- Void Filling
By End Use:
- Electrical & Electronics
- Automotive & Allied Industries
- Construction & Building
- Pharmaceuticals
- Furniture & Home Décor
- Other Consumer Goods
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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