Global sales of protective packaging reached ~ 15 million tonnes in 2018, unveils a new research study by Future Market Insights (FMI). According to the report, the — protective packaging market is projected to grow by a CAGR of ~5% during the forecast period of 2019-2029, primarily influenced by the recent transformations in the global packaging landscape.
According to the research report, increasing usage of bio plastics and preference of paper based packaging are the major factors which drives the growth of the protective packaging market. Growing consumer appeal towards the benefits of protective packaging, such as protection against moisture, temperature and light along with increased durability and low-cost will remain key growth influencer of the protective packaging market.
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Gains Upheld by Increasing Demand for Inflatable Protective Packaging in Transportation Industry
Inflatable protective packaging formats have gained increasing popularity among manufacturers, logistics service providers, and retailers, due to high level of protection at a low cost. It is considered environment-friendly, and provides greater level of protection than other bulkier alternatives. In addition, inflatable protective packaging has dramatically reduced the damages, due to the capability of shock absorption during supply chain. The inflatable bags are shipped flat which reduce the shipping costs and storage space. The assembly of inflatable protective packaging formats are simple and quick, requiring compressed air of only 10-12 psi. Moreover, the carbon footprint of inflatable protective packaging formats are negligible as compared to other solutions such as loose fill products (e.g., foam peanuts). The inflatable protective packaging formats are lightweight, waterproof, and 100% recyclable in nature, which pleases the growing eco-conscious consumers. They also provide every physical protection, containment, security, and sustainability to products to be transported. For instance, Pregis Corporation had kick off its anniversary year by launching next-generation inflatable solution which includes AirSpeed Axis, HLX, and HC performance films.
According to FMI Report, rising internet and smartphone penetration across the globe are the vital factors that are boosting the global protective packaging market growth.
Shift in Preference from Plastic- to Paper-based Protective Packaging
The protective packaging suppliers are continuously shifting their focus toward paper-based packaging, in order to keep the environment free from harmful plastic waste. Kraft paper can be used as void fill solution and paperboard can be used for blocking and bracing purpose. They are used as environment-friendly raw materials, due to their recyclable nature. Molded pulp is another excellent material which is used in protective packaging formats, and requires recycled paper & water that are easily accessible. The flexibility of molded pulp offers substantial cushioning qualities and the ability to adapt to the shape of the product. Molded pulp protective packaging products also provide protection for fragile and delicate products. Its application can be found in nearly every industry around the globe, from consumer products and food & beverages to manufacturing and recreation. More importantly, molded pulp is available at very low prices and can be molded into an infinite number of unique and complex shapes and configuration.
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FMI’s business intelligence also underlines groundbreaking insights into the competitive scenario of protective packaging market along with highlights of the manufacturers’ differential strategies. Prominent protective packaging manufacturers are focusing on providing protective packaging as per the end-use industries requirement. The leading manufacturers are also focusing on achieving growth by acquiring and widening their product portfolio through differentiated offerings.
For instance, in October 2018, Coveris Holdings S.A. launched a new recyclable film for protective packaging applications.
This study underlines key opportunities in the protective packaging market and finds that the market would exhibit growth at a value CAGR of ~5% during forecast period.
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More from Packaging Market Insights:
Intermediate Bulk Container (IBC) Market
Disposable Cups Market
Polypropylene Packaging Films Market
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