The global demand for the protective packaging market is expected to grow at a CAGR of over 6.0% to reach a value of approximately US $29.0 Bn, by 2020.
Valley Cottage, NY -- (SBWIRE) -- 12/08/2016 -- The protective packaging comprises of packaging solutions that offer protection and also helps in preserving the industrial and consumer products, machineries and equipment from the damaging effects during shipping and storage. The key competitors in the global protective packaging market are providing advanced protective packaging solutions to a diverse range of businesses such as consumer electronics, pharmaceuticals, appliances, automotive and retail to transport the goods safely to its destination. The major trend upcoming in the global protective packaging market is increasing investment by the key competitors in research & development to develop packaging materials that are sustainable and environment friendly. The global demand for the protective packaging market is expected to grow at a CAGR of over 6.0% to reach a value of approximately US$ 29.0 Bn, by 2020.
Protective Packaging Market: Drivers & Restraints
The key driver contributing to the growth of the global protective packaging market is its increasing usage in the E-commerce industry. The growing acceptance of the online shopping in both the developing and developed regions of the world is likely to propel the demand for global protective packing industry. Moreover, acceleration in the global industrial output, along with upsurge in the consumer expenditure on packaged goods across the globe, and demographic drifts such as increase in the number of urban population are further going to drive the market for protective packaging. The opportunities that can be further explored in the global protective packaging market is innovation in technology to develop packaging materials that are sustainable and can be reused and recycled. The availability and high cost of the raw materials is a major restrain in the global protective packaging market.
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Protective Packaging Market: Segmentation
On the basis of product type,the global protective packaging market is segmented into:
The foam protective packaging segment is expected to account for a major share of the global protective packaging market. The development in this segment will be aided by foam plastic cushioning and light weight features along with their flexibility in conforming to nearly any shape to enrich the protection. However, the demand for foamed protective packaging will be negatively impacted by the increasing significance of sustainability, which in turn will lead to increased concern of alternatives with more promising ecological profiles.
On the basis of market,the global protective packaging market is segmented into:
One of the key factor contributing to the growth of the global protective packaging market is the acceleration in the global manufacturing output. This segment is expected to dominate the market throughout the forecast period.
On the basis of material, the global protective packaging market is segmented into:
Paper & paperboard
Plastic films & other plastics
The foamed plastic segment is anticipated to be the fastest growing segment in the global protective packaging market and is expected to account for the largest share throughout the forecast period.
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Protective Packaging Market: Region-wise Outlook
On the basis of region, Asia Pacific is anticipated to grow at a comparatively higher CAGR, as the online retail market in this region is expected to grow swiftly from a minor base and boost the entire retail sector, while manufacturing will continue to dominate the protective packaging market throughout the forecast period. Apart from Asia Pacific, the world's developing regions are expected to exhibit the fastest advances in the global protective packaging market mainly due to greater urbanization, population growth, industrial trends and increasing international trade in such regions. The highest growth rates are expected in China, India and Indonesia along with regions such as Brazil, Mexico, South Africa and Russia are expected to exhibit healthy growth in the near future. The advances in the North America and Western Europe are expected to be below average, due to the mature nature of the markets.
Protective Packaging Market: Key Players
Some of the key participants identified in the global protective packaging market are ACH Foam Technologies, LLC, BASF SE, Bayer AG, Cascades Inc., 3M, Pregis North America, Ranpak Corp., NEFAB GROUP, DS Smith and Sonoco Products Company.