Global Protective Packaging Market is estimated to be valued at US$ 31788.0 Million in 2021, According to the Global Protective Packaging Market Report, by Product Type (Foamed Plastic, Paper), by Material Type (Foam Protective Packaging, Flexible Protective Packaging, and Rigid Protective Packaging), by Function Type (Wrapping, Void Fill, Insulation, Cushioning, and Blocking & Bracing), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.
Global protective packaging market was valued at US$ 31788.0 Million in 2021. Protective packaging market is expected to register a CAGR of 5.92 % over the forecast period (2022–2030), to reach US$ 53250.5 Million by 2030.
Protective packaging is used to protect products from various environmental factors such as shock, vibration, magnetic, electrostatic, or atmospheric damage. Protective packaging helps reduce waste and save money during transport or storing in the warehouse. They are available in two forms custom or standard. Custom protective packaging solution encompasses precision manufacturing to obtain required specification, comprehensive testing, and innovative design.
The COVID-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by governments to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shut down their manufacturing units which had an adverse impact on the protective packaging market.
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https://www.coherentmarketinsights.com/market-insight/protective-packaging-market-3493
Browse 50 market data tables* and 40 figures* on "Global Protective Packaging Market” - Forecast to 2030.
Key Trends and Analysis of the Global Protective Packaging Market:
- The expansion of the e-commerce industry is a major factor propelling the protective packaging market growth. According to The Associated Chambers of Commerce and Industry of India, online shopping has shown significant growth while brick-and-mortar malls are experiencing a slowdown. The growth in e-commerce is promising, because of rising penetration of the Internet. Also, as per the Canadian's survey results, major key players transport because of certain properties like lighter weight packs and use of recyclable materials consider that e-commerce has a prime impact on demand for protective packaging.
- Product Developments by major players for business expansion is a growing trend in the market, and this is expected to foster the growth of protective packaging market. For instance in January 2020, Sealed Air Corporation, a packaging company launched a new version of bubble wrap packaging that is made from 90% recyclable material.
Key Takeaways of the Global Protective Packaging Market :
- On the basis of region, North America held a dominant position in the global protective packaging market in 2021, accounting for 28% share in terms of value followed by Asia Pacific and Europe.
- In September 2021, Pregis, a leading global provider of innovative protective packaging materials and Henkel, a German multinational chemical and consumer goods company merged together to develop a new sustainable protective packaging solution that meets environmental goals and address future packaging requirements. The recently rebranded Pregis EverTec lightweight, recyclable paper cushioned mailer, which is manufactured with EPIX technology from Henkel Adhesive Technologies, was the first example of a shipping solution jointly developed to address the growth of ecommerce packaging.
- New product launches, mergers & acquisitions, strategic partnership expansion, and research & development activities for protective packaging are key strategies adopted by players in the global protective packaging market. For instance, in November 2020, Pregis, a leading manufacturer of protective packaging, acquired Technical Machinery Solutions (TMS), a provider of engineering and remanufacturing service. The acquisition of TMS will enable Pregis to add yet another product to its robust e-commerce product offering that supports sustainability.
