The protective packaging market size is projected to grow from USD 24.3 billion in 2017 to reach USD 37.0 billion by 2027, at a CAGR of 4.31%.
The report "Protective Packaging Market by Material (Foam Plastics, Paper & Paperboard), Type (Flexible, Rigid, Foam), Function (Cushioning, Blocking & Bracing, Void Fill), Application (Food & Beverage, Consumer Electronics), and Region – Global Forecast to 2027"
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♦ Leading Key Players -
High initial capital investments have caused an unfavourable impact on the profitability of the packaging industry. The global protective packaging market is dominated by players such as Smurfit Kappa Group (Ireland), Sealed Air Corporation (US), Sonoco Products Company (US), WestRock (US), Huhatamaki (Finland), Ranpak (US), Pregis Corporation (US), Pro-Pac Packaging (Australia), Storopack Hans Reichenecker (Germany), Dow (US), and DS Smith (UK). These players adopted various strategies such as acquisitions, expansions, and new product launches to cater to the needs of the market.
“Flexible protective packaging segment, by type, to gain maximum share during the forecast period”
The flexible protective packaging segment is projected to account for the largest share in 2027, mainly because of the growth in consumption of food & beverage, dairy, and cosmetic products. Flexible protective packaging is appealing as well as functional as it offers convenient packaging, which can be easily wrapped according to the size and shape of the product. The growth of the healthcare industry also provides an opportunity for the growth of the protective packaging market due to the rise in consumption of over-the-counter products for which flexible protective packaging is used, especially in the emerging markets of Asia Pacific and South America.
“Foam plastics segment, by material, to grow at the highest rate during the forecast period”
Raw materials such as foam plastics, paper & paperboard, and plastics are used for protective packaging. The foam plastic segment accounted for the largest market share in terms of value, in the protective packaging market. Foam plastics are lightweight and provide thermal insulation and offer shock-dampening properties; this segment is thus projected to be the fastest-growing in the protective packaging market.
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By application, the food & beverages segment is projected to grow at the highest rate due to the high demand for food & beverage packaging as it offers durability, product protection, and extends the shelf life of the product. Protective packaging for food & beverage products reduces the possibility of product contamination & damage. It also protects products from moisture, gas, light, and temperature.
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