CHICAGO, Oct. 17, 2019 /PRNewswire/ -- According to the new market research report "Dunnage Packaging Market by Material (Corrugated Plastic, Molded Plastic, Steel, Aluminum, Foam, Corrugated Paper, Wood, Fabric Dunnage), End-Use Industry, Region (North America, Europe, APAC, MEA, South America) - Global Forecast to 2024", published by MarketsandMarkets™, the Dunnage Packaging Market is expected to grow from USD 3.0 billion in 2019 to USD 4.0 billion by 2024, at a CAGR of 5.0% during the forecast period.
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The market is witnessing significant growth because of the growing demand from various end-use industries such as automotive, and electronics. dunnage packaging has multiple features, durability, cost-benefit, and environmental friendly resulting in its increasing adoption.
Automotive was the largest end-use industry in 2019
Dunnage packaging is primarily employed to protect the cargo while in transit. The cost-effectiveness and eco-friendly characteristics of this technology have contributed to its intensive usage in automotive end-use industry. dunnage packaging offers excellent qualities that are strong enough to withstand external factors such as heat. Furthermore, its capability to keep cargo safe and producing less waste has resulted in the packaging of cargo, or component at an affordable rate.
Corrugated Plastic material type is the fastest-growing segment in the overall market.
Dunnage packaging is available in nine material types, namely, corrugated plastic, molded plastic, steel, aluminum, foam, corrugated paper, wood, fabric dunnage, and others (such as glass, rubber, and anti-static materials). Corrugated Plastic is expected to register the highest CAGR during the forecast period as it can be molded into various shapes and sizes. Due to its low cost, versatility, and easy availability, corrugated plastic packaging is used in a variety of applications. Properties such as durability, safety, hygiene, and low weight have made it popular among consumers.
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Europe is expected to be the largest market for dunnage packaging during the forecast period.
Europe is one of the leading markets of the dunnage packaging industry. The growing demand from end-use industries such as automotive, aerospace, and electronics is driving the dunnage packaging market in the region. The region has a presence of major dunnage packaging companies who focus on the adoption of various business strategies to increase the production of dunnage packaging and meet the growing demand from end-users. For instance, Schoeller Allibert expanded its operations in Europe by opening a new production plant in Zabrze, Poland. The new plant manufactures a full product portfolio for customers in the CEE region, comprising brand new EuroClick, an ultra-versatile crate specifically developed for automotive market, in May 2016.
Some of the prominent players in the Dunnage Packaging Market are DS Smith (UK), Menasha Corporation (US), Schoeller Allibert (Netherlands), Myers Industries (US), Nefab (Sweden), UFP Technologies (US), Reusable Transport Packaging (Florida), Amatech Inc. (US), MJSolpac Ltd. (UK), Rehrig Pacific Company (US). The strategies undertaken by these players include expansion, agreement, acquisition, divestment and investment.
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