PUNE, India, February 23, 2018 /PRNewswire/ --
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 2022" published by MarketsandMarkets™, the protective packaging market size is projected to grow from USD 24.31 Billion in 2017 to reach USD 32.02 Billion by 2022, at a CAGR of 5.67%.
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Browse 305 tables and 43 figures spread through 231 pages and in-depth TOC on "Protective Packaging Market"
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The global protective packaging market is growing steadily owing to the rise in manufacturing activities and growth in demand for conveniently packaged products. The increase in demand from the food & beverage industry also provides an opportunity for market growth, especially in the emerging Asia Pacific and South American regions.
The interior doors segment is expected to grow at the highest CAGR during the forecast period
Based on product type, the interior doors segment is expected to be the fastest-growing during the forecast period. Increase in government investments in non-residential infrastructure and growth of the residential sector are expected to drive the interior doors segment during the forecast period.
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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 2022, 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.
Cushioning segment, by function, is projected to grow at the highest rate during the forecast period
The main function of protective packaging is to protect the product from any kind of damage such as physical or environmental. It is required in order to withstand damage such as external shock, vibration, compression, and climatic conditions during shipping, handling, and storage. The cushioning segment is projected to grow at the highest rate in the protective packaging market owing to its soft or resilient material used to fill gaps, render shape, and provide protection to the product. It restrains the movement of the packed product and prevents damage from shock and vibration during transportation. Cushioning protects fragile and lightweight items from damage during transportation and warehousing.
Asia Pacific to be the largest share in the protective packaging market by 2022
On the basis of key regions, the Protective Packaging Market is segmented into North America, Western Europe, Eastern Europe, Nordics, Asia Pacific, South America, Middle East, and Africa. The Asia Pacific region is estimated to account for the largest share among all the regions in 2017, and is projected to grow at the highest rate from 2017 to 2022, in terms of value. This can be mainly attributed to the increase in demand for protective packaging in China and India coupled with the growth in the food & beverage industry in these countries. The urbanized population is shifting its preference to healthy and safe packaged foods owing to the rise in disposable incomes.
The major players include 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). The companies have adopted strategies such as acquisitions, expansions, and new product launches to cope with the increase in demand in the emerging markets.
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