Protective Packaging Market Worth $32.02 Billion by 2022
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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, Prune, India, projects that the protective packaging market size will grow from $24.31 billion in 2017 to $32.02 billion by 2022, at a CAGR of 5.67%.
The global protective packaging market is growing steadily due to the rise in manufacturing activities and growth in demand for conveniently packaged products. The increase in demand from the food and beverage industry also provides an opportunity for market growth, especially in the emerging Asia Pacific and South American regions.
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.
The flexible protective packaging segment is projected to account for the largest share in 2022, mainly because of the growth in consumption of food and 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.
Raw materials such as foam plastics, paper and 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.
The main function of protective packaging is to protect the product from any kind of damage such as physical or environmental. It is required 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 due 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.
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 of 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 and 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 Corp. (USA), Sonoco Products Co. (USA), WestRock (USA), Huhatamaki (Finland), Ranpak (USA), Pregis Corp. (USA), Pro-Pac Packaging (Australia), Storopack Hans Reichenecker (Germany), Dow (USA), and DS Smith (U.K.). The companies have adopted strategies such as acquisitions, expansions, and new product launches to cope with the increase in demand in the emerging markets.
