March 03, 2022 07:00 ET | Source: Quince Market Insights Quince Market Insights

Pune, India, March 03, 2022 (GLOBE NEWSWIRE) -- The protective packaging market was estimated to value USD 33,237.32 million in 2021 and is projected to grow at a CAGR of 6.45% during the forecast period, as per a recent comprehensive market study by Quince Market Insights. Protective packaging is designed to prevent damages and provide protection to the product during storage and shipment. Protective packaging helps to protect the product by conserving the fairness of the product.

Rapid growth in the different manufacturing industries worldwide is a major factor which is driving the market growth of protective packaging. Increasing industries such as electronic, automotive, pharmaceutical, etc. In the developing region along with the growing consumer are also anticipated to increase the market growth of the protective packaging over the projected period.

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Huge expansion of the pharmaceutical and healthcare packaging industry is anticipated to offer better market opportunities over the projected period. Growing trading of the pharmaceutical products along with the rise in the geriatric population worldwide is creating a need for healthcare products such as drugs and devices. Increasing adoption of the reliable and advanced packaging solution in the pharmaceutical industry is increasing the market growth of the protective Inflatable packaging is gaining a good purchase in the market as they offer a high level of protection at a minimum cost. Environment friendly packaging are gaining product demand. Moreover, they offer a greater level of protection and shock absorption capability to the packed product. 

Growing environmental concerns because of the waste which is generated by protective packaging are expected to hinder the growth of the market. Logistics service provider and the retailer uses a huge amount of protective packaging such as paper fills, loose fill peanuts, bubble wraps, or paper/foam edges in order to protect the products as a result it increase the generation of waste materials after the unboxing of the products.

The foamed plastics issue in the protective packaging is anticipated to obstruct the market growth. Foamed plastic is a non-biodegradable raw material and take decades decompose. Biodegradable raw materials demand for the protective packaging industry is anticipated to obstruct the market growth.

Major Developments in the Global Protective packaging Market:

Impact of COVID-19 on Global Protective Packaging Market:

The global packaging industry has witnessed a significant rise in the packaging which are associated with pharmaceuticals and healthcare sectors. Decreasing demand and imposing of the lockdown due to the reason of the pandemic has reduced the demand for protective packaging.

Moreover, restricted and limited trade activities worldwide is impacting the sales of protective packaging. Rapid vaccination and the recovery rate from the COVID-19 crisis will drives the protective packaging market worldwide.

On the basis of material, the global protective packaging market is segmented into Foam Plastics, and Paper & Paperboard. The foam plastics material segment holds the largest market share owing to its good thermal insulation, lightweight, and shock-absorbing properties, which are very much suitable for protective packaging.

Grounded on the type, the Global Protective Packaging Market is bifurcated into Flexible, Rigid and Foam. The flexible protective packaging segment is anticipated to hold the largest market share in terms of revenue due to the increasing demand for cost-effective and recyclable materials.

On the basis of function, the Global Protective Packaging Market is bifurcated into Cushioning, Blocking & Bracing, Void fill and Wrapping. Cushioning is anticipated to hold the largest market share, as it protects lightweight and fragile items from damage during warehousing and transportation, it also restrains the movement of the packed product and prevents damage from vibration and shock during transit.

On the basis of application, the Global Protective packaging Market is segmented into Food & Beverages, Consumer Electronics, and Others. Food & beverages holds the largest market share in terms of revenue as it extend the shell-life of the product.

 A trend of using eco-friendly, highly portable, and easy to handle materials are expected to thrust the demand for protective packaging. Increasing demand for food and beverage packaging, growing demand for product protection, and high consumption of flexible packaging over conventional packaging is anticipated to boost the demand of protective packaging market in the forecast period.

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On the basis of the region, Global Protective Packaging Market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia pacific region is the largest and fastest-growing protective packaging market. China is one of the largest and fastest-growing market in the region and is anticipated to dominate the regional market in the next few years. Industrialization, increasing disposable income, growing e-retail sale, rising internet penetration, growing manufacturing activities, and rising consumption level, would drive the market during the projected period.

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Browse key industry insights spread across 160 pages with 85 market data tables and 41 figures & charts from the report, “Protective Packaging Market By Material (Foam Plastics, Paper & Paperboard), By Type (Flexible, Rigid, Foam), By Function (Cushioning, Blocking & Bracing, Void Fill, Wrapping), By Application (Food & beverage, Consumer Electronics, Others), By Region (North America, Eastern Europe, Western Europe, Asia Pacific, Middle East, Rest Of The World) – Market Size & Forecasting to 2030 , in-depth analysis along with the table of contents (ToC).”

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