Protective Packaging Sales Forecast to Reach US$ 42.4 Bn by 2031 Spurred by Increasing Focus on Optimizing Supply Chain Management: Future Market Insights (FMI)

Protective Packaging
Protective Packaging

The protective packaging demand outlook remains positive with sales projected to rise at 4.8% CAGR between 2021 and 2031. Driven by stability, strength, and exceptional cushioning characteristics of protective packaging solutions, the market is expected to reach US$ 26.55 Bn in 2021.

Protective packaging solutions are used to store and ship a wide variety of fragile and non-fragile goods. These packaging solutions fill gaps between the packages and minimize movements during transport and handling, preserving the integrity of goods in supply chain.

Rising manufacturing activities across various industries such as automotive, electronics, and chemicals have fueled production, sales, and demand for protective packaging solutions. FMI forecasts, flexible protective packaging to remain the top-selling product, accounting for nearly 67% of the overall demand in 2021.

The market has gained significant traction in China due to the expansion of automotive industry I the country. As per the International Organization of Motor Vehicle Manufacturers (OICA), total vehicle production in China was around 19 Mn units in 2020.

Protective packaging solutions such as edge protectors, dunnage bags, and shipment containers are frequently used in the automotive sector to ship fragile and non-fragile auto-parts. This makes protective packaging solutions indispensable in the industry. 

India as well emerge as a lucrative pocket for sales in the coming years. As per the India Brand Equity Foundation (IBEF), the Indian retail sector reached valuation of over US$ 883 Bn in 2020 and projected to reach valuation of over US$ 1.3 Tn in 2024.The sector account over 10% of the Indian total gross domestic product (GDP). This rapid growth of Indian retail sector is projected to increase demand for protective packaging solutions in coming years.

“Efficient and on-time shipping of industrial and non-industrial goods to end-users save financial capital of manufacturers. Shifting inclination of end users towards such sustainable and affordable protective packaging solutions will drive market growth,” said a Future Market Insights (FMI) analyst.

Key Takeaways from Protective Packaging Market Research Report

  • The market in the U.S. is expected to rise at nearly 4.5% CAGR over the forecast period.
  • Germany is anticipated to account for over 22% of sales of protective packaging solutions in Western Europe.
  • India is estimated to account for 24% sales of protective packaging in the Asia Pacific Excluding Japan (APEJ) region by end of 2031.
  • China is expected to account for over 50% of the Asia Pacific Excluding Japan (APEJ) through 2031.
  • By product type, flexible protective packaging is accounting for nearly 67% of the market share in 2021.
  • By material, plastic will continue to be a preferred material for manufacturing protective packaging solutions, accounting for over 51% of revenue generated by 2031.

Growth Drivers:

  • Increasing use of protective packaging in e-commerce channels, and higher adoption of void filler packaging solutions will drive market growth.
  • Focus on launching recyclable protective packaging solutions will guarantee growth of the market in the coming years.
  • Increasing focus on efficient shipping of goods at lowered cost will push sales of protective packaging solutions in the market.

Get Access to Research Methodology Prepared by Experts>>> https://www.futuremarketinsights.com/ask-question/rep-gb-626

Competitive landscape

Manufacturers are focusing on development and launch of flexible and rigid protective packaging options as per end-use industry requirements to increase market revenue. For instance,

  • In June 2021, Soteria Flexibles announced the acquisition of Redi-Bag Inc. a leading manufacturer of plastic and polyethylene film packaging for seafood and produce packaging applications.
  • Intertape Polymer Group Inc. announced an investment of US$ 20 million to expand existing facilities and operations for curb-side recyclable paper mailers, which is expected to create around 135 new jobs.

Key players operating in the global protective packaging market include

  • Sealed Air Corporation
  • Crown Holdings Inc
  • Sonoco Products Company
  • Winpack Ltd
  • Smurfit Kappa Group
  • DS Smith Plc
  • WestRock Company
  • Schur Flexibles Holding GesmbH
  • Greif
  • International Paper Company
  • Nefab Group
  • Cascades Inc

More Insights on the Global Protective Packaging Sales Outlook

Future Market Insights, in its new offering, provides an unbiased analysis of the protective packaging sales, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on protective packaging demand with a detailed segmentation on the basis of:

Material Type:

  • Foamed Plastic
  • Paper
  • Plastic

Product Type:

  • Foam Protective Packaging
  • Flexible Protective Packaging
  • Rigid Protective Packaging

Function Type:

  • Wrapping
  • Void Fill
  • Insulation
  • Cushioning
  • Blocking & Bracing

Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • MEA
  • Japan

Key Questions Covered in the Report 

  • The report offers insight into protective packaging demand outlook for 2021-2031
  • The market study also highlights projected sales growth for protective packaging market between 2021 and 2031
  • Protective packaging sales survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
  • Protective packaging market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others