The global protective packaging market size was valued at USD 30.56 million in 2020 and is projected to reach USD 41.65 million by 2028 at a CAGR of 5.4% during the forecast period 2021-2028. Growth of the market is attributed to the increasing sales related to online shopping.
Protective packaging is made up of materials that are designed to shield and protect a product from injury or damage during shipment or storage. Depending on the end-use application of the product, protective packaging can be employed as either main or secondary packaging. A wrapping or container consisting of plastic, paper, wood, metal, or glass is referred to as packing or protective packaging. It is used to safeguard and increase the shelf life of items by temporarily storing them. Automotive, appliance, aerospace, electronics, food & beverage, and pharmaceuticals are just a few of the sectors that employ it.
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The Covid-19 pandemic affected the demand and supply of global protective packaging market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
Increasing trend of sustainability is projected to boost the market in the coming years.Rapid development in e-commerce industry is major factor fueling the market during forecast period.High cost of protective packaging services is anticipated to hamper market growth.Lack of awareness about protective packaging is projected to hamper the market growth in the coming years.R&D investment and technological advancement in protective packaging is projected to create lucrative opportunities for the market players.Market Segment Insights:
The plastics segment accounts for major share of the market
Based on types, the global protective packaging market is segregated into plastic, paper, and paperboard. The plastics segment accounts for major share of the market. Growth of the market is attributed to increasing usages of protective packaging in cosmetic sector and wide range of discount price on protective packaging. The paperboard segment is anticipated to expand at a rapid pace during the forecast period due to factors such as increasing expenditure on online shopping and rising demand for corrugated protective formats.
The food & beverage segment is anticipated to expand at a high CAGR
On the basis of applications, the protective packaging market is segregated into food & beverage, industrial, pharmaceutical, consumer electronics, beauty & home care. The food & beverage segment is expected to constitute a key share of the market during the forecast period. Several goods in the food and beverage business have a relatively limited shelf life, and delivering an item before it expires is the most prevalent issue in the industry. Packaging converters are increasingly being enlisted by brand owners to create secondary packaging solutions that are estimated to avoid shipping-related damage. Furthermore, packing airbags are now utilized for beverages in glass bottles (the most delicate goods). If any of the airbags in any of the chambers loses air, the balance stays inflated to ensure continuous protection. Airpack offers this service to a variety of e-commerce businesses. Molded pulp packing is a relatively new form of packaging composed primarily of recycled materials. It's primarily used for food and beverage packaging as a kind of protection.
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Regional Outlook
In terms of regions, the global protective packaging market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is estimated to dominate the market. In Europe, the e-commerce industry has already established itself as a significant sales channel for a diverse portfolio of products ranging from food and beverages to consumer electronics and home & beauty care products. Furthermore, increasing online sales have aided the growth of the market for protective packaging solutions, as these solutions allow vendors to ensure the safe delivery of their online-sold products.
Competitive Landscape
The major players in the protective packaging market include Sealed Air Corporation, Pregis Corporation, WestRock, Ranpak, and Pro-Pac Packaging.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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