As per Fact MR’s latest report, the plastic protective packaging market is projected to surpass revenues worth US$ 28 Bn by 2031, registering a robust growth at over 6.7% CAGR across the forecast period. In volume terms, the global market for plastic protective packaging exceeded 9 billion tons as of 2019.
From 2016 to 2020, the industry maintained a strong growth trajectory, representing a CAGR above 5% to reach a valuation of US$ 14.6 Bn as of 2020. The COVID-19 pandemic has further fueled expansion, as reliance on e-commerce to purchase different categories of merchandize increased exponentially.
Plastic protective packaging industry continues to remain influenced by various factors that range from focus of manufacturers on streamlining and optimization of plastic protective packaging, to advancements in plastic properties in line with reduced waste. Sensing the role of protective packaging the overall end-user experience, leading players in the plastic protective packaging market are focusing on easy-to-use designs, along with consistent branding activities.
Key Takeaways from the Market Study
- Global market for protective plastic packaging likely to expand more than 2x through 2031
- Sales of LDPE resin-based stretch wraps expected to close in at 3 million tons
- Bubble wraps and air cushions to collectively yield over 50% of global market revenue
- Europe to show the highest growth, with revenues closing in at over US$ 4 billion in 2019
- U.S to emerge as an opportunistic market, anticipated to register a CAGR exceeding 5% until 2031
- India and China to emerge as attractive investment destinations across the Asian region
“Surging dependence on virtual platforms to purchase various categories of merchandize is helping the e-commerce industry to flourish, thereby generating demand for robust packaging solutions, including plastic protective packaging,” says a Fact.MR analyst.
Competitive Landscape
Key players operating in the plastic protective packaging market include Berry Global Group, Inc., AEP Industries Inc., Intertape Polymer Group Inc., Smurfit Kappa Group, Sealed Air Corporation, Signode Packaging Systems Corporation, Winpak Ltd., Kureha Corporation, PREMIUM PACK GmbH, Flexopack S.A., Schur Flexibles Group, Coveris Holdings S.A., Allfo Vakuumverpackungen Hans Bresele Kg, Kuplast Matejka Kumar S.P., and Buergofol GmbH.
Leading market players are focusing their efforts on developing innovative products to strengthen their position in the global market and are adopting strategies like acquisitions and mergers.
- Smurfit Kappa has announced the opening of a new International Safe Transit Association (ISTA) certified lab at its new eCommerce packaging facility in Northampton, UK.
- This brings with it an expansion of Smurfit Kappa’s network of packaging testing labs and centers that support retailers and producers to develop, test, and launch disruptive packaging solutions for eCommerce at minimal risk and with reliable implementation.