As per latest Fact.MR analysis, the global plastic protective packaging market is estimated to be worth around US$ 15 Bn in 2021. The overall sales are expected to grow at 6.7% CAGR between 2021 and 2031, surpassing a valuation of US$ 28.8 Bn by the end of 2031.
Increasing manufacturing output, high consumer spending through e-commerce, and continuous technological advancements are some of the factors driving the plastic protective packaging market.
Rising manufacturing activities across various industries are fueling the demand for plastic protective packaging. Manufacturers are continuously emphasizing on reducing the overall shipping and logistics costs incurred in supply chains.
As plastic protective packaging solutions offer superior security, temperature resistance, durability, high barrier against damage, and cost-efficient features, they are being extensively adopted for shipping and transportation of diverse products.
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Growing popularity of e-commerce is one of the chief factors driving the plastic protective packaging demand. With changing lifestyle people are more inclined towards purchasing products online. Expansion of ecommerce platforms will therefore present conducive environment for the growth of the market.
Key players are continuously focusing on launching new products from recycled materials. New recycling plants are being established. More attention is being given towards easy-to-use designs. This is expected create novel scope for expansion of the market worldwide.
Besides this, sales are expected to increase on account of the growing demand for pre-packaged foods. Stretch wraps have emerged as a preferred packaging solution in the food sector. As per Fact.MR, the demand for stretch wrap will grow swiftly as a result of its better recyclability, flexibility, and moisture, dust and tamper resistance. Sales of LDPE (low density polyethylene) resin-based stretch wrap are expected to reach around 3 million tons in 2022.
"Focus on innovations has become the top priority for companies operating in the plastic protective packaging market. They are emphasizing on the use of recycled materials to offer sustainable packaging solutions and curb carbon footprint," says the Fact.MR analyst.
Key Takeaways from Plastic Protective Packaging Market Survey
Global plastic protective packaging market is poised to expand by 2X through 2031.
The U.S. market is expected to grow at around 5% CAGR between 2021 and 2031 owing to the presence of prominent packaging giants.
Sales of plastic protective packaging across the Europe are projected to generate revenues of over US$ 4 Bn by 2021 end.
China will emerge as a lucrative market for plastic protective packaging market during the forecast period.
Air cushions and bubble wraps will collectively generate 50% of the total revenue.
Key Drivers
Expansion of manufacturing industries along with growing demand for cost efficient packaging solutions are driving the plastic protective packaging market
Improving ecommerce penetration worldwide and focus on expansion of online presence by diverse brands will create scope for increasing sales of plastic protective packaging
Introduction of lightweight and recyclable plastic materials like polypropylene (PP) will bode well for the market.
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Competitive Landscape
Companies operating in the plastic protective packaging market are focusing on developing innovative products to strengthen their position. They have adopted various organic and inorganic growth strategies such as mergers, acquisitions, partnerships, new product launches and collaborations.
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