Plastic Protective Packaging Market – Key Insights
- Plastic protective packaging registered a steady growth at 5.4% CAGR between 2013 and 2017. The plastic protective packaging market will continue to witness robust growth in the future owing to various factors ranging from growing demand for inflatable packaging to increasing adoption of plastic packaging in the ecommerce sector.
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- The plastic protective packaging market is expected to surpass revenues worth US$ 14 billion in 2019.
- Europe is likely to remain the largest market for plastic protective packaging with revenues estimated to exceed US$ 4 billion in 2019.
Plastic protective packaging market is expected to witness a relatively faster growth in East Asia, as China continues to gain significance as attractive hub for packaging manufacturers, upheld by growing demand from the electronics industry.
What are the Key Growth Drivers of Plastic Protective Packaging Market?
- Plastic continues to be the widely used material in protective packaging across various industries, with introduction of advanced materials such as polypropylene that provide high barrier and temperature resistance, thereby, protecting packaged products from harsh environments.
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- Adoption of flexible packaging in the food and beverage, including pouches, bags, sleeves, shrink films, and tubes, owing to their low weight, flexibility, and durability properties, will continue to create growth opportunities for the plastic protective packaging market.
- With significant growth in the construction and electronics sector, air cushion and bubble packaging have emerged as the viable protective packaging solution for the products ranging from lightweight, delicate objects such as ceramics and housewares, to heavier electronic components and glassware.
- Bubble products being the most versatile protective packaging, manufacturers are offering multiple configuration, inflated bubble packaging with various grades that adjust the size of bubble as per the product. Moreover, recycled materials are also being used to produce modern inflated bubble products.
- With an increasing number of consumers opting for online shopping, companies have started focusing on offering protective packaging solutions such as bubble packaging, plastic stretch, and air cushions to ensure the protection of goods during shipping and transportation. According to the US Department of Commerce estimate in 2018, consumers spent $513.6 billion on online shopping, up 14.2% from 2017.
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What are the Key Challenges in the Plastic Protective Packaging Market?
- Sustainable sourcing of recycled materials in protective packaging remains a key challenge for the plastic protective packaging manufacturers. Moreover, stringent government regulations on plastic waste are also driving the demand of environmentally-friendly materials in protective packaging.
- Increased volatility in raw material prices over the past few years has emerged as the longstanding challenge in the plastic protective packaging market. Moreover, manufacturers in plastic protective packaging market are under the constant pressure to reduce process scrap as it is difficult to recover the cost of lost material from customers.
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