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Explained Report: How COVID-19 has affected the Global Packaging and Protective Packaging market
Packaging and Protective Packaging market
Check out How COVID-19 impact on the Packaging and Protective Packaging Market. Speak to Analyst @ https://www.researchdive.com/connect-to-analyst/16
With the increasing popularity of online shopping or advancement of drone technology, the protective packaging market has experienced a massive growth in recent years.
Recent Advances in the Industry
According to a recent report by Research Dive, the key players of the global packaging and protective packaging market include WestRock Company, Placon, Sonoco Products Company, Sealed Air, Dow, Packaging Corporation of America, Pregis LLC., Pacific Conveyor Systems, Automated Packaging Systems, Inc., Universal Protective Packaging, Inc., Robert Bosch Packaging Technology GmbH, 3M, and many others.
These market players are focusing on developing to obtain the highest market size. These smart strategies include upgradation of current technology, product innovation and launches, partnerships, collaborations, mergers and acquisitions.
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Some developments in the industry are mentioned below:
• According to a press release, WestRock Company, a leading provider of differentiated paper and packaging solutions successfully completed the acquisition of KapStone Paper and Packaging Corporation in 2018.
This acquisition was aimed to achieve approximately $200 million in synergies and performance improvements by the end of fiscal year 2021. In addition to fortifying WestRock’s presence on the West Coast of the United States, the acquisition has also broadened WestRock’s portfolio of differentiated paper and packaging solutions.
• In May 2019, Sealed Air made an agreement for $510 million to acquire Automated Packaging Systems (APS), a US-based producer of automated bagging systems. Sealed Air mentioned in the press release that the acquisition will enable additional growth by providing benefit from cross-selling opportunities.
• Sonoco is considered one of the largest sustainable, diversified global packaging companies. Recently, it has made an announcement about the launch of its EnviroSense™ sustainable packaging initiative. EnviroSense products are innovative packaging made from agricultural fibers. EnviroSense products are designed in such way that they can integrate a number of elements associated with more sustainable packaging. Reduced environmental impact, amplified use of recycled content, optimized package-to-product ratio and shipping optimization, fiber sourcing, recyclability, compostability, and the use of bio-based materials are the major attributes of this product.
• Sonoco has recently joined an international industry association with 4evergreen. This alliance is aimed to enhance the growth of the fiber-based packaging to construct a circular and more maintainable economy that diminishes climate change impacts.
The alliance represents the European paper industry. Launched by Cepi, the alliance aims to spread alertness about the aids of fiber-based packaging materials, ocate for European legislation supporting product design for recyclability and stimulate the development of optimized collection systems and appropriate recycling infrastructures.
• Warburg Pincus, a leading global private equity firm is going to acquire Pregis LLC. Based on Stamford, Connecticut, Pregis LLC is a leading protective packaging materials and automated systems manufacture. The amount for this acquisition has not yet been disclosed.
Conclusion
Coronavirus outbreak has impacted the packaging industry in a mixed way. There is an increase in for packaging for groceries, healthcare products, and e-commerce transportation after the lockdown has lifted. On the other hand, demand for luxury, industrial, and some B2B transport packaging are experiencing decline. The impact on packaging players will depend on their portfolios and exposures to different regions, end uses for packaging, and substrates post the pandemic.
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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