Protective Packaging Market to Grow at a CAGR of 5.3% by 2026
In 2015, the global sales of protective packaging products exceeded 14 million tons in volume, with flexible products accounting for two-third of these revenues. The demand for flexible protective packaging products is expected to dominate the global market throughout the forecast period. The growth of global e-commerce industry is playing an instrumental role in consumption of flexible protective packaging products. Almost every other product sold online requires a protective wrapping that can cover various types of surfaces and object shapes. Integration of void fill and wrapping processes for packaging operations in the e-commerce business will continue to prompt higher sales of flexible protective packaging products. On the other hand, the combined market share of rigid and foam products in the global protective packaging market is likely to be lesser than 35% through 2026.
According to Future Market Insights report, titled “Protective Packaging Market: Global Industry Analysis & Opportunity Assessment, 2016-2026,” growth of the global market for protective packaging will be defined by factors such as increasing need for inflatable packaging, rising preference for paper-based packaging products and active participation of third-party logistic companies. Key findings compiled in the report have estimated that the global protective packaging market, which is currently worth nearly US$ 25 billion market value, will expand at a steady CAGR of 5.3% and reach US$ 41,822.8 million value by the end of 2026.
Scrapped protective packaging products being dumped as waste remains a key challenge for manufacturers globally. Growing consumption of protective packaging products is adversely affecting the environment as these products become futile after their packaging use. Incessant dumping of such discarded protective packaging products is compelling regional regulatory bodies to induce strict recycling protocols for market players.
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Global Protective Packaging Market: Leading Players
Sonoco Product Company and Packaging Corporation of America are among the leading eight companies that collectively account for more than 17% share of the global market. A comprehensive analysis on the competitive landscape of the global protective packaging market indicates that a majority of global company share analysis is fragmented into dozens of local or regional market players. Companies such as Sealed Air Corporation, Ranpak Corp., Cascades Inc., Storopack Hans Reichenecker GmbH, ACH Foam Technologies, Inc., Advanced Protective Packaging Ltd. and Pregis Corporation, are globally recognized as leading manufacturers of protective packaging products. On the other hand, global chemicals giant such as BASF SE is also profiled as a key player in the global protective packaging market as the company’s performance materials division has been associated with packaging businesses by manufacturing engineering plastics, high-performance foams, and biodegradable polymer materials.
Key Regional Insights
North America and Asia Pacific excluding Japan (APEJ) to remain dominant regions in the global protective packaging market.
By 2026, protective packaging sales from Western Europe and APEJ region will collectively account for almost half of global revenues.
In 2015, North America’s protective packaging market accounted for sales of more than 3,600 thousand tons of volume.
Japan’s protective packaging market size is expected to reach US$ 2,861 million value by the end of forecast period.
Over the forecast period, growth of the protective packaging market in Latin America and Eastern Europe will incur a minor impedance.
In revenue terms, the protective packaging market in Middle East & Africa (MEA) is projected to expand at 5.6% CAGR.
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Paper & Plastic: Ideal Materials for Void Fill Packaging Functions
Blocking & bracing, cushioning, insulation, wrapping and void fill are identified as the chief packaging functions in the global market. Manufacturers of protective packaging products will continue concentrating their production in accordance to prominence of such functions. In 2015, wrapping and void fill functions collectively accounted for sales of over 7,500 thousand tons of protective packaging products. About 27% of global market value during the forecast period will be accounted by sales of protective packaging products for void fill processes. As a result, the use of paper and plastics such as bubble wrap as packaging materials for void fill function is expected to surge through 2026. By the end of forecast period, over US$ 35 billion revenues in the global protective packaging market will be garnered from the combined global sales of plastic and paper materials.
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