Packaging and Protective Packaging Market by Material (Paper & Paperboard, Rigid Plastics, Flexible, Metal, Glass, and Others), Function (Cushioning, Blocking & Bracing, Void-fill, Insulation, Wrapping, and Others), and Application (Food, Beverage, Healthcare, Cosmetics, Industrial, and Other Consumer Goods): Global Opportunity Analysis and Industry Forecast, 2017-2023

Portland, OR -- (SBWire) -- 11/25/2017 --The global packaging and protective packaging market was valued at $757 billion in 2016, and is expected to reach $1,014 billion by 2023, registering a CAGR of 4.3% from 2017 to 2023. Packaging and protective packaging is a wrapping or container made of plastic, paper, wood, metal, or glass used to store products temporarily to protect and extend their shelf life. This packaging protects the product from atmospheric, magnetic, electrostatic, vibration, or shock damage during shipping and storage.

It also retains the freshness, flavor, and efficacy of the food products for a longer duration by protecting them from water, oxygen, dust, and microorganisms. Packaging and protective packaging includes roller stock, wrap, thermoform container, bubble packaging, protective mailer, air pillow, paper fill, corrugated box, molded pulp, insulated shipping container, paperboard protector, molded foam, foam-in-place, and loose fill.

The food industry is the largest consumer of packaging and protective packaging. According to the Food and Agriculture Organization of the United Nations, roughly one-third of food produced for human consumption is wasted globally. Thus, packaging, such as insulated shipping container, corrugated box, wrap, roll stock, thermoform container and others, plays a crucial role to increase the durability and efficacy of food products.

Packaging provides safe and efficient transport of pharmaceuticals, biologics, vaccines, and other temperature-sensitive products. Volatile corrosion inhibiting (VIC) foams, foam laminated containers, rigid steel racks, folding cartons, dunnage, and various foam pallets are used to protect industrial products, such as earthmoving equipment, construction elevators, metal bodies, and other equipment, from corrosion during shipment and storage. Other consumer products such as electronics devices and household appliances are protected using corrugated boxes, paperboard protectors, bubble packaging, air pillows, molded foams, and loose fills.

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Consumers now purchase more products online than in stores. The growing internet and mobile handset penetration in emerging economies, such as China, India, Brazil, Indonesia, Mexico, and others, has led to increase in online shopping. The growth of e-commerce sales is expected to be the main driver for global packaging and protective packaging market. Third-party logistic companies make use of packaging for safe distribution of fragile, perishable, high, or low value-added products to customers.

Thus, increase in participation of third-party logistic companies and improvement in manufacturing activities to meet the high demand of the rising population are expected to fuel the market. Butane emissions released from the polyethylene foam products during the manufacturing and curing processes can be quantified as volatile organic compound (VOC) emissions. Most of packaging in use are composed of plastics and plastic foam, which do not decompose and cannot recycled, leading to generation of large amount of waste, which pollute the environment.

Thus, stringent government regulations towards VOC and packaging waste may hamper the market growth. Increase in R&D activities by various market players to produce biodegradable packaging is expected to present new opportunities for the packaging manufacturers.

In 2016, paper & paperboard packaging accounted for the highest share in the global packaging and protective packaging market, and is expected to maintain its dominance during the forecast period. Rapid growth of manufacturing sector in Asia-Pacific is expected to significantly contribute towards market growth. Rapid growth of food and electronics industries, and a booming e-commerce sector, specifically in China and India, are expected to further propel this market growth.

The global packaging and protective packaging market is segmented based on material, function, application, and geography. By material, the market is classified into paper & paperboard, rigid plastics, flexible, metal, glass, and others. By function, the market is divided into cushioning, blocking & bracing, void-fill, insulation, wrapping, and others (vibration dampening, moisture protection, UV & weather resistance, and fireproofing). By application, it is categorized into food, beverage, healthcare, cosmetics, industrial, and other consumer goods. The market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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The major players profiled in this study include:
- Smurfit KAPPA Group PLC
- Rocktenn Company
- Sealed Air Corporation
- Sonoco Products Company
- Huhtamaki OYJ
- DS Smith PLC
- Pregis Corporation
- Pro-Pac Packaging Limited
- Storopack Hans Reichenecker GmbH
- The DOW Chemical Company

KEY BENEFITS FOR STAKEHOLDERS
- The report provides an in-depth analysis of the current trends, drivers, and dynamics of the global packaging and protective packaging market to elucidate the prevailing opportunities and potential investment pockets.
- It offers qualitative and quantitative analyses for the period of 2016-2023 to assist stakeholders to understand the market scenario.
- In-depth analysis of the key segments demonstrates the types of material used for packaging and protective packaging and their applications.
- Competitive intelligence of the industry highlights the business practices followed by key players across geographies and the prevailing market opportunities.
- Key players are profiled with their strategies and developments to understand the competitive outlook of the industry.