Global Protective Packaging Market: Key Highlights
Global Protective Packaging Market: Key Market Dynamics
Global Protective Packaging Market: Regional Overview
The Asia Pacific is an expected prominent market region, owing to the strong presence of manufacturer suppliers of protective packaging. Growing household appliances, rising consumer electronics, and increasing population are some of the other factors expected to drive the market growth. Moreover, the online shopping trend at a large number of consumers is realizing and appreciating the many advantages it offers. This can be attributed to the internet penetration, the demand for purchasing online boils down to lower prices, convenience and the availability of greater options.
In Europe, protective packaging is expected to grow at a steady growth during the forecasted period. This is attributed to the e-commerce sector which has established a significant sales forum for a wide range of products such as home & beauty care products, consumer electronics, and food & beverage. According to The Centre for Retail Research Limited, the total online retail sales in Europe was USD 264.46 billion in 2018 and is expected to increase in the forecast period. Thus, the rise in online sales will drive the market for protective packaging solutions in order to ensure the safety of the product during storage and shipment.
Global Protective Packaging Market: Key Players Overview
Sonoco Products Company was incorporated in 1899, is one of the global providers of a variety of consumer packaging, protective packaging, industrial products, and display & packaging supply chain services. In 2018, the protective solution segment of the company was USD 43 million, comprising 9.8% of the company’s operating sales. In September 2019, the company introduced EnviroSens sustainable packaging initiative. This invented product will help to reduced environmental impact, optimized package-to-product ratio and shipping optimization, increased use of recycled content, recyclability, fiber sourcing, composability, and the use of bio-based materials.
Pregis LLC is engaged in giving packaging solutions to a tough business challenge. The company has a strong network of fabricators, distributors, and converting partners to provide a good service to its customers. Easypack, Sharp, and pregis films are the renowned brands of the company. In June 2019, Pregis LLC has invested in a new 50,000 square-foot innovation headquarters designed to help solve protective packaging challenges.
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