The global protective packaging market is projected to grow at a steady CAGR of 5.3% and reach US$ 41,822.8 million value by the end of 2026.
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 driving demand. 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. The combined market share of rigid and foam products in the global protective packaging market is likely to be lesser than 35% through 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.
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. 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.
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.