Published Date: 30-Sep-2022
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According to a new report, published by KBV research, The Global Protective Packaging Market size is expected to reach $41.4 billion by 2028, rising at a market growth of 5.6% CAGR during the forecast period.
The Flexible segment acquired maximum revenue share in the Global Protective Packaging Market by Type in 2021 thereby, achieving a market value of $20.7 billion by 2028. It is due to the rising need for materials that are affordable and recyclable. In addition, the convenience offered by this kind of packaging is one of the core aspects, which can enhance consumer satisfaction and thus, more companies are opting for this kind of packaging.
The Industrial Goods segment is showcasing CAGR of 3.7 % during (2022 - 2028). The market is being driven by the industrial sector's explosive growth in addition to the transportation of goods for the production of machinery, electrical, and aeronautical goods. Consumer goods are final goods which are marketed to and utilized by people, whereas industrial goods are raw materials utilized in the creation of other goods.
The Foam Plastics segment is leading the Global Protective Packaging Market by Material in 2021, thereby, achieving a market value of $17 billion by 2028. It is due to the products' lightweight, robust thermal insulation, and shock-absorbing properties, which are appropriate for protective packaging. In addition, resin which has been foamed up with air bubbles is known as foamed plastic.
The Void Fill segment has shown the growth rate of 6.3% during (2022 - 2028). Materials for filling voids in packages are frequently utilized because they may be filled rapidly and cheaply. When the products are being stored or shipped, rigid products are intended to shield, cushion, and function as an insulator. Paper filler known as "Void Fill" is utilized to fill empty spaces in shipping boxes and secure goods.
The Asia Pacific market dominated the Global Protective Packaging Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $14.9 billion by 2028.The Europe market is exhibiting a CAGR of 5.1% during (2022 - 2028). Additionally, The North America market would showcase a CAGR of 4.9% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Huhtamaki Oyj, Sonoco Products Company, Sealed Air Corporation, Smurfit Kappa Group plc, The Dow Chemical Company, WestRock Company, DS Smith Plc, Pregis LLC, Pro-Pac Packaging Limited, and Intertape Polymer Group Inc.
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