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2024

Packaging Products Market

Packaging Products Market Size, Share, Competitive Landscape and Trend Analysis Report by Product Type : Global Opportunity Analysis and Industry Forecast, 2023-2032

MC : Advanced Materials

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Author's: Marpu Vinod | Eswara Prasad
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Packaging Products Market Research, 2032

The global packaging products market was valued at $24.4 billion in 2022, and is projected to reach $36.3 billion by 2032, growing at a CAGR of 4.1% from 2023 to 2032. Innovations in the packaging industry continue to evolve, driven by rise in demand for efficiency, sustainability, and product differentiation. Eco-friendly alternatives, such as biodegradable and recyclable strapping materials, are gaining popularity as businesses increasingly focus on environmentally conscious packaging solutions.

Packaging Products Market

The global packaging products market is experiencing growth due to several factors such as growth in e-commerce and rise in innovations in packaging technology. However, fluctuating raw material prices of packaging products limit the market expansion. Furthermore, rise in adoption of sustainable practices provides lucrative opportunities for growth in the packaging products industry.

Key Takeaways

  • The global packaging products market is highly fragmented, with several players including Berry Global Inc., National Industries Inc., Pacific Steel strapping corporation, Polymer Group Inc., Signode Industrial Group LLC, FROMM Group, Hangzhou Youngsun Intelligent Equipment Co., Ltd, 3M, Tesa SE, and Saint-Gobain.
  • More than 6,765 product literatures, industry releases, annual reports, and other such documents of major industry participants along with authentic industry journals, trade associations' releases, and government websites have been reviewed for generating high-value industry insights.
  • The study covers more than 20 countries across the globe in terms of value during the forecast period 2022-2032 is covered in the packaging products market report.

Introduction

Packaging products are used to protect and present goods for storage, distribution, sale, and use. They serve several purposes, including protection from damage, preservation of perishable goods, marketing to attract consumers, and convenience for retailers and consumers. They protect items from environmental factors, extend shelf life, and communicate product information to consumers. Packaging also helps differentiate brands through design, labeling, and branding elements.

The packaging products market includes a diverse range of materials and solutions, each catering to specific needs in industries. Plastic strapping, stretch wrapping, steel strapping, and tapes are essential components of the market, offering functionality, durability, and security in various packaging applications.

Plastic strapping is a widely used packaging solution known for its strength and versatility. It is commonly used in securing and bundling items for transportation, ensuring that products reach their destination without damage. Plastic strapping is available in various forms, including polypropylene and polyester, providing options for distinct levels of strength and flexibility based on the specific requirements of packaged goods.

Stretch wrapping is another key segment in the packaging industry, particularly in palletized loads. It involves wrapping a stretchable film around products to secure them together, offering stability during transportation and storage. This method is efficient, cost-effective, and enhances the protection of goods from dust, moisture, and tampering.

Steel strapping provides robust and heavy-duty packaging solutions, often used for securing heavy loads or sharp-edged items. Its strength and durability make it suitable for applications where extra security and resistance to external factors are crucial. Industries such as construction, metalworking, and shipping rely on steel strapping to ensure the integrity of their packaged goods.

Tapes, including adhesive tapes and specialty tapes, play a multifaceted role in the packaging products market. Adhesive tapes are commonly used for sealing boxes and cartons, providing a reliable and convenient method for securing packages. Specialty tapes may include options such as double-sided tapes, reinforced tapes, or tapes with specific adhesive properties tailored to the unique requirements of different industries.

Market Dynamics

The packaging products market is influenced by factors such as developments in e-commerce, globalization of supply chains, and increased emphasis on sustainability. As businesses seek cost-effective and sustainable packaging solutions, plastic strapping, stretch wrapping, steel strapping, and tapes segments are expected to witness continued growth and adaptation to emerging trends in the packaging product industry. Companies operating in this sector are likely to invest in R&D to meet evolving customer demands and adhere to environmental standards, ensuring continued relevance and success of the packaging products market.

Fluctuating raw material prices of plastic are expected to restrain the growth of the packaging products market. Fluctuating raw material prices pose challenges for industries relying on packaging products, such as personal care, and others. Prices of these materials fluctuate and are projected to impact production costs and, in turn, influence pricing strategies for the final products. Companies in the packaging product sector often need to manage and mitigate the effects of raw material price volatility by implementing strategies such as hedging, negotiating long-term contracts, or diversifying their supplier base.

Segments Overview

The packaging products market is segmented into product types and region. On the basis of product type, the market is divided into plastic strapping, stretch strapping, steel strapping, and tapes. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Packaging Products Market by Product Type

On the basis of product type, the tapes segment dominated the packaging products market in 2022. The e-commerce industry has witnessed significant development in recent years. The e-commerce industry plays a pivotal role in driving the demand for packaging products. The surge in population and urbanization led to a surge in the demand for e-commerce, which positively impacts market growth. As a result, packaging products such as tapes are essential components in protecting products.

Packaging Products Market by Region

On the basis of region, Asia-Pacific dominated the packaging product market in 2022. The Asia-Pacific region is a major consumer base for packaged goods, leading to a thriving packaging industry, with a large population and rapidly growing economies such as China, India, Japan, and South Korea. The region's lower labor costs and favorable regulatory environments have attracted multinational companies to establish manufacturing facilities. As major exporters, these countries offer efficient production capabilities and competitive pricing, making them a preferred sourcing destination for international brands and retailers. Technological advancements in the region have improved quality, sustainability, and efficiency of packaging products. Infrastructure development in transportation, logistics, and supply chain has strengthened the region's position as a global packaging hub. The growing awareness of environmental issues and sustainability has driven demand for eco-friendly packaging solutions, prompting Asia-Pacific manufacturers to develop sustainable materials and practices.

Competitive Analysis

The major players operating in the packaging products market include Berry Global Inc., National Industries Inc., Pacific Steel strapping corporation, Polymer Group Inc., Signode Industrial Group LLC, FROMM Group, Hangzhou Youngsun Intelligent Equipment Co., Ltd, 3M, Tesa SE, and Saint-Gobain.

Recent Developments in Packaging Products Industry:

  • In March 2024, Berry Global Group increased the recycling capacity of flexible films across three of its European recycling facilities. This latest investment in capacity and the ability to include high-quality recycled content in films enables the firm to meet the market demand. Furthermore, it also enables the firm to meet current and future legislative requirements.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the packaging products market analysis from 2022 to 2032 to identify the prevailing packaging products market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the packaging products market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global packaging products market trends, key players, market segments, application areas, and market growth strategies.

Packaging Products Market Report Highlights

Aspects Details
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Market Size By 2032

USD 36.3 billion

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Growth Rate

CAGR of 4.1%

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Forecast period

2022 - 2032

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Report Pages

205

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By Product Type
  • Plastic Strapping
  • Stretch Wrapping
  • Steel Strapping
  • Tapes
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
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Key Market Players

Hangzhou Youngsun Intelligent Equipment Co., Ltd, Polymer Group Inc., Pacific Steel Strapping Corporation, Tesa SE, Berry Global Inc., signode industrial group llc, National Industries Inc., FROMM Group, 3M Company, Saint-Gobain

Analyst Review

According to the opinions of various CXOs of leading companies, the packaging products market was dominated by the tapes segment in 2022.

Surge in e-commerce development contributes to the growth of the packaging products market, including strapping and wrapping products. As transportation infrastructure projects increase, there is surge in the utilization of e-commerce services, which leads to rise in demand for the packaging products to improve the safety and longevity of the products.

Fluctuating raw material prices of plastic restrain the growth of the packaging products market. The volatility in raw material prices puts a significant restraint on the expansion of the market. E-commerce has emerged as a dominant force in the retail sector, and this paradigm shift necessitates innovative packaging solutions. CXOs prioritize packaging as a crucial element in brand representation and customer experience, focusing on creating packaging solutions that enhance unboxing experiences and leave lasting impressions.

Consumer awareness and environmental concerns have reshaped packaging expectations, necessitating a strategic vision aligning products with eco-friendly materials and waste reduction, aiming to be leaders in eco-conscious packaging alternatives. The major company focuses on providing customizable packaging solutions to cater to diverse industries' unique needs. They are investing in smart packaging technologies like Radio Frequency Identification (RFID) and IoT for real-time tracking and data-driven insights. They face challenges such as raw material costs and supply chain disruptions, focusing on building resilient supply chains.

Author Name(s) : Marpu Vinod | Eswara Prasad
Frequently Asked Questions?

$36.3 billion is the estimated industry size of packaging products market in 2032.

Sustainable packaging, smart packaging, personalized packaging, E-commerce packaging, and minimalist packaging are the upcoming trends of Packaging Products Market in the world

Tapes is the leading product type of Packaging Products Market in 2023.

Asia-Pacific is the largest regional market for packaging products market in 2023.

Berry Global Inc., National Industries Inc., Pacific Steel strapping corporation, Polymer Group Inc., Signode Industrial Group LLC, FROMM Group, Hangzhou Youngsun Intelligent Equipment Co., Ltd, 3M, Tesa SE, and Saint-Gobain are the top companies to hold the market share in Packaging Products.

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Packaging Products Market

Global Opportunity Analysis and Industry Forecast, 2023-2032