Packaging Products Market Expected to Reach $36.3 Billion by 2032

According to a new report published by Allied Market Research, titled, “Packaging Products Market," The packaging products market was valued at $24.4 billion in 2022, and is estimated to reach $36.3 billion by 2032, growing at a CAGR of 4.1% from 2023 to 2032.

The global packaging product market is growing due to technological advancements and e-commerce. The tapes segment, which accounts for over three-fourths of market revenue, is expected to grow faster. Sustainable technologies, customization, branding, and e-commerce are key trends for the packaging product market growth. The steel strapping segment is projected to grow at a CAGR of 5.6% from 2023 to 2032. The Asia-Pacific region is expected to dominate the market by 2032, accounting for over two-fifths of market revenue. The region's rapid industrialization and urbanization, along with the presence of e-commerce giants like Amazon and Flipkart, are positively impacting the packaging product market.

Introduction

Packaging products include various materials and tools, essential for securing and protecting goods during transportation, handling, and storage. The packaging products includes plastic strapping, stretch wrapping, steel strapping, and tapes, which play a crucial role in ensuring safety, security, and integrity of packaged goods across diverse industries. These essential packaging materials and tools enable efficient handling, transportation, and storage of products, contributing to the smooth functioning of supply chains and the overall economy.

Plastic strapping, made from materials such as polypropylene or polyester, offers versatility and strength in securing packages of various sizes and shapes. Its flexibility allows for effortless application and adaptation to different packaging needs, while its durability ensures reliable containment during transit. In industries such as logistics, agriculture, and manufacturing, plastic strapping is indispensable for bundling products together, reinforcing cartons, and palletizing goods for efficient handling and shipping.

Stretch wrapping, utilizing stretchable plastic films, provides a protective barrier around individual items or palletized loads, safeguarding them from dust, moisture, and tampering. The elasticity of the film enables tight and secure wrapping without compromising the integrity of the packaged goods. Widely utilized in warehouses, distribution centers, and retail environments, stretch wrapping enhances the stability of loads during transportation and storage, minimizing the risk of damage and ensuring product freshness.

Market Dynamics

Developments in e-commerce have boosted the demand for secure packaging solutions, such as plastic strapping, stretch wrapping, steel strapping, and tapes, which ensure the safe transit of goods online. The globalization of supply chains has also increased the need for these products, providing stability, protection, and tamper resistance during international trade. Technological advancements in materials and manufacturing processes have enhanced the performance and efficiency of these products, with eco-friendly materials, smart packaging, and automation contributing to the market growth. There is growing focus on sustainable packaging practices as environmental concerns rise, presenting an opportunity for the market to develop sustainable alternatives. These versatile packaging products are used in various industries, including manufacturing, logistics, agriculture, and retail, making them indispensable tools in various sectors.

The environmental impact of traditional plastic materials is a significant challenge in the packaging industry. Increased scrutiny and regulations on single-use plastics may lead to a shift towards sustainable alternatives, impacting the demand for conventional plastic strapping and wrapping materials. The cost of high-quality packaging materials, particularly steel strapping, can be limiting for some businesses, affecting market penetration. Alternative packaging solutions, such as reusable containers and biodegradable packaging, are also gaining traction, attracting businesses seeking environmentally friendly alternatives.

The packaging products market presents an opportunity for innovation in sustainable materials, customization, and integration of smart technologies. The growing focus on sustainability allows for the introduction of eco-friendly materials for strapping, wrapping, and tapes, aligning with changing consumer preferences and regulatory requirements. Customization and specialization can create a competitive edge by catering to niche applications. Smart packaging solutions, such as RFID tags and sensors, offer enhanced tracking, monitoring, and security, offering added value and differentiation. The global expansion of manufacturing facilities and distribution networks also presents a global opportunity for the growth of the packaging products market.

Segments Overview

The packaging products market is segmented into product type 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 packaging products market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of product type, the tapes segment dominated the packaging products market in 2023, while the steel strapping segment is expected to be the fastest-growing segment with a CAGR of 5.6% during the forecast period.

Steel strapping, renowned for its strength and resilience, is ideal for securing heavy-duty or high-value items that require maximum protection during transit.

Commonly used in industries such as construction, metals, and lumber, steel strapping offers superior tensile strength and resistance to harsh environmental conditions, making it indispensable for securing loads subjected to rough handling or long-distance shipping. Its durability and reliability make it a preferred choice for securing loads with high-tension requirements.

Tapes, available in various materials such as polypropylene, PVC, or paper, serve multiple functions in packaging, from sealing cartons to bundling items and marking packages for identification. Pressure-sensitive adhesive tapes offer convenience and efficiency in securing packages without the need for additional tools or equipment. Specialty tapes, such as double-sided tapes or reinforced tapes, cater to specific packaging requirements, providing enhanced strength and adhesion for securing heavy or irregularly shaped items.

Regional Analysis

On the basis of region, Asia-Pacific dominates the market, accounting for more than two-fifths of the market share in 2022. Furthermore, Asia-Pacific is also the fastest growing market due to the presence of major developing countries in the region. High presence of packaging products manufactures in China, India, Japan, and others propel the development of the packaging product market growth in the Asia-Pacific region.

The key players operating in the global packaging product 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.

Key Findings of the Study

• By product type, the tapes segment dominated the market accounting for more than three-fourths of the market share in 2022.
• By product type, the steel strapping segment is expected to be the fastest growing segment growing with a CAGR of 5.6% from 2023-2032.
• By region, Asia-Pacific is expected to dominate the market during the forecast period.