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The plastic protective packaging market is expected to surpass revenues worth US$ 14 billion in 2019. Europe is likely to remain the largest market for plastic protective packaging with revenues estimated to exceed US$ 4 billion in 2019. Plastic protective packaging market is expected to witness a relatively faster growth in East Asia, as China continues to gain significance as attractive hub for packaging manufacturers, upheld by growing demand from the electronics industry.
What are the Key Challenges in the Plastic Protective Packaging Market?
- Sustainable sourcing of recycled materials in protective packaging remains a key challenge for the plastic protective packaging manufacturers. Moreover, stringent government regulations on plastic waste are also driving the demand of environmentally-friendly materials in protective packaging.
- Increased volatility in raw material prices over the past few years has emerged as the longstanding challenge in the plastic protective packaging market. Moreover, manufacturers in plastic protective packaging market are under the constant pressure to reduce process scrap as it is difficult to recover the cost of lost material from customers.
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Stretch Wrap to Find Widespread Adoption in Protective Packaging across Industries
Stretch wraps have gained high palpability as an effective packaging solution in recent years, with demand attributed to growth in palletizing and shipping activities, in line with rising purchasing power of consumers and retail activities. Improvement in resin strength and machinery technology used in stretch wrap manufacturing is also likely to expand the application range of stretch wraps in the upcoming years. Multi-layer stretch wraps and films are also gaining popularity across various industries due to the high-strength and customization potential.
Plastic Protective Packaging Market - Competitive Landscape
- Berry Global Group plans to acquire RPC Group for approximately US$ 6.5 billion, including refinancing RPC’s net debt. It plans to create a global plastic and recycled packaging product franchise through this acquisition.
- Smurfit Kappa Group has acquired Balkanpack with an aim to expand its business in Bulgaria. Smurfit Kappa also plans to take over Vitavel, also a Bulgarian manufacturer.
- Sealed Air Corporation has entered into an agreement with Kuraray America, Inc. to offer Plantic, a plant-based food packaging in the US, Mexico, and Sealed Air Corporation’s planned investment of US$24 million is underway and the production is likely to start by Q2/2020.
Key players operating in the plastic protective packaging market include Berry Global Group, Inc., AEP Industries Inc., Intertape Polymer Group Inc., Smurfit Kappa Group, Sealed Air Corporation, Signode Packaging Systems Corporation, Winpak Ltd., Kureha Corporation, PREMIUMPACK GmbH, Flexopack S.A., Schur Flexibles Group, Coveris Holdings S.A., Allfo Vakuumverpackungen Hans Bresele Kg, Kuplast Matejka Kumar S.P., and Buergofol GmbH.
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