Evolving Regulatory Framework and Consumer Requirements to Influence Market Growth
The packaging sector is heading down the sustainable and environment-friendly lane due to the evolving regulatory landscape, government regulations, and increasing consumer awareness pertaining to the ill effects of unsustainable packaging waste. Regulatory bodies, in accordance with companies and retailers operating across the fast-moving consumer goods sector, are seeking novel packaging solutions that are in line with the modern-day sustainability objectives. Plastics corrugated packaging has gained considerable traction over the past decade, particularly due to the exponential rise of the eCommerce sector due to which, the global plastics corrugated packaging market witnessed considerable development in recent years.
Players involved in the current global plastics corrugated packaging market are increasingly focusing on the discovery of novel and innovative packaging solutions and systems. The evolving global plastics corrugated packaging market landscape is expected to open up new avenues for market players and provide new merger & acquisition and partnership opportunities. Moreover, in the wake of the mounting environmental concerns and sustainability challenges, the global plastics corrugated packaging market is anticipated to witness some major changes during the forecast period.
The increasing demand for plastics corrugated packaging from the food & beverages sector, along with the consistent expansion of end-use industries is expected to drive the global plastics corrugated packaging market in the forthcoming decade. At the back of these factors, along with the increasing emphasis on minimizing packaging leakage and damage, the global plastics corrugated packaging market is expected to witness significant growth during the forecast period.
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Booming eCommerce Sector to Bolster Market Growth
The demand for plastics corrugated packaging has witnessed consistent growth due to a host of factors including the onset of cutting-edge digital printing technologies and the booming eCommerce industry. The global plastics corrugated packaging market offers critical services to businesses as well as individuals around the world– a factor that is slated to fuel market growth during the assessment period. Plastics corrugated boxes mainly cater to the demands of various end-use sectors, such as pharmaceuticals, food & beverages, tobacco, and durable goods.
The eCommerce sector has played a key role in revolutionizing the global plastics corrugated packaging market. As the eCommerce sector around the world is likely to expand at a steady pace in the upcoming years, the demand for plastics corrugated boxes is expected to remain high. While the number of eCommerce transactions, orders, and sales continue to move in the upward trajectory, market players are projected to rely on tried and testing packaging alternatives to attain these objectives.
Advancements in digital printing services and technologies are estimated to bolster the growth of the global plastics corrugated packaging market during the assessment period. The ability to personalize the various packaging systems is one of the key factors that is expected to provide a solid boost to the plastics corrugated packaging market during the assessment period.
Sustainable Packaging Initiatives and Innovative Food Packaging Solutions to Impact Market Growth
A number of packaging companies and stakeholders involved in the global plastics corrugated packaging market is expected to focus on product innovation and development to ensure compliance with regulatory guidelines. Furthermore, the increasing number of sustainable packaging initiatives and consumer uncertainty pertaining to the use of plastic could potentially have a negative impact on the growth of the global plastics corrugated packaging market. In September 2019, Amazon India announced that the company is increasingly focusing on minimizing the use of single-use plastic in the upcoming years. The increasing focus on minimizing the utilization of plastic across the packaging sector is projected to have a negative impact on the global plastics corrugated packaging market.
COVID-19 Pandemic to Positively Impact Global Market
The outbreak of the COVID-19 pandemic is expected to have a positive impact on the overall growth of the global plastics corrugated packaging market in 2020. The increasing demand for COVID-19-related drugs due to the swelling number of cases worldwide is projected to augment the demand for efficient plastics corrugated packaging across the pharmaceutical sector. In addition, due to stringent lockdown measures and transportation restrictions, the eCommerce sector has remained in the spotlight throughout 2020, as consumers continue to purchase a wide range of goods and commodities from eCommerce platforms. Due to this, the demand for plastics corrugated packaging is on the rise.
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Plastics Corrugated Packaging Market: Overview
- According to Transparency Market Research’s latest report on the global plastics corrugated packaging market for the forecast period of 2020-2028, the market is estimated to grow due to the demand from automobile, building & construction, and personal care industries
- The global plastics corrugated packaging market is expected to expand almost twice the current market share during the forecast period. Plastics corrugated packaging has anti-slip properties and enhance the aesthetics of surfaces, which is likely to increase the sales of plastics corrugated packaging in the years to come.
Need for Protective Packaging in eCommerce Sector Augmenting Market Growth
- Demands from various brand owners are now being strongly felt by the packaging industry, as those brands now are in the need of secondary packaging to promote their business more intensely. This increases the requirement for manufacturers to produce corrugated plastic packaging solutions with high quality graphic design. These brand owners are grabbing opportunities through better engagement and involvement with their customers, which are driving marketing and encouraging repeat-business for attracting new customers.
- Moreover, safe and secured product delivery is the major concern of the eCommerce industry. Therefore, end users are emphasizing on protective packaging through plastic corrugated sheets and liners, which has capacity to withstand sudden jerks.
- According to TMR analysis, global online sales revenue is expected to reach $5.8 Trn by the end of 2023 that will certainly affect packaging demand and especially it will create demand for the corrugated plastic packaging products as it represents more than 70% of demand in the eCommerce sector.
Spill-proof and Non-contaminated Food and Beverage Delivery Creating Growth Opportunities
- Advancements in food processing and food packaging play a key role in boosting the plastics corrugated packaging market sales in the world. TMR team analysed that the global food industry contributes more than 52% market share. The increasing consumption of ready-to-go food products, changing lifestyles, rapidly evolving consumer habits, and ease of access are pushing the global food market to grow, which, in turn, is driving the plastics corrugated packaging market growth.
- Increased per capita personal disposable income has given birth to consumer preference on packaged food over other food. This change in consumer behavior has led to the production of more packaged food. Various Quick Service Restaurants (QSRs) such as KFC, McDonalds, are gaining traction due to its upsurge food quality and on-time delivery phenomenon.
- Furthermore, consumers are highly conscious about spill-proof and non-contaminated food delivery amid COVID-19. Unlike paper packaging, plastic corrugated packaging has good water resistance and ensures leakage safety. Moreover, such packaging solutions are made of FDA approved material, which further reduces chances of contamination due to chemical reactions.
Plastics Corrugated Packaging Market: Key Findings
- Among materials, the polyethylene segment is estimated to account for nearly 34% value share by the end of 2020 and is likely to expand 1.3 times of current market value by 2030
- Folding boxes segment is projected to hold more than 1/4th share of the global market during 2020-2028
- Demand for plastic corrugated packaging in food & beverages industry is expected to upsurge over the next eight years, attributing to increasing concern of safe and hygienic packaging of consumable products
- Europe market is anticipated to outpace other regions with the prominent market share and maximum incremental opportunity. However, Asia Pacific market is anticipated to lead during the forecast period.
Plastics Corrugated Packaging Market: Competition Landscape
- TMR analysed that the global plastics corrugated packaging market is highly competitive, owing to a large number of local players in the market. This competition among key players is carefully studied based on developments, strategies, and segmental revenue of the company.
- TMR group includes outlines of key players in the latest plastics corrugated packaging market study. These are
- DS Smith Plc
- Dynapac Co. Ltd
- FlEXcon Company, Inc.
- Söhner Kunststofftechnik GmbH
- Technology Container Corp
- Minnesota Diversified Industries, Inc
- American Containers Inc.
- Yamakoh, Co., Ltd.
- Samuel Grant Packaging
- Amatech Inc.
- Dongguan Jianxin Plastic Products Co., Ltd.
- ORBIS Corporation
- Androp Packaging, Inc.
- Shish Industries Limited
- Mills Industries
- Classic Enterprises Pvt Ltd Packman Packaging Private Limited
- Siddhiplast by suninfy.
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