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.
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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.
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.
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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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