In the past-half decade, the growth of the packaging nets market has surged, owing to rise in demand for lightweight packaging material, more so because of increase in cost of logistics. In the long-run forecast period, cost of logistics is set to rise faster than the nominal inflation rate, owing to rise in fuel prices and the competitive labor market across the globe.
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For leveraging the right price action, weight variables comes into play, where overall weight of the product could be reduced by utilization of lightweight packaging materials, such as packaging nets. Also, with steady rise of research & development activities pertaining to innovative manufacturing methods in various sectors, there has been lucrative increase in demand for packaging nets across the globe.
FMR predicts that the global packaging nets market will expand at a steady pace and join the billion dollar club by the year 2030.
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Key Takeaways from Packaging Nets Market Study
- Synthetic packaging nets account for 58% of the total market share, and are predicted to witness steady growth over the coming years.
- North America accounts for the largest and most dominant position in the global packaging nets market, with a value of US$ 277 Mn in 2019.
- The packaging nets market has significant applications in the food segment, with a cumulative share of 66% in the total market.
- The Middle East & Africa market is projected to witness a lucrative boost of 6.8% owing to increasing demand for packaging nets.
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- Extruded packaging nets is the leading segment in the packaging nets market, holding an impressive value of US$ 410 Mn as of 2019.
- The COVID-19 pandemic has led to lockdowns and trade restrictions across regions, which has adversely affected the progress of the global packaging nets market.
“Improvements and technological developments in manufacturing techniques of packaging nets are key drivers of the market,” says a Fact.MR analyst.
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Expansion of Product Portfolio by Key Players
Key players such as SVM international have invested in research & development, facilitating advanced technologies in the packaging nets market, owing to diverse applications of the product. Expansion of product portfolio, including branding and establishment of online channels of business, is predicted to significantly impact the packaging nets market. This is also beneficial in maintaining healthy client relations and expanding client base across different regions.
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