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Plastic continues to be one of the most widely used raw materials in the production of protection packaging materials, and its popularity can be attributed to factors such as high flexibility, cost effectiveness, inert characteristics, and its convenience to logistics operations. These factors are anticipated to play a major role in the expansion of the plastic protective packaging market.
The plastic protective packaging market is expected to result in a growth of revenues accounting for USD 14 billion in 2019. The global market for plastic protective packaging is expected to display a strong CAGR of ~ 6.7 per cent through the forecast period till 2028. The growth can be attributed to the widespread proliferation of plastic in proliferative packaging, and new material innovations.
Stretch Wraps Dominate Plastic Protective Packaging Materials
Stretch wrap is one of the most popular plastic packaging solutions in recent times, with demand being widely attributed to the growth of shipping and palletizing activities, which is in sync with the rising purchasing power of enterprises involved in retail and consumer service activities.
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Improvements in terms of the machinery technology for manufacturing and using stretch wrap is also expected to contribute to the use of stretch wraps in the coming years. The rising use of the material can also be attributed to the popularity of these films in the relatively new, but booming industry of ecommerce.
This trend is especially true with multi-layer stretch wraps and films, which will help in boosting the popularity of these materials in multiple end use industries owing to the high potential of customization and high strength of the material. According to the United States Department of Commerce, the spending on ecommerce has gone up by more than 14 per cent since 2017, and has played a major role in the sustained growth of the industry.
Bubble products are widely considered to be one of the most versatile protective packaging options, and manufacturers have been pushing to provide multiple options including variations in configurations, bubble sizes, and material quality to suit the end application.
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Transition to Sustainable Alternatives Hinders Production and Adoption
The global protective packaging market is rapidly moving to incorporate sustainability initiatives into their operations, with growing environment awareness among consumers and increasing strictness of government regulations, which have strongly impacted the production and use of plastic materials. These factors have been positively influencing the production of environment friendly material alternatives including protective packaging.
On the other hand, increasing capabilities of recycling infrastructure, has sustained the use of old plastic to continue the use of plastic materials in protective packaging applications. However, here too recycling is restricting the production of new plastic protective packaging materials.
These issues have been further compounded by the growing volatility of the prices of raw materials in the past few years, which has been prominent among the growing challenges of using plastic in the protective packaging industry. Further, manufacturers are being pushed by feasibility of operations with efforts to reduce product scrap, as getting the used material back from consumers is not a straightforward task.
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