(MENAFN- PR Newswire) Packaging solutions serve as essential components in advancing the efficiency and resilience of product distribution networks. By effectively containing and preserving goods, these systems facilitate a more sustainable and reliable supply chain. With the capacity to store and protect products during transit or warehousing, packaging solutions bolster logistical operations, diminish waste generation, and expedite the shift toward eco-friendly, decentralized distribution models.WILMINGTON, Del., April 12, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, " Packaging Products Market
by Product Type (Plastic Strapping, Stretch Wrapping, Steel Strapping, and Tapes): Global Opportunity Analysis and Industry Forecast, 2023-2032" . According to the report, the "packaging products market" was valued at $24.4 billion in 2022, and is estimated to reach $36.3 billion by 2032, growing at a CAGR of 4.1% from 2023 to 2032.
Prime Determinants of Packaging Products market growth
The global packaging product market has experienced growth due to several factors such as the rise in innovations in packaging technology and the e-commerce boom. However, fluctuation of raw material prices of packaging products hinders the market growth to some extent. Moreover, the rise in adoption of sustainable practices offers remunerative opportunities for the expansion of the packaging product market.
Download Sample Pages of Research Overview:
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size In 2022 | $24.4 Billion |
| Market Size In 2032 | $36.3 Billion
|
| CAGR | 4.1
% |
| No. Of Pages In Report | 205 |
| Segments Covered | Product Type And Region |
| Region Scope | North America, Europe, Asia-Pacific, And LAMEA |
| Country Scope | U.S., Canada, Mexico; Germany; UK; France; Italy; Spain; China;
Japan; India; South Korea; Australia; Brazil; Saudi Arabia; South
Africa. |
| Drivers | E-Commerce Boom
Innovation In Packaging Technology |
| Opportunity | Rise In Adoption Of Sustainable Practices |
| Restraint | Fluctuating Raw Material Prices Of Packaging Products
|
The tapes segment is expected to grow faster throughout the forecast period.
By product type, the tapes segment held the highest market share
in 2022, accounting for more than three-fourths of the packaging product market revenue, and is estimated to maintain its leadership status throughout the forecast period. Tapes are crucial adhesive materials in packaging and shipping, with key market trends including sustainable technologies, customization, branding, and e-commerce. The rapid surge in demand in the e-commerce sector across developed and developing countries drives demand for efficient packaging solutions. Technological innovations, smart packaging integration, and industrial applications further expand the market. However, the steel strapping segment is projected to manifest the highest CAGR of 5.6% from 2023 to 2032. Steel strapping's high tensile strength and corrosion-resistant coatings are driving demand in heavy industries like construction, manufacturing, and metalworking for stronger, reliable solutions for securing heavy loads.
Procure Complete Report (205 Pages PDF with Insights, Charts, Tables, and Figures) @
The Asia-Pacific segment dominates the market by 2032
By region, Asia-Pacific held the highest market share in 2022, accounting for more than two-fifths of the packaging products market revenue, and is estimated to dominate during the forecast period. However, the Asia-Pacific segment is projected to manifest the highest CAGR of 4.4% from 2023 to 2032. The rapid industrialization and urbanization in the developing countries in this region have significant impact on the surge in the demand for the e-commerce sector due to presence of Amazon, Flipkart, and food delivery, which have positive impact on the demand for packaging products market.
Leading Market Players: -
Scheider Electric SMA Solar Technology AG Exide Industries Ltd. SK Holdings Autobat Enerbrax Acumuladores Ltda Eguana Technologies Imergy Power Systems Ionotec Ltd Tata Power
Want to Access the Statistical Data and Graphs, Key Players' Strategies:
The report provides a detailed analysis of these key players in the packaging products market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Similar Reports:
Battery Packaging Market: Global Opportunity Analysis and Industry Forecast, 2021–2031 Paint Packaging Market: Global Opportunity Analysis and Industry Forecast, 2023-2032 Carbon Dioxide Market: Opportunity Analysis and Industry Forecast, 2023-2032 Plastics Modifiers Market: Global Opportunity Analysis and Industry Forecast, 2021-2031 U.S Packaging and Protective Packaging Market: Global Opportunity Analysis and Industry Forecast, 2023-2032
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports " and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
[email protected]
Web:
Allied Market Research Blog:
Blog:
Follow Us on | Facebook
| LinkedIn
| YouTube
|
Logo -
SOURCE Allied Market Research
MENAFN12042024003732001241ID1108088300
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.