New York, USA, Nov. 17, 2020 (GLOBE NEWSWIRE) -- Research Dive has published a new report titled, “Packaging and Protective Packaging Market by Material (Rigid Plastics, Paper & Paperboard, Flexible, Glass, Metal, and Others), Application (Beverage, Food, Healthcare, Industrial, Cosmetics, and Other Consumer Goods) Function (Blocking & Bracing, Cushioning, Void-fill, Wrapping, Insulation, and Others) North America Opportunity Analysis and Industry Forecast, 2018–2025.”
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The North America packaging and protective market is anticipated to generate a substantial revenue of $262,784 million by 2025, from a healthy market size of $191,536 million in the year 2017, with a CAGR of 4.0% in the forecast period.
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Regional Analysis
Amongst the North American countries, the U.S.A accounts for the biggest market share in the packaging and protective packaging market due to the rise in expenditures related to industrial packaging. Moreover, packaging products such as rigid plastics, paper, paperboard, and flexible metal or glass are also boosting the market growth. All these aspects are elevating the market in the forecast period.
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Key Segment Findings of the Market
The report divides the market into segments based on material, function, and application.
• Based on material segment, the paper and paperboard sub-segment harnessed a biggest market share in 2017 due to the rise of e-commerce sector and utilization of packaging materials in electronics and food industries. These aspects are considered to promote the market growth in the forecast period.
• The function segment is further classified into bracing and blocking, cushioning, void-fill, wrapping, and insulation.
• The application segment is divided into healthcare, food and beverage, industrial, cosmetics, and some other consumer goods.
Market Dynamics
The rise in sales due to online shopping is expected to drive the market forward during the forecast period. Moreover, opting for convenient and fast foods due to changing lifestyles of the people is also anticipated to promote the market growth. Apart from this, improvement of the manufacturing sectors is also predicted to enhance the market in North America.
Stringent government rules and regulations regarding the use of packaging materials such as PE and PVC that emit VOC is expected to hinder the market growth. However, usage of biodegradable plastics for packaging will open up various opportunities in the market.
Key Market Players and Strategies
• Universal Protective Packaging, Inc.
• 3M
• Dow
• WestRock Company
• Placon, Sealed Air
• Pregis LLC
• Packaging Corporation of America
• Sonoco Products Company
• Pacific Conveyor Systems
• Automated Packaging Systems Inc.
• Robert Bosch Packaging Technology
Major Key players in the North America packaging and protective packaging market are opting for innovative strategies such as mergers and acquisitions with the well established players and locals as well. They are more focused on inventing novel and cost-effective goods to catch up with the growing demand and also to decrease overall costs of the products.
Beyond this, the report states aspects of all the prominent players functioning in the market along with the financial performances, developments, recent strategic moves, product portfolio, and SWOT analysis. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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