New York (US), April 04, 2023 (GLOBE NEWSWIRE) -- Composite Packaging Market Overview
According to a Comprehensive Report by Market Research Future (MRFR), “Composite Packaging Market Information by Material, End-User, and Region - Forecast till 2030", the Composite Packaging Market will be worth USD 129.9 billion, developing at a rate of 4.82% between 2022 and 2030.
Market Synopsis
The global composite packaging industry's expansion is aided by customization, which is a crucial factor. Composite packing materials are highly adaptable and can be produced to meet the requirements of the final use. These packing options also give you the freedom to mix and match the production components to meet your application requirements. Consumers therefore stand to gain significantly from this aspect as they may select packing based on their needs, such as gloss percentage, ink for printing, matt percentage, metalized films, transparency, and cold seal among others.
Modern production techniques ensure that even in the most challenging situations, the composite packaging's overall performance remains consistent and resulting in a longer service life. In comparison to packing made of a single material, performance is greatly improved when two or more components are mixed. Despite a modest cost increase, the enhanced benefits more than make up for it. These composite packaging options can also satisfy needs for inflatable packaging amid cardboard, high-pressure and high-temperature sterilization, and vacuum packing.
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Market Competitive Landscape:
The affluent companies in the composite packaging industry are
- Amcor Limited (Australia)
- DS Smith Plc. (U.K)
- Mondi Plc. (Vienna, Europe)
- Smurfit Kappa Group (Dublin, U.S.)
- Sonoco Products Company (U.S.)
- Crown Holdings (U.S.)
- Sealed Air Corporation (U.S.)
- Universal Packaging Ltd (New Zealand)
- Najmi Industries (India)
- Sota Packaging Pty Ltd. (Australia)
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 129.9 billion |
| CAGR | 4.82% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Material, and End-user |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | change in lifestyle and rise in disposable income of people |
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Manufacturers of composite packaging are putting a lot of effort into implementing cutting-edge technologies, primarily by forming partnerships and collaborations that will boost sales by creating cutting-edge products.
Smurfit Kappa purchased Pusa Pack S.L. in November 2022. This acquisition enables Smurfit Kappa to broaden its product offering and satisfy the rising need for environmentally friendly packaging solutions across numerous industries.
Market USP Covered:
Market Drivers:
The rising demand from numerous end-use sectors, including the food and beverage, healthcare, and consumer goods industries, is one of the key growth drivers for the composite packaging market. Composite packaging is perfect for packaging goods that need to be protected during transportation and storage since it has a number of advantages like durability, lightweight, and flexibility.
For instance, the market's expansion is significantly aided by the food and beverage sector. Snacks, dairy goods, and ready-to-eat meals are just a few examples of food and beverage products that frequently use composite packaging. This is due to the fact that composite packaging materials offer a strong barrier against moisture, gases, and light, helping to maintain the quality and freshness of food goods.
The healthcare sector is yet another prime example. Because it guards against contamination and damage, composite packaging is frequently used for medical devices, medications, and other healthcare products.
In general, the growing need for high-quality, affordable, and sustainable packaging solutions from various end-use sectors is anticipated to fuel the expansion of the composite packaging market in the coming years.
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Market Restraints:
Composite packaging materials are created using potentially dangerous substances for people's health. The market size for composite packaging is severely constrained by the relatively complicated recycling process for this type of packaging material. The World Health Organization and the government have set several laws and regulations that are hindering the industry's expansion as well as the fluctuating cost of packaging materials. The production of raw materials has been impeded by a lack of sophisticated procedures.
COVID 19 Analysis
Globally and regionally, the development of COVID has had a significant negative impact on humans, as evidenced by the rising death rate. The development of the market for composite packaging has been limited by this. For the sake of the country's security, the government has imposed a lockdown in several areas, however, this has significantly impacted the manufacturing of packaging materials. When things return to normal, the market will do the same. Also, the government has enacted laws requiring people to keep their distance from one another and wear masks and gloves. The packing materials' arrival was delayed as a result of the supply chain's deterioration. It also interfered with the materials' accessibility.
Market Segmentation
By Material
The top materials considered in the study for the composite packaging market include paper, plastic, cardboard, and others.
By End-user
The food and beverage, industrial goods, consumer goods, healthcare, and other end-user categories make up the worldwide composite packaging market. Over the projected period, the food and beverage industry is expected to increase at the highest rate, clocking in at 5.23% CAGR. The increase in demand for snacks, soft drinks, dry fruits, dairy goods, and other confectionary items is to blame for the segment's expansion. Other reasons influencing the expansion of the food & beverage category include an increase in disposable income, a change in lifestyle, and customer preference for packaged food products.
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Regional Insights
The largest portion of the global composite packaging industry is held by APAC. Strong demand for packaged foods, medicines, and cosmetics in the region has been generated by rising disposable income levels in the area, which has a favorable impact on the expansion of the worldwide composite packaging industry.
In the worldwide composite packaging industry, APAC is closely followed by North America and Europe. The introduction of eco-friendly materials and the advancement of packaging standards, as well as creative packaging designs, are what is driving the growth of the European market.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
