According to the report, plastic is the most preferred material for the protective packaging market due to its wide availability and usage through different forms of packaging. Furthermore, the rise in the demand for inflatable packaging and the introduction of bioplastics has helped the growth of plastics.
Manufacturers, retailers, and logistics service providers are inclined towards a flexible form of protective packaging solution; hence, plastic is a preferred raw material to make a protective packaging solution.
However, stringent government regulations on plastic usage and an increase in awareness about environmental sustainability are expected to inhibit the adoption of plastic packaging in the near future. This is anticipated to negatively impact the growth of protective packaging market.
In such a scenario, bioplastic can be considered as a good alternative to cater to this negative impact. Making use of bioplastics for protective packaging of products will not only deliver a similar experience of plastic usage but also provide a sustainable environment in terms of low usage of fossil fuel. According to European Bioplastics, global bioplastic production capacities continue to grow despite low oil prices.
Among the emerging markets, Asia Pacific is expected to register above 5% growth rate over the forecast period. Though the Asia Pacific market is expected to register a fast growth, the presence of many small-scale companies with no proper guidelines has led to the advent of various cheap and low-grade protective packaging products in the region.
North America and Asia-Pacific are the top two regions to focus on the growth of the protective packaging market, wherein, North America is expected to grow due to its rising logistics services and increasing manufacturing activity.
The companies involved in protective packaging manufacturing are focusing on enhancing their production, both by commencing operations in new production facilities and by adding new lines in existing sites and through acquisitions. The manufacturers are likely to eye regions such as Africa and the Asia Pacific in the coming years.