Market Synopsis of Composite Packaging Market
A composite packaging is made from more than one material used together with the aim to combine the unique properties of materials which enables the packaging to impart properties such as increased durability and elasticity. Composite packaging is used in industries requiring higher product safety and prolonged storage, for example, food & beverages, industrial goods, consumer goods, healthcare, and others. Composite packaging is gaining considerable traction in the market mainly because of its durability, and low maintenance cost. The global market for composite packaging is projected to grow at a CAGR of around 4.82 % during the forecast period.
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The growth of the market for composite packaging is driven by a few factors such as change in lifestyle and rise in disposable income of people. The demand for composite packaging is continuously increasing because of the expanding e-commerce sector across the globe. Today, consumers prefer online shopping which needs more product protection because of bulk shipping, which may be another cause of growing market for composite packaging. As a result of the initiatives of Government and the World Health Organization (WHO), people are more aware of their health. Furthermore, the increasing prevalence of diseases leads to innovation in devices and drugs which require higher product protection which is driving the growth of composite packaging market. As the composite packaging is made from many materials, the recycling process is slightly complex. This acts as restraint for the composite packaging market. Another limitation for market growth of composite packaging is the fluctuation in the price of raw material.
key players
The key players of global composite packaging market include 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) and Sota Packaging Pty Ltd. (Australia).
Market Segmentation
Composite Packaging Market is segmented on the basis of material, packaging type, application, and region. On the basis of material, the market is segmented as plastic, paper, cardboard, and other. A few examples for material based composite packaging are, Plastic-aluminum composite packaging, cardboard-polyethylene composite packaging, paper-polyethylene composite packaging, plastic-paper-aluminum composite packaging, and paper-aluminum composite packaging.
Composite packaging market has been segmented based on end users into food & beverage, industrial, personal care, healthcare, and others. The food & beverage is expected to grow with ~ 5.23 % CAGR by 2023 and is projected to be the fastest-growing sector during forecast period because of increasing demand of soft drinks, dairy products, dry fruits, snacks, and other confectionery products. Another reason for the growth of food & beverage sector in composite packaging market is the rise in disposable income of people, changing lifestyle, and inclination of the growing population toward the ready-made products.
With regards to industrial goods, composite cans are used for the packaging of paints, powdered chemicals, lubricants, and oil. In terms of consumption North America and Europe are the major contributors to the industrial chemical packaging market.
Regional Analysis of Composite Packaging Market
Asia Pacific has the largest share in the global market of composite packaging. It is the fastest growing market, followed by North America and Europe. The growth in this region is attributable to the economic growth, rising population, and rapidly changing lifestyle. China and India are expected to be at the top of the market because of increasing standard of living, high disposable income along with the growing population. The demand for food, cosmetics and pharmaceutical products is increasing in this region with the growing population.
Europe takes second place in the composite packaging market. Development in packaging standards, the introduction of eco-friendly materials, and innovative packaging designs such as smart packaging drives the market growth in Europe.
Industry News
The report for Global Composite Packaging Market of Market Research Future comprises extensive primary research findings along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain deeper insight into the market and industry performance. The report gives a clear picture of current market scenario, which includes historical and projected market size regarding value, technological advancement, macroeconomic and governing factors in the market. The report provides detailed information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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