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Packaging laminates currently account for 6.1% share in the global packaging films market. Rising adoption of high-quality packaging solutions by food & beverage and pharmaceutical manufacturers has driven the sales of laminated packaging films over time.
Demand for effective packaging solutions has acquired center-stage across major industrial verticals. The reliance on conventional glass and metal based packaging is eroding in favor of more flexible and lightweight packaging material such as PP, paper and aluminum foils.
Various industries such as food, pharmaceuticals and cosmetics & personal care are increasing uptake of packaging laminates. Depending upon the end-use industry, vendors are introducing novel and specific packaging solutions derived from several flexible materials.
Key Takeaways from the Packaging Laminates Study
The packaging laminates players rely on strengthening local distribution networks and expansion of product portfolio by virtue of offering industry specific packaging solutions. Besides, they also rely on acquisitions and collaborations with rival players.
For instance, Mondi Group Plc is generating substantial revenue by targeting industrial and consumer packaging needs. Its product portfolio includes fibre packaging, packaging paper, consumer packaging and uncoated fine paper.
Likewise, Berry Group Global Inc. markets industrial tapes & adhesives, flexible packaging, polyethylene-based plastic films, heat-shrinkable solutions and protection solutions. It also provides solutions for food, personal care and cosmetic industries. In July 2021, the company acquired RPC Group plc to expand its plastic packaging portfolio.
Jindal Poly Films Limited, a prominent Indian player, is concentrating on expanding its production capacities by virtue of acquiring and collaborating with local and global players. The company plans to expand its 2nd nonwoven spunmelt fabric line in India by investing approximately US$ 56.4 million.
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The COVID-19 pandemic has induced major sluggishness across several end-use industries, attributed to cessation of production cycles amid strict lockdowns. Falling industrial production has also impeded demand for packaging laminates across major domains. However, demand is largely being sustained by the food & pharmaceutical industries.
An uptick in consumption of healthcare consumables, fresh & processed ready-to-eat foods and hygiene & homecare products is prompting vendors to strengthen their supply chains. Additionally, rising e-commerce activities have opened up fertile grounds for the proliferation of packaging laminates.
If existing lockdown measures continue to remain enforced, projected recovery across other industries is anticipated to be slow, leading to a sluggish trajectory. However, if they are relaxed, growth will pick up pace from the beginning of 2021.
Key Segments Of Packaging Laminates Industry Survey
Packaging Laminates Market By Material:
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Packaging Laminates Market By Thickness:
Packaging Laminates Market By Application:
Packaging Laminates Market By End-use Industry:
Packaging Laminates Market By Region:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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The post Packaging Laminates Market Is Set To Top US$ 5.9 Bn In 2022, And Is Predicted To Expand At A Steady CAGR Of 5% appeared first on Future Market Insights.
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