Overview:
Composite Packaging refers to packaging materials made from more than one material to suit the needs of a wide range of products. Products requiring higher safety and prolonged storage use composite packaging. The global composite packaging market is expected to expand at a CAGR of around 4.82% over the forecast period of 2017-2023 due to the advantages associated with it such as increased durability, elasticity, visual appeal, lower space footprint, and longer shelf life, asserts Market Research Future (MRFR) in an extensive study.
Convenience is the key selling proposition of composite packaging. Composite packaging finds application in areas where a single material is not able to fulfill all the functional requirements of packaging. Some composite packaging are shelf-stable and provide heightened product protection. In addition, composite packaging delivers the required packaging performance. The pharmaceutical industry is a key end user of the global composite packaging market.
Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/2986
Increasing disposable income across the globe, especially in the merging economies has resulted in an uptick in the demand for goods such as cosmetics, pharmaceuticals and others which require packaging. Additionally, increase in affordability of consumers has raised the demand for on-the-go packaged food items which also acts a s a plus for the growth of the market. High volume and increasing turnover of the food & beverage, beauty & health, and and household goods presents significant growth opportunities to the global composite packaging market. Furthermore, increase in online shopping has reflected favorably on the growth of the global composite packaging market. Online shopping results in shipment of various goods which require sturdy packaging solutions to save them from damage.
Other driving factors include overall growth of the packaging industry which has become highly sophisticated and has attracted the interest of several investors. Ongoing R&D activities to make composite packaging more eco-friendly is likely to broaden the growth prospects of the global composite packaging market. Burgeoning retail industry is also a boon for the growth of the global composite packaging market.
Plastic content is generally high in composite packaging which is are mostly made up of non-renewable resources. This might act as a restraining factor to the growth of the global composite packaging market. However, hydrocarbons for plastics that are sourced from renewable sources might alleviate this problem.
Competitive Landscape
Sealed Air Corporation (U.S.), Mondi Plc. (Vienna, Europe), Amcor Limited ( Australia), Universal Packaging Ltd (New Zealand), Sota Packaging Pty Ltd. (Australia), Smurfit Kappa Group (Dublin, U.S.), Sonoco Products Company (U.S.), DS Smith Plc. (U.K), Najmi Industries (India), and Crown Holdings (U.S.) are the notable players operating in the global composite packaging market.
Segmentation
The global composite packaging market has been segmented based on material, and end user.
By material, the global composite packaging market has been segmented into plastic, paper, cardboard, and others.
By end user, the global composite packaging market has been segmented into food & beverage, industrial goods, consumer goods, healthcare, and others. The food & beverage segment is anticipated to be exhibit the highest growth rate of 5.23% CAGR over the forecast period. Rise in demand for dairy products, dry fruits, snacks, soft drinks and other confectionery products can be credited for the growth of the segment. Rise in disposable income, change in lifestyle, and consumer affinity towards packaged food products are other factors contributing to the growth of the food & beverage segment.
Regional Analysis
By region, the global composite packaging market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
APAC accounts for the foremost share of the global composite packaging market. Elevating levels of disposable income in the region has induced high demand for packaged food, pharmaceuticals, and cosmetics in the region which reflects positively on the growth of the global composite packaging market.
North America and Europe follow APAC closely in the global composite packaging market. Europe market is driven by development in packaging standards, innovation in the field of packaging designs, and rigorous R&D activities which has resulted in the introduction of eco-friendly materials.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/composite-packaging-market-2986
Browse Related Reports:
Packaging Machinery Market Information by Type, by End–User And Region – Forecast To 2027
Packaging Printing Market Information Report by Printing Technology, by Application, and by Region – Global Forecast to 2027
Packaging Tape Printing Market by Product, Material, Printing Ink & by Region – Global Forecast to 2027.
Packaging Tapes Market Information by Type by Material by Application and Region – Forecast to 2027
Paper & Paperboard Packaging Market by Type, by Grade, by Application, and Region – Forecast till 2027
Paper Bags Packaging Market Research Report, by Product, by End-User and by Region – Forecast To 2027
Passive Temperature Controlled Packaging Market Information Report by Type, by Application, and by Region – Forecast till 2028
Perfume Packaging Market Information Report by Perfume Type, by Packaging Material and By Region – Global Forecast To 2027
Personal Care Packaging Market Information: By Material, By Product, Application, And Region – Forecast Till 2027
PET Bottle Recycling Market By Recycling Process, Application, And Region – Global Forecast To 2027
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Contact:
Market Research Future®
99 Hudson Street,5Th Floor
New York, New York 10013
United States of America
Phone:
+1 628 258 0071(US)
+44 2035 002 764(UK)
Website: https://www.marketresearchfuture.com
Comments