The Global Composite Packaging Market is expected to reach USD XX.X billion by 2030 and is projected to grow at a CAGR of 4% during the forecast period from 2021 to 2030. Composite packaging is made from more than one material used together with the objective to combine the special properties of materials, which enable the packaging to impart properties like increased strength and elasticity. Composite packaging is utilized in industries demanding higher product security and prolonged storage, such as industrial goods, food and beverages, consumer goods, healthcare, and others. Composite packaging is gaining substantial traction in the market mainly due to its durability and low maintenance price.
The development of the market for composite packaging has been driven by factors like changes in lifestyle and an increase in disposable income of people. The need for composite packaging is continuously rising due to the growing e-commerce sector across the globe. Today, consumers increasingly opt for online shopping which requires more product preservation because of bulk shipping. This may be another reason behind the increasing market demand for composite packaging.
As a result of the initiatives of the Government and the World Health Organization (WHO), people are becoming more health conscious. Moreover, the rising prevalence of diseases leads to the invention of devices and drugs which need higher product preservation. This is increasing the development of the composite packaging market.
However, as composite packaging is made from various materials, the recycling procedure is slightly complex. This can act as a restraint to the market for composite packaging. Another limitation for market development is the variation in the cost of raw materials.
FIGURE 1: GLOBAL COMPOSITE PACKAGING MARKET
The global composite packaging market has been segmented by type, material type, end-use industry, and region.
FIGURE 2: GLOBAL COMPOSITE PACKAGING MARKET SEGMENTATION
Global Composite Packaging Market, By Type
Based on type, the global composite packaging market is segmented as composite films, poly-laminated board, multi-laminated board, and composite cans. Multi-laminated boards are multilayer or are composite materials using innovative technologies aimed to offer barrier properties, durability, and storage strength to food items, new materials, as well as hazardous materials. Due to its strength and storage capacity, composite packaging is utilized in industries demanding higher product security and prolonged storage, thus increasing the demand for the multi-laminated board.
Global Composite Packaging Market, By Material Type
Based on material type, the global market for composite packaging is segmented as plastic, paper, metals, and others. The plastic segment of the composite packaging industry is estimated to witness remarkable development in the coming years due to plastics' adaptable properties and capability to integrate with different materials. Companies are investigating opportunities to increase better packaging solutions, such as the introduction of composite packaging by integrating plastic and bamboo, which has found applications in the food & beverage and cosmetic industries.
Global Composite Packaging Market, By End-Use Industry
Based on the end-use industry, the global market for composite packaging is segmented into food & beverages, consumer goods, electrical & electronics, healthcare, and others. The food & beverages segment is the dominating segment due to the rising demand for soft drinks, dairy products, fruits, snacks, and other confectionery products. Another factor that is driving the development of the food & beverage sector in the composite packaging market is the increase in disposable income of people, along with the inclination of the population towards ready-made products.
Global Composite Packaging Market, By Region
By region, the global composite packaging market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. The Asia Pacific has the largest share in the global market of composite packaging. It is the fastest developing market, with an increasing population and quickly changing lifestyles. China and India are estimated to be at the top of the market due to the rising standard of living, increasing disposable income, along with a growing population. The need for food, cosmetics, and pharmaceutical products is growing in this region with increasing population.
FIGURE 3: GLOBAL COMPOSITE PACKAGING MARKET OVERVIEW (USD BILLION)
What does This Report Provide?
A detailed understanding of the global composite packaging market demand from a qualitative and quantitative perspective. The report also provides dynamic indicators with potential market impact during the forecast period and an in-depth analysis of the leading companies operating in the global market for composite packaging.
The significant market drivers, challenges, and opportunities for the global composite packaging market have also been covered in the report. This report further includes the market shares of the leading companies operating in the global market, along with their production capacities and the growth strategies adopted by them.
Recent Developments in the Global Composite Packaging Market
- In March 2021, Amcor has created Australia’s first soft plastic food wrapper made with recycled content. Soft plastics create strong customer-friendly packaging solutions with great barrier properties. They are also cost effective and weightless.
- In April 2021, Amcor, by leveraging its worldwide research and development capability, has helped Nestle to put enviro-conscious customers first, by making Smarties the first confectionery brand to shift to recyclable paper packaging in Australia.
- Composite Films
- Poly-Laminated Board
- Multi-Laminated Board
- Composite Cans
By Material Type:
By End-Use Industry:
- Food and Beverages
- Consumer Goods
- Electrical and Electronics
North American Composite Packaging Market
- North America by Country
- The U.S.
- North America by Type
- North America by Material Type
- North America by End-Use Industry
Europe Composite Packaging Market
- Europe by Country
- The U.K.
- The Rest of Europe
- Europe by Type
- Europe by Material Type
- Europe by End-Use Industry
Asia Pacific Composite Packaging Market
- Asia Pacific by Country
- South Korea
- The Rest of Asia Pacific
- Asia Pacific by Type
- Asia Pacific by Material type
- Asia Pacific by End-Use Industry
The Middle East and Africa Composite Packaging Market
- The Middle East and Africa by Country
- The UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Middle East and Africa by Type
- Middle East and Africa by Material Type
- Middle East and Africa by End-Use Industry
South America Composite Packaging Market
- Rest of the World by Country
- Rest of South America
- Rest of the World by Type
- Rest of the World by Material Type
- Rest of the World by End-use Industry
Major Companies: In this report, the following major companies are studied: Amcor plc. , DS Smith plc., Mondi plc., Smurfit Kappa Group plc., Sonoco Products Company, Crown Holdings, Inc., Sealed Air Corporation, Universal Packaging Company Pvt. Ltd., Najmi Industries, and Sota Packaging Pty. Ltd.
Objectives of This Report:
- To estimate the composite packaging market size on a regional and global basis
- To identify major segments in the composite packaging market and evaluate their market shares and demand
- To provide a competitive scenario for the composite packaging market with major developments observed by key companies in the historic years
- To evaluate key factors governing the dynamics of the composite packaging market with their potential gravity during the forecast period
- To evaluate the leading company-wise pricing analysis for the mentioned applications
This study is customized to meet your specific requirements:
- By sub-segment
- By client-specific country, type, and application market analysis
- Pricing analysis along with the potential list of customers
- Product-specific competitive analysis
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