New York City, 5 Nov 2020: The global Composite Packaging Market size is expected to reach USD 4.83 billion by 2026 according to a new study by Polaris Market Research
The market is projected to witness a significant growth over the forecast period. Global growth of the application industries such as food & beverages, plastic goods as well as the consumer goods industry particularly in the emerging regions such as Middle East & Africa as well as Asia Pacific is catering to the market growth. Novel products developed by industry participants as well as competitive strategies adopted by them is also catering market growth.
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There has been rising penetration of internet in the last few years which has benefitted industries such as e-commerce. There has been rising activities of purchase on e-commerce which has directly impacted the growth of industries such as consumer goods as well as food & beverages. As these industries utilize composite packaging on a large scale, the industry is bound to grow over the forecast period.
Development of novel green composite packaging solutions which are sustainable and can be recycled has also greatly benefitted the market demand. Companies also offer such solutions that do not compromise on the overall safety, functionality and quality and also does not entail a huge amount of additional benefits. Such trends are benefitting the growth of the market.
Asia Pacific is anticipated to grow at a higher rate as compared to other regions over the next six years. Strong growth particularly in countries such as China, India, Vietnam, Singapore, Malaysia and Indonesia are driving the regional market growth. Rising disposable income, rapid urbanization, favorable policies of the governments, emergence of countries as a manufacturing hub are all contributing to the growth of the market in Asia Pacific.
Provision of customized product portfolio is a key industry scenario. Composite packaging companies provide solutions that are in line with the value chain requirements of their clients. They also offer additional services of printing, color, packaging types as a part of their efforts to gain market share.
Companies are developing products that enhance the advantageous properties of composite packaging materials and in order to do so are involved in continuous R&D process. Some of the leading players in the market include Amcor, DS Smith, Mondi, Smurfit Kappa, Sonoco, Mondi Plc., Crown Holdings, Sealed Air Corporation Universal Packaging Ltd, Najmi Industries, Sota Packaging Pty Ltd., among others.
Read More : https://www.polarismarketresearch.com/industry-analysis/composite-packaging-market
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