As the demand for protective packaging solutions increases worldwide, the scope for inflatable packaging is rising at an unprecedented rate. Manufacturers are fast transitioning from conventional materials such as glass and paper to more flexible alternatives bubble wraps and air pillows, opines a new study by ESOMAR-certified market research firm.
As e-commerce and online sales experience a massive spike, people are increasingly demanding products such as cosmetics, ready-to-eat foods, beverages, healthcare & hygiene products, consumer electronics and nutraceuticals through virtual sales platforms. These products require proper packaging solutions while in transit.
Based on these aforementioned trends, analyst predicts the inflatable packaging solutions market to scale impressive heights, expanding at a steady CAGR and reaching a multi-billion-dollar valuation by the end of the 2020-2030 forecast period.
•By packaging type, bubble wraps are expected to be the most widely used. However, air pillows are fast
•By end-use, food & beverage segment to capture an impressive revenue share
•PE derived inflatable packaging materials are expected to capture the majority of the market, attributed to
its leakage proof property
•North America to pivot global growth, East Asia to follow close behind
•Swelling demand for eco-friendly material to shape future growth outlook
“Deepening internet penetration has propelled e-commerce sales of various consumer products, prompting vendors to develop innovative flexible packaging solutions,” concludes an analyst.
COVID-19 to Usher in Minor Deceleration
The coronavirus pandemic has resulted in significant disruptions across key industries. Government mandated lockdowns to curb the virus’s spread have resulted in narrow profit margins and reduced cash inflow. Logistical arrangements to transport goods have been impacted, leading to piling up of inventories.
Such disruptions have directly and indirectly impacted the packaging market. Until 2021, analysts predict the global inflatable packaging market to remain in doldrums across certain industries such as automotive & allied industries and shipping and logistics. Growth is expected to be restored post-pandemic.
However, industries such as healthcare, cosmetics and food & beverages shall sustain demand for inflatable packaging solutions due to increased demand from consumers via e-commerce platforms. Thus, study has revised its projections to peg growth at a modest figure in the upcoming forecast period.
Leading players in the inflatable packaging market include Pregis Corporation, Smurfit Kappa Group, Automated Packaging Solutions Inc., Macfarlane Group PLC, Polyair Interpac Inc. and Inflatable Packing Inc. among others.
The aforementioned players invest in tremendous amounts of research and development so as to launch new packaging solutions, keeping in mind the existing demand trends within several end-use industries.
Pregis Corporation is among the frontrunners of the global inflatable packaging solutions market. Its solutions include the Ascent, ChamberPark, HC Versa, AirSpeed 5000, Smart and MINI PAK’R packaging approaches to name a few. It offers these solutions on an industry-specific basis.
Recently, in October 2020, Smurfit Kappa Group launched the BanaBag® packaging solution made from cellulose. This product is largely used for banana cultivation, acting as a natural insulator against hostile temperatures. It is also used by banana producers to transport the fruit to markets.https://www.futuremarketinsights.com/reports/inflatable-packaging-market