Packaging Laminates Market will reach a value of US$ 10,410.2 Million by 2033 at a CAGR of 5.1% | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
Packaging laminates printing to enhance brand image and their brand value to meet consumers' customized requirements are likely to gain momentum during the forecast period. Expansion of modern retail format allowing to accommodate ready-to-eat packaged foods, pharmaceutical, and cosmetics products, thus boosting demand for packaging laminates. According to Future Market Insights in a new study, the packaging laminates market is evaluated to gain momentum due to the expansion of the retail sector over the analysis period.
DUBAI, United Arab Emirates, March 12, 2023 (GLOBE NEWSWIRE) -- The packaging laminates market size is projected to be valued at US$ 6,274.7 million in 2022 and is expected to rise to US$ 10,410.2 million by 2033. The sales of packaging laminates are expected to grow at a significant CAGR of 5.1% during the forecast period.
Packaging is critical in product promotion and branding. It has progressed from a requirement of the business strategy to an essential component of the business strategy.
The preference of consumers for packaging laminates to fasten flexible packaging materials is changing as there are more manufacturing facilities, food processing facilities, and industrial production sets.
It is anticipated that rising packaged food spending in both established and emerging nations is likely to fuel the expansion of the laminating adhesive market.
Consumers, corporations, and government agencies in the United States spent US$ 1.71 trillion on food and beverages in grocery stores and other shops as well as on takeout meals and snacks in 2018, according to the U.S. Department of Agriculture Economic Research Service.
It is anticipated that developing economies like the BRICS (Brazil, Russia, India, China, and South Africa) can witness a sharp increase in GDP growth. The manufacturing sector is anticipated to rise as a result, which is anticipated to fuel the market expansion of packaging laminates.
Producers are opting to expand their polypropylene production lines, which is an essential raw material for packaging. This scenario is predicted to propel raw material production for packaging solutions in a variety of countries around the world.
Key Takeaways from Market Study
In terms of material type, the metallized polypropylene (PP) films are anticipated to attain more than 35% of the revenue share, recording an optimistic 5.1% value CAGR throughout the assessment period due to their high flexibility and durability.
Based on thickness, the 30-45 microns category is likely to command market share reaching US$ 4.0 Bn by 2030, as it is the ideal size utilized for packaging several items, chiefly perishable foodstuffs.
Based on application, aseptic packaging is the key beneficiary of the global market, recording a 4.9% CAGR across the assessment period. Consumer preferences for instant food and high-quality meals, as well as the expansion of the dairy beverage industry, are driving sales of aseptic packaging.
According to FMI, the United States is expected to dominate the North America packaging laminates market with a market share of 81.7% during the assessment period, owing to rising packaged food consumption, the expansion of the medical device packaging market, and the presence of key market players.
India is anticipated to develop into a very lucrative market for packaging laminates over the forecast period due to the rising popularity of packaging laminates in packaging applications and the expansion of end-use verticals. According to emerging trends, India is likely to command Asia Pacific, which currently accounts for 49.2% of global income, in 2022.
Competitive Landscape To comply with the strict environmental laws, major players in the worldwide laminating adhesive market are concentrating on producing unique products with low or no VOC emission. In addition, they have expanded its global footprint by implementing expansion methods like alliances, purchases, mergers, collaborations, and the use of online sales platforms.
Latest Developments
For the food packaging and industrial markets, primarily in Asia, Toyo-Morton, Ltd. introduced the new ECOAD family of polyurethane solvent-free laminating systems in August 2022.
For flexible packaging laminates, SONGWON created the HI-THANE A-7363 + HI-THANE A-6600 new solvent-free packaging laminates in July 2022.
For the dry lamination of films in flexible packaging, Toyo-Morton, Ltd. developed new bio-based packaging laminates in June 2022.
Key Segments Covered in the Packaging Laminates Market Report
Protective Packaging Market: The global protective packaging market is set to gain a valuation of US$ 28.3 billion in 2023. Between 2023 and 2033, it is likely to extend at a steady CAGR of 5.0% and register a valuation of US$ 46.1 billion in 2033.
Hot Fill Packaging Market: The global hot fill packaging market is anticipated to secure a market value of US$ 82 Million by 2032. The projected growth rate is 4.5% during the forecast period from 2022 to 2032.
Vacuum Packaging Market: According to Future Market Insights research, during the projected period, the global vacuum packaging market is set to enjoy a valuation of US$ 7.5 Bn in 2022, and further expand at a CAGR of 4.9% to reach US$ 12.1 Bn by the year 2032.
Parenteral Packaging Market: Future Market Insights (FMI) in its market analysis projects the parenteral packaging market to grow at 5.5% CAGR during the forecast period 2021-2031.
Zero-waste Packaging Market: The global zero-waste packaging market size is set to reach a valuation of US$ 984.9 Mn in 2022, and expand at a CAGR of 8.8% in the forecast period from 2022 to 2032.
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