Packaging Materials Market Size, Share, Growth, Trends, and Forecast 2032

Packaging Materials Market Insights

According to Zion Market Research, the global Packaging Materials Market was worth USD 1417.24 Billion in 2023. The market is forecast to reach USD 2161.19 Billion by 2032, growing at a compound annual growth rate (CAGR) of 4.8% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Packaging Materials Market industry over the next decade.

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Packaging Materials Market: Overview

Packaging Materials are substances that are supposed to come in contact with fragile and tangible items in the form of cans, bottles, cartons, boxes, or bags. These materials protect the products under any shipping or delivering phases to reduce the risk of getting losses and damages. The most common packaging materials are paper, plastics, and glasses. The market is primarily driven by increasing demand for material content used in the packaging industry, which plays a vital role in providing the layer of protection to electronic items and healthcare items. There has been a rise in the consumption of frozen meat products and canned seafood among consumers. The ready-to-eat products are the future, and manufacturers will be using packaging materials to protect from damage. Currently, Manufacturers have been trying to adopt complex methods for packaging as per the product requirements, and the innovations in the materials and their properties will fuel the market. This trend is expected to continue over the forecast period.

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Packaging Materials Market: Growth Factors

There has been an increase in food and beverage consumption, and the growth is predicted to grow the demand for packaging materials. The packaging materials are used in packaging food items and raw food. The synthetic plastic materials used in packaging the cereals, wheat, pulses, and other unprocessed food items will be increased during the forecasted period. The beverage segment will see a high jump, which will be the primary growth factor for the packaging materials like glass and metal packaging.

Expansion of household and personal care products will spur the growth of the packaging materials market. Healthier lifestyles adopted by customers in developing and developed countries have paved the way to use maximum products like cleaners, sanitizers, detergents, and disinfectants. People have moved on to live a clean and sanitized life which will boost the packaging materials market growth.

Packaging Materials Market: Report Scope

Packaging Materials Market: Segmentation

Material Types Analysis Preview

The Plastic Material Type segment is expected to grow at a CAGR of 2.4% during the year 2024 to 2032. The growth is attributed to increasing industrial applications in food and beverage and pharmaceuticals. Plastics are classified under rigid and flexible. The segment is majorly held due to the high demand for polyvinyl chloride (PVC) bottles and high-density polyethylene (HDPE) bottles used in drinking water, soft drinks, and juices. Engineering Plastics can withstand heavy temperatures, which propels the segment significantly. But, the rising preference for online shopping of products has paved the way for manufacturers to think about innovative solutions keeping in mind sustainability.

The Metal Material Type segment is expected to grow at a CAGR of 2.6% during the year 2024 to 2032. This is accredited to its wide application used for aerosol cans and other beverages. Major metals used are aluminum, steel, and tin. The increasing trend of consumers for consuming canned food items due to scarcity of time will boost the segment drastically. Metals are primarily used in the packaging of cans, caps, drums, and barrels, to name some.

Paper and Cardboard, Wax, Glass, Textiles, Wood, Leather, and Others form the material type segment.

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Product Analysis Preview

The Bottle and Cans Segment held a significant share in Global Packaging Materials Market.  It is attributed to rising use in the beverages industry, which is served according to the applications. Bottles are primarily used for drinking water and non-alcoholic beverages, while both bottles and cans are extensively utilized for aerated drinks and alcoholic beverages. Increasing demand for beverage consumption across the world will propel this segment market during the forecasted years. Moreover, bottles are used as packaging products in household items, personal care items, and pharmaceuticals. Bags and Pouches held the most extensive product segment, as it is readily available with low costs. These are widely used in almost every industry, like food and detergents. Easy storage and handling of the bags and pouches make the market grow more significantly. Containers and Jars, Boxes and Crates, Lids, Drums, and Others form the product segment.

Application Analysis Preview

Cosmetic Segment held a significant share in the Global Packaging Materials Market. There has been a change in the styling of packaging, which included innovative package designs. The growing youth population increased the demand for the cosmetic industry and is anticipated to boost the Packaging materials market indirectly. Innovation in packaging also attracts consumers, and this leads to new entrants coming up in the market. Food is the most significant application for Packaging materials. It held a share of 30% in 2023. Packaged food will drive the market significantly during the forecasted years. Also, an increase in frozen and raw meat products and seafood will boost the segment significantly. Beverages, Cosmetics, Electronics, Healthcare, Chemicals, Households, and Others form the application segment.

Regional Analysis Preview

North America held a share of 53.57% in 2020. It is supposed to be one of the highest revenue-generating regions for this market during the forecasted period. This is due to an increase in lifestyle change in the U.S., which includes eating patterns and heavy demand for consumer products, which is driving the market significantly. Rising population and industrialization, fueled with expansion in North America, will indirectly boost the market. Awareness and increase in demand for processed and ready-to-eat food and beverages among the customers will also help this region grow in Packaging Materials. The area has been dominated by International and other trade exports, which require significant packaging, coupled with primary, secondary, or tertiary packaging level.

Asia-Pacific is expected to have the highest CAGR of 3.7% from 2021 to 2028 due to the many end-user companies like consumer products and healthcare expanding. The Asia Pacific has upcoming economies such as India, Vietnam, South Korea, China. These regions are witnessing high consumption of food and beverage items. APAC regions are the sources of many food items that are into trades with many other regions. This will drive packaging materials market demand.

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Global Packaging Materials Market: Competitive Landscape

Some of the key players in the Packaging Materials include

• Amcor
• WestRock
• Sealed Air
• Reynolds Group
• Ball Corporation
• Crown Holdings
• Stora Enso
• Bemis
• International Paper Company
• Mondi
• among others.

Bemis Company Inc., in 2019 was acquired by Amcor. This has brought Amcor Plc a wide range of different scale and increase footprint, thereby strengthening the value proposition and generating value for their shareholders. Many such mergers and acquisitions among the key players and local players have helped grow their expansion and improve the market position significantly.

The Global Packaging Materials Market is segmented as follows:

By Material Types

• Plastic
• Paper and Cardboard
• Wax
• Metal
• Glass
• Textiles
• Wood
• Leather
• Others

By Product

• Bags and Pouches
• Bottles and Cans
• Containers and Jars
• Boxes and Crates
• Lids
• Drums
• Others

By Application

• Food
• Beverages
• Cosmetics
• Electronics
• Healthcare
• Chemicals
• Households
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa