Composite Packaging Market Size, Share, Growth, Trends, Analysis, Future Scope— By Material (Plastic, Paper, Cardboard, and Others), by End-user (Food & beverage, Industrial goods, Consumer goods, Healthcare and Others) and by Region (the Americas, Asia Pacific, Europe, Middle East and Africa) — Global Forecast Till 2023
Composite Packaging Market Overview
The composite packaging market is growing continually, mainly due to the increasing consumption in various burgeoning industries, such as food & beverages, industrial goods, consumer goods, healthcare, and others. Over the past few years, this packaging type is gaining considerable market prominence, and the composite packaging market is garnering massive traction on the global platform.
According to Market Research Future (MRFR), the global composite packaging market would accrue moderately, registering over 4.82 % CAGR during the forecast period (2017-2023). Change in lifestyle and rise in disposable income of people are major factors impacting the growth of the market, positively. Additionally, the rising demand for composite packaging in the expanding e-commerce sector, across the globe, fosters the growth of the market.
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Players leading the composite packaging market include
- DS Smith Plc. (UK)
- Amcor Limited (Australia)
- Mondi Plc. (Europe)
- Sonoco Products Company (US)
- Smurfit Kappa Group (Ireland)
- Crown Holdings (US)
- Universal Packaging Ltd (New Zealand)
- Sealed Air Corporation (US)
- Sota Packaging Pty Ltd. (Australia)
- Najmi Industries (India), among others
Industry/Innovation/ Related News
February 21, 2019 —- VPK Packaging Group NV (Belgium), a global leader in cardboard composite packaging and recycled paper, announced the acquisition of Corenso’s businesses in Europe and China. Corenso Holdings America Inc. (Finland) is a leading global producer and distributor of paper packaging products. The takeover included Corenso’s two core-board mills in Finland & France and thirteen conversion plants, of which ten are located in Europe and three in China.
Looking to strengthen its position on the cores market significantly, VPK Packaging would almost double its capacities for cores with this acquisition. VPK Packaging had signed an agreement with NPAC International to acquire the European and Chinese business activities of integrated cores producer Corenso.
Global Composite Packaging Market – Segmentation
The Composite Packaging Market report is segmented into four key market dynamics to widen the scope of understanding,
By Material : Plastic, Paper, and Cardboard, among others.
By End-user : Food & Beverage, Industrial Goods, Consumer Goods, Personal Care, and Healthcare, among others.
By Packaging Type : Plastic-aluminum, paper-polyethylene, cardboard-polyethylene, paper-aluminum, and plastic-paper-aluminum Composite Packaging, among others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Composite Packaging Market – Regional Analysis
The Asia Pacific region is projected to continue holding the major share in the global composite packaging market. Growing production of thermoset resins is a major driving force behind the growth of the market. Besides the economic growth, rising population, and rapidly changing lifestyle are some of the important factors fostering the growth of the regional market.
Countries such as China, Japan, and India have become apparent as the leading players in this region. Moreover, the rising demand for food, cosmetics, and pharmaceutical products is driving an increase in the size of the regional market, in terms of revenue and production.
The composite packaging market in the European region has been witnessing significant growth due to the increasing demand in heavy-end industries. It is projected that the UK, Germany, and Italy would be the leading players in this region due to growing usages of composite packaging in aerospace, sports, and other sectors. Development in packaging standards, the introduction of eco-friendly materials, and innovative packaging designs such as smart packaging drive the growth of the market in Europe.
The North American composite packaging market is witnessing a notable growth due to growing consumption in the automotive, marine and aviation sectors. Due to increasing demand in electrical & electronics industries the region is expected to garner significant accruals.
The US, Canada, and Mexico are projected to be significant contributors to the growth of the market during the forecast period. Besides the growing use of composite packaging burgeoning industries, such as F&B, consumer goods, personal care, and healthcare, to name a few, are positively impacting the growth of the market.
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Highly competitive, the global composite packaging market appears to be fragmented with the presence of several large and small-scale players. Well established players incorporate strategic initiatives such as acquisition, collaboration, expansion, and technology launch to gain a competitive advantage in this market.
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