Asia Pacific to be the largest share in the protective packaging market by 2022

CITY, Country, 2021-Nov-11 — /EPR Network/ —

The protective packaging market is growing rapidly in accordance with the growth of the packaging market, globally. Factors such as cost-effectiveness and growth in demand for food & beverage products have largely contributed to the growth of the protective packaging market. The protective packaging market is classified on the basis of type, material, function, application, and region. It has experienced continuous progress with regard to acquisitions, mergers, and expansions in the packaging industry. According to MarketsandMarkets, the global market for protective packaging, in terms of value, is projected to reach USD 32.02 Billion by 2022, at a CAGR of 5.67%.

The key players in the protective packaging market include Smurfit Kappa Group (Ireland), Sealed Air Corporation (US), WestRock (US), Sonoco Products Company (US), Huhtamaki OYJ (Finland), Pro-Pac Packaging (Australia), Pregis Corporation (US), DS Smith (UK), Dow (US), and Storopack Hans Reichenecker (Germany). These players adopted various strategies to expand their global presence and increase their market share. Mergers & acquisitions, expansions, and new product launches are some of the major strategies adopted by the market players to achieve growth in the protective packaging market.

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The merger & acquisitions strategy accounted for the largest share of all strategic developments in the protective packaging market in 2016. Companies such as Smurfit Kappa Group (Ireland), Sonoco Products Company (US), Huhtamaki OYJ (Finland), WestRock (US), Pro-Pac Packaging Limited (Australia), Storopack Hans Reichenecker (Germany), and DS Smith (UK) adopted this strategy to expand their geographical reach, strengthen their product & service portfolios, and enhance their growth prospects in the protective packaging market.

Smurfit Kappa Group (Ireland) held the leading position in the global protective packaging market in 2016. The company has maintained its leadership position through its strong distribution network across Asia Pacific, Europe, the Americas, and emerging markets. Smurfit Kappa Group (Ireland) is among the leading manufacturers of protective packaging for many of the markets it serves. It adopted expansions as its key strategy to capture the market. In June 2017, Smurfit Kappa expanded its global network of experience centers by setting up a new facility center in Dallas, Texas. This expansion enabled the company to expand the growing unmet demand and also to strengthen the company’s position in the US market.

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Sealed Air Corporation (US) is a global provider of protective packaging solutions. The company innovates and offers protective packaging solutions for various applications. It adopted acquisitions as its key strategy to gain a competitive advantage in the market. In September 2017, Sealed Air Corporation (US) acquired Fagerdala Singapore Pte Ltd (Singapore), a manufacturer and fabricator of polyethylene foam, for USD 100 million. This acquisition aimed at penetrating in the Asian market, which expanded the company’s business and enhanced its geographical footprint worldwide.

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