The global cohesive packaging solutions market is expected to register a market value of US$ 1.6 billion in 2023 and is projected to accumulate a valuation of US$ 2.9 billion by exhibiting a CAGR of 6.1% in the forecast period 2023 to 2033. The cohesive packaging solutions market registered a growth of 5% CAGR in the historical period 2018 to 2022.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 1.6 billion |
| Projected Market Value in 2033 | US$ 2.9 billion |
| Growth Rate (2023 to 2033) | 6.1% CAGR |
Cohesive packaging solutions are known for their versatility and customization. The growth in transportation and e-commerce industries has led to fast growth in the packaging sector, along with the increasing awareness and use of green packaging. Therefore, these trends are anticipated to positively benefit the cohesion packaging solutions market during the forecast period.
Growing consumer awareness, the advent of new packaging materials, mounting research and development activities for innovative products, and, surging adoption of cohesive bubble packaging in various sectors are expected to drive market growth during the forecast period. Also, numerous benefits offered by cohesive packaging in the transportation of products as well as the bio-degradable nature of plastic wraps and growing awareness regarding the use of eco-friendly products, are further driving the market growth ahead.
In addition, increasing modernization and technological developments in the production techniques of cohesive packaging solutions will further create space for market expansion. Burgeoning demand for consumer goods is also fuelling product demand. Cohesive bubble wrap is a type of plastic packaging material that is widely used for padding and protecting products during transportation.
With the rise in online shopping and e-commerce trends, there has been a significant upsurge in the demand for cohesive bubble wraps to protect delicate goods during shipping. With the consistent growth in the electronic and electrical industry in the past few years, the demand for cohesive packaging was meant to rise. This can be attributed to the introduction of new technologies in the industry such as face recognition, fingerprint sensors, and 4G which have opened up gates of opportunity for the growth of the electronic industry as well as for the demand for cohesive packaging solutions.
Consumers across the globe are becoming more conscious of the environmental hazards of packaging and are shifting their purchasing habits to more environment-friendly alternatives. This is expected to support the market expansion of cohesive packaging. Governments, consumers, and the media are putting pressure on manufacturers to make their products, packaging, and processes more environmentally friendly. People are ready to pay more for environmentally safe packaging. Thus, these trends will amplify product sales in the coming years.
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Recent developments and breakthroughs in technology, mergers, acquisitions, tie-ups, and partnerships within the companies involved in manufacturing cohesive packaging solutions are expected to create lucrative opportunities for market growth during the forecast period.
Principal Consultant
Cohesive packaging refers to the packaging materials that can encapsulate any product with the coating of natural rubber latex. In cohesive packaging, the material only sticks to itself and not the product inside, making it more efficient and less complicated. The usage of cohesive packaging had significant growth in the past decade.
The flourishing e-commerce industry is playing a critical role in the development of the cohesive packaging solutions industry. The sheer volume of products that are supplied by the e-commerce industry in the market, increases the demand for fast and efficient packaging solutions.
The e-commerce industry is proving to be a boon in the pandemic for many manufacturers and as a result, cohesive packaging solutions are booming amid the pandemic restrictions.
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A large variety of materials can be used for the cohesive packaging of products. Many of the materials like paper, corrugated sheets, etc. are often either recycled or reused. Consumer awareness is one of the factors that is driving manufacturers to offer the product in an environmentally friendly form of packaging.
While shipping fragile and delicate items, materials like plastic wraps, foam packaging and bubble wrap could be easily used to avoid any damage during transportation or handling.
The cohesive packaging solutions have not penetrated the packaging market of emerging countries. The use of traditional forms of packaging is still covering a majority of the market share. The hesitation of local players towards switching to a new form of packaging may prove to be temporary restraint in the growth of this market.
Key global players such as
are in the cohesive packaging solutions market.
In the Asian region, players like
are actively involved in the cohesive packaging solutions market.
Key players are competing against each other in the industry to acquire maximum market share for multiple segments. In the cohesive packaging solutions market, manufacturers are adopting strategies like mergers, acquisition and strategic partnerships to expand product portfolio and the number of industries served.
In November 2020, Pregis LLC, acquired a privately owned company, Technical Machinery Solutions (TMS), Illinois which deals in remanufacturing of used machinery and has successfully created a solution for the production of single-stream mailer used in cohesive packaging from.
Innovation in cohesive packaging solutions has led to the introduction of many alternatives that are both sustainable and environmentally friendly.
The increasing number of players in the packaging industry are using innovative, sustainable and recyclable packaging materials to cater for the customers which will prove to be a catalyst for the growth of the cohesive packaging solutions market.
The emerging markets of the Asia Pacific region are scaling a new height in the packaging industry. The general increase in the urbanization and per capita of the population has fuelled the growth of the industries like automobile, e-commerce, electrical and electronics among others.
The need to pack a large volume of goods in minimal time is one of the factors that is adding the number of players in the cohesive packaging solutions industry in this region. The market share of countries like India, China and Japan in the manufacturing industry is considerably higher compared to other countries and this is projected to augment demand for the cohesive packaging solutions industry in Asia Pacific Market.
The COVID-19 pandemic has affected many industries on a large scale. The lockdown and logistic restrictions are some of the reasons that made the survival of many players in the market a challenge.
The cohesive packaging solutions industry suffered in the pandemic because of many factors like shortage of raw materials, decrease in the demand from the parent industries, logistics restrictions and cost-cutting solutions adopted by industries. The e-commerce market is one of the few industries that has aided in the survival of the industry.
Post-pandemic, the industry is expected to expand quickly compares to other forms of packaging, as it has added advantage to pack large quantity of goods efficiently and economically.
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Cohesive Packaging Solutions Market
