bubble wrap packaging market Scope
The bubble wrap packaging market is all set to reach a valuation of USD 10 billion by 2028, reveals Market Research Future (MRFR). The growth prospects of the market seem promising as the progression rate is estimated to be 7.84% between 2021 and 2028 (evaluation period).
Primary Drivers and Key Barriers
A variety of packaging options are available in the market, out of which the bubble wrap packaging enjoys an impressive demand. The high demand is the outcome of its property of keeping intact the elemental property of the product. In addition to this, the rapidly blossoming retail industry across the world means significant demand for bubble warps as well, which gives a considerable boost to the market growth. In the retail sector, bubble wrap helps protect products such as gift items, electronics, and others during transportation.
With online shopping becoming vastly popular among the tech-savvy customers of today, the demand for flexible protective packaging has escalated at a swift pace. Also, leading companies are now highly focused on bringing down pilferage while transporting the goods, which can have an incredible effect on the demand for bubble wrap packaging during the review period.
Furthermore, a rising number of market participants are striving to boost the quality of bubble wrap packaging, so that its application rises across a higher number of industries. For this, the companies are developing high-grade bubble wraps and temperature-controlled bubble wraps, which can draw in more customers, while winning them a larger share in the global market. To illustrate, Automated Packaging Systems recently developed AirPouch protective packaging materials, which has twin pillow for additional protection to the products. Apart from product innovation and product launches, many of the vendors are also adopting marketing hacks like business expansions, collaboration and acquisitions and mergers that can help them further substantiation their position in the bubble warp packaging industry.
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The segments depending on which the research on the bubble wrap packaging market has been carried out include product and application.
The product-based market segmentation comprises general grade bubble wraps, high-grade bubble wraps, limited grade bubble wraps, temperature-controlled bubble wraps, and more. There is a large demand for high-grade bubble wraps in the market, making it the highest gaining segment. High-grade bubble wraps consist of stronger bubbles that not only cushion the products but also offer considerable amount of security by holding them intact during transit.
The chief applications of bubble wrap packaging are personal care, e-commerce, pharmaceutical, food and beverages, automotive and allied industries, consumer goods, and others. With the vast expansion of the e-commerce sector and the high demand generated for bubble wraps, the segment is set to dominate the global market in the near future.
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Region-wise study of the bubble wrap packaging market covers North America, Asia Pacific or APAC, South America, Europe, as well as the Middle East & Africa or MEA.
The possibility of APAC claiming the top position in the global market during the appraisal period is quite high, with North America coming a close second. The economy in APAC is largely dependent on the e-commerce sector, which is gaining high traction with each year. The retail market has become quite lucrative across various platforms, whether it is retail e-commerce or hypermarkets. A majority of regional manufacturers as well as retailers are putting in substantial amount of efforts to enhance product quality in a bid to cater to the high performance goals. Also, the surge in the use of mobile as well as low cost data has boosted the expansion rate of the e-commerce industry in the region, leading to massive growth of the bubble wrap market.
The North American market growth is warranted by factors like the increasing size of the automotive and e-commerce industry. Most of the retail outlets across the region are setting up programs that are spreading awareness among people about the ill-effects of plastic bags and are prompting the use of eco-friendly packaging options. This can boost the sales of eco-friendly bubble wraps packaging in the coming years.
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Top Market Contenders
The top market contenders listed in the report are Pregis Corporation (US), Automated Packaging System (US), IVEX Protective Packaging Inc (US), Smurfit Kappa (Ireland), Veritiv Corporation (US), Barton Jones Packaging Ltd. (US), Sealed Air Corporation (US), Jiffy Packaging Co. (UK), to list a few.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.