A report by Future Market Insights on the Packaging Laminates Market reveals that demand for effective packaging solutions has acquired center-stage across major industrial verticals. The reliance on conventional glass and metal based packaging is eroding in favor of more flexible and lightweight packaging material such as PP, paper and aluminum foils.
Various industries such as food, pharmaceuticals and cosmetics & personal care are increasing uptake of packaging laminates. Depending upon the end-use industry, vendors are introducing novel and specific packaging solutions derived from several flexible materials.
Features such as high puncture and tear resistance, longer shelf life and enhanced aesthetics is propelling the adoption of customized packaging solutions. Based on these trends, study projects the global packaging laminates market to surge impressively, reaching ~US$ 9 Bn by 2030.
Key Takeaways from the Packaging Laminates Study
- Europe & East Asia to collectively dominate the market, capturing nearly 40% of the revenue share
- Food industry to witness maximum packaging laminates application, capturing more than half of the total market share
- Non-aseptic packaging to supersede aseptic packing growth, accounting for more than 50% of the revenue
- 30-45 microns’ thickness packaging materials to hold maximum sway, registering an incremental opportunity worth US$ 1.6 Bn by 2030
- Global packaging laminates market to record a value CAGR worth ~5% from 2020-2030
“Strict environmental compliance measures to reduce wastage is compelling vendors to introduce eco-friendly & sustainable packaging material, providing traction to future growth,” infers an analyst.
COVID-19 Impact Insights
The COVID-19 pandemic has induced major sluggishness across several end-use industries, attributed to cessation of production cycles amid strict lockdowns. Falling industrial production has also impeded demand for packaging laminates across major domains. However, demand is largely being sustained by the food & pharmaceutical industries.
An uptick in consumption of healthcare consumables, fresh & processed ready-to-eat foods and hygiene & homecare products is prompting vendors to strengthen their supply chains. Additionally, rising e-commerce activities have opened up fertile grounds for the proliferation of packaging laminates.
If existing lockdown measures continue to remain enforced, projected recovery across other industries is anticipated to be slow, leading to a sluggish trajectory. However, if they are relaxed, growth will pick up pace from the beginning of 2021.
