Future Market Insights (FMI) report that demand for effective packaging solutions has come center-stage across major industrial verticals. The reliance on conventional glass and metal based packaging is declining in favor of more flexible and lightweight packaging material such as PP, paper and aluminum foils.
Industries such as food, pharmaceuticals and cosmetics and personal care are increasing usage 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 accelerating the adoption of customized packaging solutions. Based on these trends, FMI's study projects the global packaging laminates market to surge, reaching approximately $9 billion by 2030.
The study found that Europe and East Asia will collectively dominate the market, capturing nearly 40% of the revenue share. It also found that the food industry will witness maximum packaging laminates application, capturing more than half of the total market share. Non-aseptic packaging will supersede aseptic packing growth, accounting for more than 50% of the revenue. Packaging materials with 30-45 microns’ thickness will hold maximum sway, registering an incremental opportunity worth $1.6 billion by 2030. In total, the global packaging laminates market will record a value CAGR worth about 5% from 2020-2030.
According to FMI, 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 and 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.