Over the next few years, demand for bubble wrap packaging is set to grow owing to increase in demand from manufacturing and warehousing sectors. Additionally, growth in logistics and transportation business is generating notable demand in the global bubble wrap packaging market. TMRR notes that a steady but moderate growth rate would be charted by the market from 2019 to 2029, creating untapped growth opportunities for players.
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A number of factors are adding to growth in the market over the aforementioned period. These include massive increase and still growing popularity of e-commerce and high penetration of mobile phones and internet even in remote locations. It is worth noting here that increase in consumer income is adding to this popularity growth. However, it is worth noting here that demand for recyclable and compostable alternatives for bubble wrap is currently being asked for.
It also notes that over the stated period, two lucrative regions that are bound to garner attention from top-tier players are North America and Asia Pacific (APAC). The latter would capitalize upon growing e-commerce in the region – a result of growth in disposable income and robust economic growth in a number of countries such as India and China.
The fragmented vendor landscape of global bubble wrap packaging market is marked with a number of notable development owing to various growth measures opted by proactive players such as Veritiv Corporation, Sealed Air Corporation, Jiffy Packaging Co., and Pregis Corporation, among others. It is pertinent to note here that in June 2018 Kuraray America Inc and Sealed Air Corporation partnered to provide bio-based food packaging materials, addressing a major challenge the industry faces today of non-biodegradable waste.
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Then, in the year of 2019, Sealed Air expanded its operational footprint by opening lap in Singapore. It provided testing and thermal packaging designing services in the region, boosting growth in food and life sciences industries.