As per the report by Grand View Research Inc., the global Dunnage Packaging Market estimated at USD 4.8billion by 2027. It is projected to develop by 6.1% CAGR from 2020 to 2027.
Increasing demand for the environmentally friendly and the sustainable solutions of the packaging, because of their price efficiency, when contrasting to the disposable packaging, is projected to impel the development of the market for Dunnage Packaging. The Dunnage packaging is broadly utilized in diverse user industries, for example, consumer durables, aerospace, foodstuff & beverages and others. These industries practice traditional Dunnage solutions to alter the form of the products packed; it not only protects the filled manufactured goods but assists in optimizing and reducing the area of the consignment. Owing to the growth in demand for 360o safety for the product and biodegradability, the Dunnage packaging, is mainly used in the automotive application. Here, foam based and corrugated paper packaging help in safeguarding the lightweight packaging, at the same time reducing the costs of handling and transportation plus keeping up the structural reliability of the automotive components.
As a result of growing demand for the product from the diverse user industries such as aerospace, automotive and the electronics, the Asia Pacific is expected to be the speedily developing plus the biggest regional market, during the period of forecast. Moreover, speedy urban development in the nations, for example, Australia, China and India, has led to the augmented utilization of the consumer durable goods. FMCG and the automotive components, those necessitate Dunnage Packaging. This, sequentially, will assist in increasing the development of the market. On the other hand, the manufacturing procedure of custom made Dunnage Packaging needs huge capital investment. Furthermore, it comprises a greater cost, to arrange for the production plant of the preliminary products. Furthermore, speedy technical progressions offer growth to the manufacturing of inventive equipment, this is much expensive to purchase. As the profit on the investment is greater for an extensive period, only those industry players, possessing ability of huge investment, are expected to come into this market.
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Effect of Covid-19:
As a result of the global eruption of Covid-19 pandemic, the market for Dunnage Packing is estimated to suffer a huge loss. The pandemic caused an immense damage worldwide. During the pandemic, merely necessary supplies are permitted for the production and to supply in the market by the several nations. It is estimated that the development of the market for Dunnage Packing will be sluggish, throughout this pandemic, and will progressively develop, when the entire working of the market will start.
Further findings from the report suggest:
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CompaniesSome of the companies for Dunnage Packaging Market are:
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