Product ID: SQMIG15H2038
Global Fresh Food Packaging Market Size, Share, Growth Analysis, By Packaging Type(Rigid and Flexible), By Material(Plastic, Paper & Paper Board), By Application(Eggs, Meat and Seafood) - Industry Forecast 2024-2031
Report ID:
SQMIG15H2038 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|
Tables:
91 |
Figures:
76
Global Fresh Food Packaging Market Insights
Global Fresh Food Packaging Market size was valued at USD 136.05 billion in 2022 and is poised to grow from USD 142.85 billion in 2023 to USD 211.06 billion by 2031, at a CAGR 5.0% during the forecast period (2024-2031).
The increased demand for rubber, paints and coatings across various industries such as construction & electric vehicles is driving the expansion of the specialty silica market. A large increase in EV production is likely to present a lucrative opportunity for the tire sector, significantly influencing specialty silica demand.
The United States controls the majority of the specialty silica market in North America. The electric vehicle (EV) market in the United States has grown significantly. As a result, there is a growing demand for innovative and energy-efficient rubber tires. Growing domestic manufacturing of these cars is likely to have a beneficial impact on specialty silica demand in the US tire sector. For example, Lion Electric stated in 2021 that it will build the country's largest medium and heavy-duty EV facility. The corporation plans to invest USD 70 million over a three-year period. The factory is expected to have a capacity of 20,000 all-electric buses & vehicles.
Furthermore, the United States government is focusing on providing affordable housing to its citizens, which is projected to drive demand for paints and coatings. For example, in 2021, the House Democratic enacted the Build Back Better Act, which is estimated to provide USD 170 billion in financial assistance for affordable housing. The government intends to preserve or construct over one million affordable dwellings. Growing product demand from sectors such as packaging, rubber, & paints & coatings is likely to drive market expansion in coming years. For instance, Nouryon said in 2021 that it intends to expand the capacity of its Levasil colloidal silica manufacturing factory in the United States. The expansion is intended to accommodate rising packaging and construction sector demand.
Global Fresh Food Packaging Market Report Snapshots
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