Over the course of the last couple of decades, the packaging sector has evolved at a rapid pace driven by a range of factors. At present, the packaging sector is largely driven by the booming demand from the food & beverages sector, growing consumer awareness pertaining to materials used in packaging solutions, and rising demand for convenient packaging. At present, consumers are largely inclined toward opting for packaging solutions that offer convenience and are made from sustainable materials. While environment protection continues to remain the primary factor, packaging companies are also likely to focus on innovations to gain a competitive edge.
The evolving nature of the packaging requirements of the various industrial domains has compelled the packaging sector to consistently invest in research and development activities. In line with the growing demand for convenience and safety, cubitainers have emerged as an ideal packaging solution and increasingly being used across an array of industries, including food & beverages, chemicals, and pharmaceuticals. Moreover, the augmenting demand for portable packaging solutions is another factor that is projected to aid the growth of the global cubitainers market during the assessment period.
As players involved in the current market for cubitainers are increasingly focusing on aesthetics, design, functions, and user-convenience, the demand is projected to witness a steady growth in the upcoming years. In addition, as more number of cubitainer manufacturers are operating in-sync with requirements of the FDA, the overall prospects of the global cubitainers market indicate a positive outlook during the forecast period. At the back of these factors, the global cubitainers market is expected to attain a market value of ~US$ 153 Mn by the end of 2030.
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While market players continue to lean toward the production of flexible and rigid cubitainers, customization is expected to remain another key area of interest for market players. In addition, as more number of players continue to enter the global cubitainers market, environment sustainability, quality, and costs are some of the other parameters that are projected to remain a differentiating factor for end users. Another major trend that is expected to set the ball rolling for the growth of the global cubitainers market is customization. Market players in the current market landscape are offering a range of configuration options to their customers due to which, the demand for customized cubitainers is projected to move in the upward trajectory during the assessment period. In comparison with the other compact packaging alternatives, including blow molded tight head (TH) pails and rigid open head pails, cubitainers are light in weight, offer maximum handling convenience, provide optimum space utilization, improves durability, and considerable reduces overhead costs.
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In addition, as most cubitainers can be manufactured using in-line filling machines, the product has gradually garnered considerable attention across the packaging sphere. In addition, cubitainers also play an imperative role in minimizing transportation costs due to which, the demand continues to grow at an impressive pace.
Due to stringent regulations pertaining to the environment and mounting pressure from regulatory bodies, the packaging sector is gradually evolving. As cubitainers gain popularity, market players are projected to focus on exploring the benefits of different materials for the production of cubitainers. At present, despite polymers making a strong case, LDPE has emerged as a material of choice among cubitainer manufacturers, as LDPE can be efficiently recycled, is cost-effective, and highly resistant to chemicals and moisture. The growing demand for LDPE cubitainers is anticipated to play an imperative role in boosting the growth of the global cubitainers market during the assessment period.
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High Demand from Pharmaceutical Sector amid COVID-19 Pandemic to Aid Market Growth
The ongoing COVID-19 pandemic is expected to have a short-term impact on the overall growth of the cubitainers market. The demand from the pharmaceutical and the chemical sector amid the ongoing COVID-19 pandemic is expected to have a positive impact on the growth of the market for cubitainers in 2020. As research and development activities continue to ramp up around the world toward the discovery of the COVID-19 vaccine, pharmaceutical and chemical sectors have emerged as prominent end-use industries amid the ongoing health crisis.
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