Textile Packaging Market Expected Growth Opportunities Forecast by 2029 | Know the Russia Ukraine Impact On Textile Packaging Industry
The textile packaging market size is expected to grow at a rapid pace as a result of the growing preference for textile packaging over plastic packaging. Fortune Business InsightsTM has presented this information in its upcoming report titled, “Textile Packaging Market, 2022-2029”. Textile packaging is not only tear-resistant, but it also provides customers with eco-friendly, biodegradable, and long-lasting options. Fabric packaging is widely used in the medical, retail, food and beverage, and garment industries nowadays.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Textile Packaging Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Textile Packaging Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
Report Coverage –
The report includes information about the packaging market, inclusive of the key market players adopting strategies like new product inventions, collaborations, mergers& acquisitions to gain a leading edge in the market. Furthermore, the market highlights the cumulative impact of COVID-19 on the industry.
Drivers & Restraints –
Stringent Government Rules to Ban Plastic and Switching to Eco-Friendly Packaging to Spur Market Growth
Textile packaging is not only tear-resistant, but it also provides customers with eco-friendly, biodegradable, and long-lasting options. Textile packaging is widely used in the medical, retail, food and beverage, and garment industries nowadays. Furthermore, governments’ strict restrictions prohibiting the use of plastic and mandating the use of eco-friendly alternatives would spur the development of cloth packaging. As a result, such factors will drive global market expansion over the forecast period.
Textile production costs, on the other hand, are high due to the need to maintain product quality. As a result, the price of such packaging is expected to rise, impeding the industry’s growth.
On the basis of type, the market is segmented into jute sacks, flexible intermediate bulk containers, jute hessian, soft luggage, and other polyolefin woven sacks, leno bags, wrapping fabric, jute sacks, jute hessian, and others. On the basis of end-user, the market is fragmented into food & beverages, agricultural, chemicals, construction, and others. Geographically, the market is classified into Asia Pacific, Europe, North America, Latin America, the Middle East & Africa.
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Regional Insights –
Asia Pacific Region to Grow Due to the Rising Demand for Textile Packaging Over Plastic Packaging
The textile packaging market share in the Asia Pacific is expected to grow at a steady pace owing to the rising need for fabric packaging over plastic packaging. Textile bags are becoming more popular in the food and beverage industry, which will drive the market in Europe. North America’s growth can be attributed to leno bags’ increasing use in the industrial sector. Furthermore, with the increasing acceptance of goods in the agriculture business, the Middle East & Africa are expected to see substantial growth. In Latin America, the rising demand for fabric packaging in the construction industry will fuel market expansion.
February 2021: The Ministry of Industry and Commerce of Paraguay has announced a USD 1.1 million investment in the manufacturing sector, which would primarily assist the clothes, textiles, and footwear industries, as well as other areas associated with assembly operations.
Key Players to Work on New Product Innovations
The global textile industry is competitive and fragmented. Key players such as Toray Industries Inc., B.C. Corporation, Iniditex, and others to employ market strategies such as new product innovations and the launch of conductive polymers and optical fibers that are sensitive to mechanical, physical, thermal, chemical, and electrical stimuli, which will contribute to the growth of the textile packaging market.
List of Key Players in the Market:
- Conitex Sonoco
- Sonvigo SA
- Acme Bag Company
- NATco global
- NONWOVEN FABRICS
- Beaulieu Technical Textiles
- Cheviot Co Ltd.
- Gloster Jute Mills Ltd.
- Texplast Industries
- Nobletex Industries Ltd.
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