Impact of COVID-19 on the Global Airless Packaging Market
The pandemic has created a unique as well as challenging situation for each industry vertical across the globe at personal and professional levels. It has affected the working of individual stakeholders in a company as the number of coronavirus infected people in the world is continuing to develop further. The outbreak has drastically changed the modes of communication to reduce the infection rate. The governing bodies are initiating to protect susceptible age groups and provide enhanced healthcare services to the infected ones. The airless packaging industry players are strategizing to help people, partners, customers, suppliers, and other participants in this state to cope up with it. Companies have been monitoring the health of their employees and hygiene guidelines from government agencies for avoidance and spread the risk of infection at their workplaces to continue business operations and provide essentials to their customers worldwide during such unprecedented condition. Adding more, the businesses have measures such as no business travels, isolation for the employees who may have exposed to the virus, screening at workplaces and other manufacturing facilities with frequent survey regarding health, safety, and travel questionnaire.
After having a substantial negative impact on the airless packaging industry, the businesses are coping up to survive from the harsh losses incurred during the pandemic. The industry players are regaining momentum for their business operations. For instance, HCP Packaging, one of the leading Airless Packaging manufacturers signed commercial partnership agreement with PUM-TECH KOREA (PTK). The impact of the COVID-19 is expected to slow down the growth of the airless packaging industry mainly due to disruption causing delays attributed to several interrupted supply chains operations. The Airless Packaging manufacturers and the overall packaging industry are expected to face several challenges as most of the end use industries are expected to be left incomplete due to supply chain disruptions, cash flow constraints, and production shutdown. The top players in the Airless Packaging market are expected to continue to face volume growth challenges in the next few quarters, considering the current production slowdown along with reduced demand.
Apart from the factors mentioned above, consumer purchasing behavior is also expected to impact the overall Airless Packaging market, as consumers are not willing to buy consumer products owing to disruptions in per capita incomes and fears of unemployment. Thus, the Airless Packaging buyers are expected to delay their purchasing decisions for as long as possible, leading to a pile-up of unsold stocks. Therefore, looking at the current scenario, the Airless Packaging market is expected to register a stagnant growth rate in the next few quarters.