Global Industrial Packaging Market was valued at US$ 68,677.9 MN in 2022, and is estimated to reach US$ 104,758.5 Million by 2030, exhibiting a CAGR of 5.42% during the forecast period (2023-2030).
According to Global Industrial Packaging Market, By Material Type (Metal, Plastic, Paper & Wood, and Fiber), By Product Type (Drums, IBC’s, Sacks, Pails, Crates, Bulk Boxes, and Others), By Category (Rigid Packaging and Flexible Packaging), By Application (Chemicals & Pharmaceuticals, Food & Beverage, Building & Construction, Automotive, Plastics & Rubber, Agriculture and Horticulture, Oil & Lubricants, Electronics, Engineering, Metal Products, Tobacco, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) as published by Coherent Market Insights
Industrial packaging offers completely sealed packaging to highly sensitive product. Drums, crates, intermediate bulk container, bulk boxes, sacks, and pails are some of the industrial packaging materials. On the basis of packaging type, it is classified into flexible and rigid. Building & construction, automotive, chemicals & pharmaceuticals, food & beverage, plastics & rubber, agriculture, and oil & lubricants are some of the major end user industries of industrial packaging.
Global Industrial Packaging Market- Drivers
Growing international trade around the globe supported by favorable government policies is expected to drive the market growth of the industrial packaging. In automotive industry, it is used to transport the auto parts to the consumers, and this is expected to drive the market growth of the industrial packaging. Rapid urbanization and industrialization around the globe is further expected to boost the market growth of the industrial packaging.
Global Industrial Packaging Market- Opportunities
Growing chemical industry along with increasing trade of the chemical products is expected to offer major market opportunities over the forecast period. According to the India Brand Equity Foundation, total exports of dyes and dye intermediates, organic and inorganic chemicals including agrochemicals, cosmetics and toiletries, essential oils and castor oil, was US$ 19.09 billion during the year 2018-2019. Moreover, the chemical sector is expected to reach US$ 300 billion by 2025, with growth rate of 15-20% .
Global Industrial Packaging Market- Restraints
Concerns associated with the usage of plastic materials for industrial packaging is expected to hinder the market growth. Plastic has various environmental hazards due to which government has imposed ban on the usage of plastic products, and this is expected to hamper the market growth of industrial packaging.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/industrial-packaging-market-883
Key Takeaways:
On the basis of product type, sacks dominated the global industrial packaging market in 2019 with 26% of market share, in terms of revenue, followed by drums and IBCs, respectively.
Global Industrial Packaging Market- Trends
Increasing usage of paperboard for industrial packaging due to rising trend of green consumption is expected to fuel the market growth of the industrial packaging. For instance, in May 2019, Stora Enso, launched Cupforma Natura Solo, a renewable paperboard for paper cups. This is suitable for making hot and cold drinking cups, as well as for ice cream packaging. It is produced without a traditional plastic coating layer, and designed for full-fiber recovery in a recycling process. Stora Enso is a leading provider of renewable products in packaging, biomaterials, and wooden construction.
Partnership and agreements by major players is a current trend in the market, owing togrowing focus of manufacturers to expand their market presence on the global level. For instance, in January 2020, Danimer Scientific, a developer and manufacturer of biodegradable materials, and Columbia Packaging Group (CPG), a producer of custom plastic bags and flexible packaging, announced the partnership to manufacture compostable bags, film, and roll-stock for the flexible packaging market.
Global Industrial Packaging Market- Impact of Coronavirus (Covid-19) Pandemic
COVID-19 pandemic has changed the buying pattern of consumers. Measures such as nationwide lockdown led to panic buying of food and hygiene products. Nestle S.A., a food and drink company, reported quarterly growth in sales of 4.3% in North America and Europe in April 2020. As per Coherent Market Insights (CMI), this is the highest growth in sales of the company in the past five years that resulted as an outcome of panic buying. Kraft Heinz Company’s net sales was increased by 3.3% in first quarter of 2020, as compared to first quarter of 2019, primarily attributing to the sudden in the segment of packaged food due to the pandemic. This has surged the market for packaging products and solutions.
Global Industrial Packaging Market- Competitive Section
Major players operating in the global Industrial Packaging market include Smurfit Kappa Group, Cascades Inc., Mauser Group B.V., Grief Inc., International Paper, Nefab Group, Schutz, Sonoco, AmeriGlobe, and B.A.G. Corp.
Global Industrial Packaging Market- Recent Developments
- In December 2018, Cascades, expanded its production of molded pulp packaging with acquisitions of Urban Forest Products and Clarion Packaging in the U.S. Cascades is a Canadian company that produces, converts, and markets packaging and tissue products composed mainly of recycled fibres.
- In November 2017, Cascades , Kingsey Falls, Quebec, announced a US$ 21 million investment in its Cascades Inopak and Plastiques Cascades plants in Canada to increase its production of food packaging
