Pune, India, September, 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on Industrial Packaging Market Research Report.
The global industrial packaging market is expanding at an incremental pace and is set to capture a CAGR of 5% over the forecast period of 2017-2023, proclaims Market Research Future (MRFR) in a comprehensive research report. The global industrial packaging market is observing persistent growth due to the growth in end-use industries which generates demand for packaging. The rise in trading activities across the world supports the growth of the global industrial packaging market. Import and export of goods require high-quality packaging to prevent them from damage and enable safe transportation. Growth in industries such as chemical, construction, and pharmaceuticals further stimulate the growth of the market. Improvements and advances in the packaging process and techniques result in better quality packaging and efficient use of resources which is also a driving factor in the growth of the market. On the downside, the growth of the market might be hindered by pricing pressures and stringent regulations pertaining to the environment and employee safety. However, development of biodegradable materials as packaging materials is expected to provide opportunities for market expansion.
The global industrial packaging market has been segmented based on packaging type, materials, products, and end-users. By packaging type, the market has been segmented into flexible & rigid. The flexible packaging segment is leading the market owing to the growing need for plastic-based packaging products and diverse application of flexible packaging in various industry verticals. By materials, the market has been segmented into metal, plastic, paper, and wood. The plastic dominated the market in 2016 and is expected to be the fastest growing market over the forecast period due to high efficacy of plastic as an industrial packaging material. By products, the market has been segmented into bags, boxes, sacks, barrels, tanks, and others. The box segment dominated the market in 2016 and is expected to witness growth over the forecast period. By end-user, the market has been segmented into food & beverages, construction, chemicals & pharmaceuticals, electronics, and others.
The global industrial packaging market spans across the regions of North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific is the largest market for industrial packaging and is driven by increasing industrialization in the region. Availability of relatively cheap labor, the upsurge in economy and attractiveness for FDI fosters rapid industrialization in Asia Pacific which induces high demand for industrial packaging. In addition, rising consumer spending and increased international trade in the region provides an impetus to the growth of the market. North America follows Asia Pacific closely, and the market is growing due to the rise in import and export activities in the region. North American Free Trade Agreement (NAFTA) is projected to boost the market growth further. Europe market for industrial packaging is also a steady one owing to strong demand from the food & beverage and pharmaceutical industries.
The key players operating in the global industrial packaging market include Greif, Inc. (U.S.), Greif, Inc. (U.S.), International Paper Company (U.S.), Orora Limited (Australia), Sigma Plastics Group (U.S.), NEFAB GROUP (Sweden), AmeriGlobe LLC (U.S.), Sealed Air Corporation (U.S.), Mondi plc (Austria), WestRock Company (U.S.), Bemis Company, Inc. (U.S.), Mauser Group (Germany), Wuxi Sifang Drums Limited Company (China), Sonoco Products Company (U.S.), and Schoeller Allibert (The Netherlands).
In June 2018, Stone Canyon Industries (SCI) announced the acquisition of a US-based container solutions and services provider Industrial Container Services (ICS) for USD 1 Billion. The transaction was made through BWAY Holding Company (BWAY), which is a subsidiary to SCI and a global supplier of industrial rigid packaging products and services.