Industrial packaging market share is expected to grow from USD 58.8 billion in 2020 to USD 72.6 billion by the end of 2023, with a compound annual growth rate of 5% during the period of forecast.
Industrial packaging market growth will be highly dependent on end-use industries and if we look at the present trends, the demand for food and beverages and the pharmaceutical industry is increasing very rapidly and in turn, the demand for packaging is also going high.
The coronavirus pandemic has given a very tough time to most of the manufacturing, developing, production, and logistic units of the market. The industrial packaging industry also observed a tolerable decrease in its growth rate as the bulk packaging for chemicals, agriculture among other factors witnessed a significant decline in their demand. But some factors have also worked in favor of packaging industries. Due to lockdown restrictions, people are not allowed to go outdoors, so they are resorting to online platforms for ordering daily essentials, which is leading to an increase in demand for bulk industrial packaging solutions and services. Governments of seriously affected countries have ordered the food industries to raise their production to avoid shortage and uninterrupted supply. All such companies trying to cope up with the government orders are demanding more industrial packaging materials. The pharmaceutical industry and healthcare industry are responding to this pandemic crisis very well, which in turn is increasing the demand for industrial packaging products.
To get a detailed and profound idea about the industrial packaging market insights, it is very important to create a competitive environment amongst the different key players at different market locations all around the globe. There are various strategies adopted by key players in the global Market like technology launches, acquisitions, and R&D activities to expand their business and stable themselves in the global market. .
The prime players of industrial packaging global market are: -
The growth in import and export activities all around the world will be one of the major factors that will be driving the market growth. There is also utilization of shipping containers to provide safety to the industrial equipment’s and they can be transferred from one place to another with ease. Other factors driving market growth also include an increase in construction and building activities and a rise in international trading. The food and beverage industry is expected to be responsible for the most amount of profits made by key players in the global market. Also, the increased demand for feasible packaging solutions will be driving the market growth. There is an increase in demand for lightweight and easy-to-use packaging solutions that can be held responsible for the increase in demand for corrugated boxes.
The growing environmental concerns all over the world will hamper the industrial packaging market growth to certain limits. With the increase in the cost of raw materials, market vendors increase their product price and try to reduce the profit margins, which affect the market growth adversely. The strict regulations regarding unstable compounds will also hinder the market growth. The demand for recyclable packaging solutions is increasing day by day and that is another factor that will be obstructing the market growth.
As we know sustainability of the environment is the demand of present as well as for the future. And talking about the packaging materials used by the prime industries of this market, sustainable packaging is seen as a better option and is considered as a good area for a big investment. New rules and regulations require the companies on a mandatory basis to recoup their packaging material and show their serious concern towards safe disposal and recycling of packaging material. Although the market of industrial packaging has a lot of growth opportunities owing to a range of different reasons like the rise in the population rate, along with the rate of the currency. There are many reasons for the expected market growth like strong and reliable products along with the consumption of bulk packaging products. The regions belonging to the APAC market have a stable product that is making the way for an excellent global advancement in this field. Also, the presence of an efficient labor market and excellent infrastructure are added assets.
Global industrial packaging market is expected to grow at a CAGR of ~5% during the forecast period, 2017-2023.
Industrial packaging market share is anticipated to witness significant growth owing to the performance of different market segments. Among all segments, the food & beverage segment will be the fastest-growing segment during the forecast period. Due to fear of lockdowns, panic-buying and bulk stocking are the factors which are pushing daily staples end-user companies which in turn are demanding more industrial packaging services and solutions. For an amplifying use the market is segmented into the following on different bases:
The industrial packaging industry movements are remarkably working in 3 major regions of the world Europe, Asia Pacific, North America, and the rest of the world. by way of increasing industrialization and urbanization, Asia pacific is expected to be the largest market and may observe significant growth over the forecast period. The rise in consumer spending money and adapting to new lifestyles are the factor that will also contribute towards the growth of the industrial packaging market in the Asia Pacific region. Rise in import and export activities, North America is anticipated to be the second-largest market of industrial packaging solutions and services. The growth of the market will be further increased by the imposition of a North American free-trade agreement. With the solid demand for industrial packaging in the food and beverages and pharmaceutical industry, Europe will have the third-largest market share.
Industrial packaging is employed for transporting goods from the producer or manufacturer to the consumer. If we talk about the supply chain, a lot of times the goods are delivered to the distribution center from the manufacturers, where the goods are packed for consumers. Most of the industrial goods are heavy, bulky in size, and sensitive to the external atmosphere, and are lavish to transport. Industrial packaging is very different from normal packaging in terms of thickness, strength, and level of protection provided by it for long-term storage. Due to the hypersensitive nature of industrial goods, it is very important to protect the product for a long duration and transport them carefully through impervious sealed packaging to keep it protected from external adulteration.
The industrial packaging market report presents a switch analysis that includes market drivers, opportunities, and restraints that are available in the global market. The report takes into consideration the impact of covid-19 on the key players of the industrial packaging industry. The report also informs us about the segmentation of the market on a different basis and how a competitive environment is created among the key players around the globe. At last, the report shows some recent developments in the field of industrial packaging services and solutions.
|Market Size||2027: Significant Value|
|CAGR||5% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Packaging Type, Materials, Products, and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Greif, Inc. (U.S.), Mondi plc (Austria), Amcor Limited (Australia), WestRock Company (U.S.), International Paper Company (U.S.), Bemis Company, Inc. (U.S.), Orora Limited (Australia), Mauser Group (Germany), Sigma Plastics Group (U.S.), Wuxi Sifang Drums Limited Company (China), NEFAB GROUP (Sweden), Sonoco Products Company (U.S.), AmeriGlobe LLC (U.S.), Schoeller Allibert (The Netherlands), and Sealed Air Corporation (U.S.)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global industrial packaging market is expected to record a substantial market valuation by 2027.
The global industrial packaging market is projected to register a moderate 5% CAGR in the forecast period.
The flexible segment is slated to expand as the fastest-growing segment.
The metal segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global industrial packaging market are Bemis Company, Inc. (U.S.), WestRock Company (U.S.), Amcor Limited (Australia), International Paper Company (U.S.), among others.