Global Industrial Packaging market is projected to grow at a CAGR of 9.0% by 2033: Visiongain Reports Ltd
Visiongain has published a new report entitled Industrial Packaging 2023-2033. It includes profiles of Industrial Packaging and Forecasts Market Segment by Product, (Drums, IBCs, Sacks, Other Products) Market Segment by Application, (Food & Beverage, Automotive, Pharmaceutical, Chemical, Other Application) Market Segment by Material, (Cardboard, Flexible Materials, Rigid Plastic, Metal, Glass, Other Packaging Materials) plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.
The global industrial packaging market was valued at US$8,087 million in 2022 and is projected to grow at a CAGR of 9.0% during the forecast period 2023-2033.
The Worldwide Industrial Packaging Market Will Be Driven by Increased International Trade
The worldwide industrial packaging market will be driven by increased international trade needs for product safety and durable packaging options to overcome damage caused by environmental conditions and transportation. This allows firms to distribute their products more easily and decrease transportation losses caused by breakage to the protective wrapping. The industry’s expansion is being aided by rising globalisation and international trade. Growing commercial businesses, such as the chemical, pharmaceutical, construction, and electronics industries, are fuelling demand. The developed economies manufacture and consume the most of these things.
Emerging Demand for Sustainable Packaging
Companies aren’t going through a new phase when it comes to turning green. In reality, most businesses are moving in the direction of sustainability. Sustainable packaging solutions are part of this change. In the field of industrial packaging, sustainability is a critical factor. Many customers are concerned about their environmental effect. This has a direct influence on the items they purchase. It also has an impact on the companies they choose to support. Consider the common plastic bag or the once-common plastic straw. Due to customer demand, several firms have removed these components from their packaging or product offerings in response to consumer expectations during the last few years.
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How has COVID-19 had a significant negative impact on the Industrial Packaging Market?
In its wake of devastation, the COVID-19 outbreak has now spread across the globe. The pandemic has already altered the way we work and live. Many of these modifications will have long-term effects. As they adjust to these new realities, businesses in every industry, including packaging, will need to adopt new technologies and working methods. The increased interest in packaging for FMCG and pharmaceutical products, as well as rising web-based business sales as a result of lockdown, are major drivers for the packaging industry. The impact of the coronavirus on the packaging industry has both positive and negative effects on each segment. However, the packaging industry as a whole enjoys more significant benefits than other industries affected by the Corona Virus pandemic.
How will this Report Benefit you?
Visiongain’s 332-page report provides 157 tables and 137 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global industrial packaging market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Industrial Packaging. Get financial analysis of the overall market and different segments including product, material, application, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing industrial packaging market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
The Advantages of Custom Industrial Packaging
Custom packaging includes custom skids, platforms, boxes, crates, and pallets. Due to the fact that crates are made specifically for buyer’s application or product, they will provide the best level of safety because they are custom designed and manufactured to protect specific product. Generic crates and packaging can’t provide the same level of safety in transit and handling. All crates or packaging that build will be custom built so it does not waste time or encounter complications trying to secure the goods during transport. Packaging will be built for specific product, specific use, and specific needs in transit.
When it comes to custom packaging, proper insulation is mandatory. Many manufacturers offers variety of additional advantages. Standard crates usually have low or no insulation at all. Companies can customize packaging to have the necessary protection both inside and out. And with various materials and design alternatives, they can assure in the process that one gets the most economical solution as well. Custom Wooden and Wood Skids, Pallets and Platforms are possible in all types of materials. Wood is the most common, but not the only one. One can choose between metal, plastics, composite materials and more. All of this is important if someone is looking for a way to make a perfect combination between affordable prices and between the ultimate protection of product while having it transported.
Increasing Demand for Rigid Packaging among Developing Nations
The growth of the paper packaging market is expected to be driven, in particular, by the developing nations in Asia. Countries like China, India and Indonesia are expected to drive the global rigid plastic packaging market. The strong growth anticipated in the Asian paper packaging market is expected to be supported by the countries’ overall strong economic growth, as well as burgeoning food processing sectors and an increased presence of multinational companies in the region. The presence of these multinationals increases the quality of the rigid plastic packaging products as well as the speed with which a product gets brought to the market. Furthermore, these multinational companies provide the foundation for a strong infrastructure which is invaluable in an incipient market.
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Where are the Market Opportunities?
Opportunities from Pharma Industry
Industrial packaging is one of the world’s largest industries, with healthcare packaging accounting for a significant portion. Pharmaceutical packaging has quickly evolved into an important component of the medication delivery system. Healthcare packaging safeguards items from material degradation, biological contamination, and any other external influences that might compromise the product’s characteristics. The ageing population, rising prevalence of chronic diseases, and changing lifestyles will increase demand for healthcare products and services, boosting the growth of plastic healthcare packaging throughout the world. Furthermore, the healthcare industry’s substantial investments are driving up demand for industrial packaging. The industrial packaging market for pharma industry is projected to be driven by rising chronic illness occurrences in emerging nations such as Asia Pacific and the Middle East.
Technological Advancements and Innovations in Plastics Recycling
Technological improvements, plastics segregation technologies, and improved decontamination equipment have made recycling rigid packaging plastic materials easier than ever before. Traditional uses, such as bottling and non-food product wrapping, provide opportunities for recycled plastics in packaging. Non-packaging plastic film wastes are another area of rapid expansion, with recycling reaching over 30% in the UK in 2021.
Plastic trash created by waste electrical and electronic equipment (WEEE) and end-of-life vehicles (ELV) is increasing, and there is need for improvement in both sectors for plastic recycling. According to the BPF, approximately 2 million automobiles are delivered to car recycling and shredding factories each year, with metal scraps such as steel, aluminium, and copper accounting for the majority of the recovery. These cars’ plastic trash ends up in landfills and incinerator plants.
The major players operating in the industrial packaging market are Amcor Limited, AmeriGlobe, BAG Corp, Berry Global Group, Inc., Chem-Tainer Industries, Cleveland Steel Container Corporation, Composite Containers, LLC, East India Drums & Barrels, Greif Inc., International Paper, Intertape Polymer Group, Mauser Packaging Solutions, Mondi PLC, Myers Container, Orora Packaging Australia, SCHÜTZ GmbH&Co., Sealed Air, Sonoco Products Company, Ven Pack, WestRock Company. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
- 23 Sept 2022, Amcor Rigid Packaging (ARP) launches the DairySeal packaging line, which includes ClearCor, an advanced polyethylene terephthalate (PET) barrier. The introduction of DairySeal provides the exploding nutritional, dairy alternatives, and ready-to-drink (RTD) market with a more sustainable packaging option that can be leveraged across all retail channels
- 03 Oct 2022, SEE Packforum South America has opened, according to Sealed Air The centre was created to provide customers with instant access to new packaging solutions, designs, and applications. Visitors can learn about global market and consumer trends in person or virtually, as well as collaborate on new ideas, innovations, and digital and automated packaging solutions
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To find more Visiongain research reports on the Packaging sector, click on the following links:
- Microelectronics Semiconductor Packaging (MIPAC) Market Report 2022-2032
- Glass Packaging Market Report 2022-2032
- Anti-Counterfeit Packaging Technologies Market Report 2022-2032
- Fresh Food Packaging Market Report 2022-2032
- Flexible (Converted) Plastic Packaging Market Report 2022-2032
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