The global Industrial Packaging Market is estimated to be valued at US$ 72400.24 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial packaging products provide protective packaging solutions through its barrier properties, durability and cost-effectiveness. The products include flexible intermediate bulk containers (FIBC), drums, boxes & crates, and various protective packaging solutions that help protect products from damage during transportation and warehousing.
Market key trends:
Growing emphasis on sustainability and the environment has led to increasing adoption of eco-friendly industrial packaging materials. Manufacturers are focusing on developing packaging products from recycled or recyclable materials to reduce plastic waste. For example, packaging products made from paper or aluminum that can be recycled multiple times. Standardization and new technologies in industrial packaging also help increase supply chain efficiency by reduced damages and optimized shipments.
Segment Analysis
Content: The global industrial packaging market is segmented by material, packaging type, end-use industry and region. Based on material, the market is classified into plastic, wood, metal and fiber/paperboard. The plastic segment dominates the market owing to its extensive use for transporting a wide range of products in varied industries due to its properties like durability, flexibility and resistance to moisture and chemicals.
Key Takeaways
The Global Industrial Packaging Market Size is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing globalization and industrialization.
Regional analysis: North America dominates the global industrial packaging market currently and is expected to continue its dominance over the forecast period. This is attributed to rapid industrialization in countries like the US and Canada. Asia Pacific is expected to be the fastest growing market for industrial packaging owing to rapid expansion of end-use industries in emerging economies like China and India.
Key players: Key players operating in the industrial packaging market are Smurfit Kappa Group, Cascades Inc., Mauser Group B.V., Grief Inc., International Paper, Nefab Group, Schutz, Sonoco, AmeriGlobe, and B.A.G. Corp. Smurfit Kappa Group and International Paper dominate the market owing to their widespread presence and production capabilities across geographies to serve varied end-use industries globally.
Read more: https://www.ukwebwire.com/industrial-packaging-market-trends-forecast/
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