Transit Packaging Market
The global transit packaging market size was valued at USD 228.00 billion in 2023. The market is expected to expand from USD 242.16 billion in 2024 to USD 414.69 billion by 2032, exhibiting a CAGR of 6.96% over the study period.
Transit packaging refers to the effective packaging solution that delivers superior protection to the product from damage during handling, transportation, storage, and shipping. The surging demand for cartons and boxes in the automotive, healthcare, and food & beverage sectors is augmenting the market’s growth.
There was an adverse impact on different end-use sectors and supply chains due to the sudden arrival of the COVID-19 pandemic. Despite this, the market growth was fueled by the substantial expansion in e-commerce, food and beverages, and healthcare industries.
Fortune Business Insights™ provides this information in its research report, titled “Transit Packaging Market, 2024-2032”.
List of Key Players Mentioned in the Report:
- Mondi (U.K.)
- WestRock Company (U.S.)
- International Paper (U.S.)
- Nefab AB (Sweden)
- Smurfit Kappa (Ireland)
- ProAmpac (U.S.)
- Sealed Air (U.S.)
- Stora Enso Oyj (Finland)
- DS Smith (U.K.)
- Greif, Inc. (U.S.)
- Sonoco Products Company (U.S.)
- Rengo Co. Ltd. (Japan)
- Mauser Packaging Solutions (U.S.)
- Schütz GmbH & Co. KGaA (Germany)
- Time Technoplast Ltd. (India)
Segmentation:
High Usage of Trays Made Using Paper & Paperboard to Foster Segment Expansion
In terms of material, the market is divided into wood, metal, paper & paperboard, and plastic. The paper & paperboard segment accounts for the largest transit packaging market share. The high deployment of trays, cartons, boxes, and other products made using paper & paperboard material by several end-use industries for product packaging is propelling the segment growth.
Exceptional Protection Delivered by Rigid Packaging to Spur Segment Growth
On the basis of packaging type, the market is classified into protective, rigid, and flexible. The rigid segment secures the largest share. Superior protection offered by rigid packaging for the products packaged inside owing to its support and structure is impelling the segment expansion.
Boxes & Cartons Segment Dominates Owing to Customization Attribute
Based on product type, the market is segregated into trays & crates, barrels & drums, intermediate bulk containers, inserts & dividers, pallets, boxes & cartons, and others. The boxes & cartons segment witnesses the largest share. Boxes & cartons can bear wear & tear of many transport activities, deliver overall product protection, and offer customization, thus, there is a high demand from major industries, including automotive, healthcare, food & beverages, and others.
Food & Beverage Segment at the Forefront Owing to Heavy Product Demand
On the basis of end use, the market is segmented into healthcare, e-commerce, food & beverages, industrial, automotive, electricals & electronics, chemicals, and others. The food & beverage segment holds the prominent position with heavy demand for transit packaging owing to its spill proof and break free properties. With such efficient packaging manufacturers rely on the product as it helps them to increase profit.
From the regional perspective, the market is categorized into the Asia Pacific, North America, the Middle East & Africa, Europe, and Latin America.
Report Coverage
The report offers a comprehensive coverage of the major industry trends, COVID-19 pandemic impact, and the key factors affecting the market growth. Other aspects of the report include the strategic initiatives implemented by leading companies to bolster their share.
Source: https://www.fortunebusinessinsights.com/transit-packaging-market-109585
Drivers and Restraints:
Quickly Expanding E-commerce Sectors to Escalate Market Growth
The market is witnessing rapid growth due to the potential advantages delivered by the solution to many end-use industries. In addition, transit packaging market growth can be credited to the surging demand for e-commerce products.
However, the growing concerns pertaining to environment along with the steep raw material costs may hamper market growth.
Regional Insights:
North America Dominates Due to Strong Presence of Prominent Manufacturers
North America accounts for the largest share of the transit packaging market on account of the robust presence of key manufacturers of transport packaging.
Asia Pacific is anticipated to observe significant growth during the forecast period due to the growing export of electronic products from different parts of the region.
Competitive Landscape:
Key Players Deploy Product Innovations to Enhance Their Position
The transit packaging market has a high level of fragmentation and competitiveness. WestRock Company, Mondi, International Paper, Smurfit Kappa, ProAmpac, and Nefab AB are some of the prominent companies in the market. Capacity expansions, joint ventures, mergers, and acquisitions are some of the strategies adopted by leading companies to gain a competitive edge. Several players are also emphasizing product innovations to boost their position.
Key Industry Development:
June 2023 – Mondi and Baumit declared the release of a water-soluble bag for dry mix mortar. The product is made using one-ply for the storage and transportation of dry construction materials.
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