A significant rise in global trade and
increase in industrialization in many developing countries drive
the growth of the global industrial packaging market.
WILMINGTON,
Del., May 8, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Industrial Packaging
Market by Product Type (Drums, IBCs, Sacks, Pails, Crates/Totes),
Material (Paperboard, Plastic, Metal, Wood, Fiber), and Application
(Chemical and Pharmaceuticals, Building and Construction, Food and
Beverages, Oil and Lubricants, Agriculture and Horticulture,
Others): Global Opportunity Analysis and Industry Forecast,
2023-2033". According to the report, the "industrial packaging
market" was valued at $65.9 billion
in 2023, and is estimated to reach $99.6
billion by 2033, growing at a CAGR of 4.3% from 2024 to
2033.
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Prime determinants of growth
The industrial packaging market is influenced by
several key drivers and opportunities, alongside certain
restraints. The rising industrialization in developing countries
serves as a significant driver, fueling the demand for industrial
packaging solutions across various sectors. Additionally, the
growth of global trade presents another driver, as it necessitates
efficient and robust packaging solutions to facilitate the movement
of goods across borders. Amidst these drivers, opportunities emerge
for the development of sustainable industrial packaging solutions,
driven by increasing awareness of environmental concerns and the
need for eco-friendly alternatives. However, the market also faces
restraints, such as varying statutory guidelines related to
packaging in different countries. These differences can pose
challenges for companies operating in multiple regions, requiring
them to navigate diverse regulatory landscapes to ensure compliance
and consistency in their packaging practices. Despite these
challenges, the industrial packaging market continues to evolve,
driven by innovation and a growing emphasis on sustainability.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2033
|
Base Year
|
2023
|
Market Size in
2023
|
$65.9
billion
|
Market Size in
2033
|
$99.6
billion
|
CAGR
|
4.3 %
|
No. of Pages in
Report
|
245
|
Segments
Covered
|
Product Type, Material,
Application, and Region.
|
Drivers
|
Rising
industrialization in developing countries
Growing global
trade
|
Opportunities
|
Development of
sustainable industrial packaging
|
Restraints
|
Varying statutory
guidelines related to packaging in different countries
|
The Crates/Totes segment to maintain its
leadership status throughout the forecast period
Based product type, the sacks segment held the
highest market share in 2023, accounting for nearly one-fourth of
the global industrial packaging market revenue, and is estimated to
maintain its leadership status throughout the forecast period.
Crates and totes provide reusable and stackable solutions for
handling and shipping a variety of goods, offering durability and
ease of handling in manufacturing, distribution, and logistics
operations. On the other hand, the IBCs segment is projected to
manifest the highest CAGR of 5.7% from 2024 to 2032. Intermediate
Bulk Containers (IBCs) offer a convenient and cost-effective
solution for bulk liquid storage and transportation, with
capacities ranging from hundreds to thousands of gallons.
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The Plastic segment to maintain its leadership
status throughout the forecast period
Based on material, the plastic segment held the
highest market share in 2023, accounting for nearly half of the
global industrial packaging market, and is estimated to maintain
its leadership status throughout the forecast period. Plastic
packaging offers lightweight, durable, and flexible solutions for a
range of industries, including food and beverage, healthcare, and
consumer goods, with options such as bags, films, bottles, and
containers. However, the fiber segment is projected to manifest the
highest CAGR of 6.4% from 2024 to 2032. Fiber packaging, made from
materials like corrugated cardboard and molded pulp, provides
cushioning and protection for fragile or sensitive products,
offering eco-friendly and recyclable alternatives for packaging
needs.
The Chemical and Pharmaceuticals segment to
maintain its lead position during the forecast period
Based on application, the chemical and
pharmaceuticals segment accounted for the largest share in 2023,
contributing to more than one-third of the global industrial
packaging market revenue, and is projected to maintain its lead
position during the forecast period. In chemical and pharmaceutical
sectors, packaging ensures safe transportation of hazardous
materials. However, the food and beverages segment is expected to
portray the largest CAGR of 5.0% from 2024 to 2032. The food and
beverages sector is growing as the disposable income of people in
general is rising across the world.
Asia-Pacific
to maintain its dominance by 2033
Based on region, Asia-Pacific held the highest market share in
terms of revenue in 2023, accounting for nearly half of the global
industrial packaging market revenue, and is likely to dominate the
market during the forecast period. Additionally, the Asia-Pacific region is expected to witness the
fastest CAGR of 4.7% from 2024 to 2033. The Asia-Pacific region presents many growth
opportunities to the major players in the industrial packaging
market, owing to rapid industrialization in the countries such as
India and China.
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Leading Market Players: -
- Grief, Inc.
- Mondi PLC.
- Amcor Limited
- Westrock Company
- International Paper Company
- Bemis Company Inc.
- Orora Limited
- Mauser Group
- Sigma Plastics Group
- Wuxi Sifang Drums Limited Company
The report provides a detailed analysis of these
key players in the global industrial packaging market. These
players have adopted different strategies such as new product
launches, collaborations, expansion, joint ventures, agreements,
and others to increase their market share and maintain dominant
shares in different regions. The report is valuable in highlighting
business performance, operating segments, product portfolio, and
strategic moves of market players to showcase the competitive
scenario.
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