Global Industrial Packaging Market Analysis, Growth, Trends, Forecast 2024
The global industrial sector continues to develop at an impressive rate. As a result, packaging marketplace is undergoing huge changes with specialized focus on offering innovative packaging tools/products to various industries. Packaging is primarily done to enhance product safety, maintain product quality, extended product storage, and cater to other aspects involved in product manufacturing. Packaging manufacturers mainly use metal, plastic, fiber and paper while manufacturing different types of packaging for industrial applications. Industrial packaging involves high quality standards to meet the demand of different markets on a global level.
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Industrial Packaging - Market Dynamics:
One of the significant factors contributing to the growth of the industrial packaging market is the rampant growth in chemical & food and beverages sector. Moreover, plastic packaging is considered as a modern industrial packaging solution and is expected to grow along with the growth of hypermarket, supermarket, and online retail sales. One of the major reasons for the growth of the plastic packaging market is its versatile properties such as flexibility, durability, lightweight, and low cost as compared to jute and paper packaging.
Ease of entrance in the market has resulted in increasing competition in the global industrial market. This has encouraged the vendors to introduce new and advanced forms of packaging, such as customized packaging. Today, most industrial packaging companies are providing customization in the capacity of boxes and containers in terms of length, breadth, height and types of material use based on the packaging requirements.
However, the industrial packaging market is highly fragmented market due to presence of numerous regional and local players. These manufacturers offer innovative packaging solution at a lower price than multinational players, resulting in intense price wars. It is expected that large multinational players will acquire the small regional and local players over the forecast period.
Industrial Packaging Market- Market Segmentation
Global industrial packaging market is segmented on the basis of packaging type, material type and end use. On the basis of packaging type, the industrial packaging market can be segmented into drums, crates/totes, Intermediate bulk containers (IBC’S), sacks and pails. Adding to this IBC’s has been sub-segmented into rigid and flexible.
By end use, the industrial packaging market can be segmented into chemicals, pharmaceuticals, construction, food & beverages and others. Food and beverages, followed by chemicals segment, is expected to maintain the highest market share in Industrial packaging market over the forecast period.
Industrial Packaging Market - Regional Outlook:
Geographically, the global Industrial packaging market is segmented into North America, Latin America, Europe, Asia-Pacific (APAC) and the Middle East & Africa (MEA). The global industrial packaging market is expected to witness a significant CAGR over the forecast period of 2016-2024. Moreover, APAC dominates the global industrial packaging market and the status quo is anticipated to remain unchanged due to growing manufacturing market.
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Industrial Packaging Market - Major Players:
Some of the major players identified across the globe include Grief Inc., International Paper, Nefab Group, Schutz and Sonoco. Other prominent companies in the global industrial packaging market includes AmeriGlobe, B.A.G. Corp., Bulk Lift International, Chem-Tainer Industry and CorrPak Bulk Packaging System.
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