ALBANY, New York, Feb. 5, 2019
ALBANY, New York, Feb. 5, 2019 /PRNewswire/ -- Transparency Market Research (TMR) notes that the global industrial packaging market is categorized by the presence of several large and small players operating in it. The rivalry between the potential players is likely to increase as they aim at adopting various strategies to offer a large volume of industrial packaging materials at lower costs.
Among multiple strategies adopted by players in the global industrial packaging market to stay ahead of the competitors, making eco-friendly packaging materials and packaging customizations have paid off the most. The global industrial packaging market is expected to grow steadily due to the existence of potential large players who are heavily investing in flexible, easy-to-handle packaging. Some of the leading players in the global industrial packaging market are Smurfit Kappa Group, Cascades, International Paper, Sonoco Product, and Greif.
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The TMR report projects the global industrial packaging market to register a promising CAGR of 4.1% from 2016 to 2024. By the end of 2024, the market will be worth US$73.25bn, predicts the report.
Out of the various materials of industrial packaging, the demand for plastics is expected to remain high in the next few years as they provide robust package covering for fragile materials and also they are easier to mold. Region wise, Asia Pacific is expected to lead global industrial packaging market in the coming years. This is attributed to increased number of various industries and several streamlined processes of delivery and transport in the region.
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Rapid Emergence of Recyclable Packaging Materials to Boost Industrial Packaging Market
Packaging materials serve the purpose of containing and preserving materials along with enabling safe transportation. Industrial goods are bulky, heavy, highly sensitive to external atmosphere, and also excessively hazardous to environment. Thus, conserving industrial products with hermetically sealed packaging during transportation is highly needed. Industrial packaging is different from conventional packaging in the area of strength, thickness, and level of protection. Increasing international trade, growing building and construction activities, rising food and beverage industry for meeting demand of burgeoning population, and rapid exportation rates for the international market which requires superior packaging standards are the factors believed to drive the global industrial packaging market.
Furthermore, industrial packaging can be found in the form of tubes, IBC, pails, drums, bulk boxes, and crates. Rising demand for rigid and flexible packaging for spatial minimization and toughness, growing need for using high value containers in various industrial purposes, and increasing optimization of demographic trends are also fueling the growth in the global industrial packaging market. Along with these, a trend in recycling packaging materials for environmental concerns is also propelling the global industrial packaging market.
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Stringent Trading Regulations Hinders Growth in Global Industrial Packaging Market
A few challenges hindering the growth in the global industrial packaging market are stringent regulations in international trading, high input costs, and the reduced use of recyclable packaging materials. Nonetheless, huge investments on research and development for eco-friendly packaging options is expected to help overcome some of these challenges.
The information presented in this review is based on a TMR report, titled "Industrial Packaging Market (Materials - Metal, Plastic Paper, and Wood; Products - Drums, IBCs, Sacks, Pails, Crates, Tubes, and Bulk Boxes; Packaging - Rigid and Flexible; End Users - Agriculture And Horticulture, Automotive, Building & Construction, Chemicals And Pharmaceuticals, Engineering, Food & Beverages, Metal Products, Oil & Lubricants, Plastics And Rubber, Furniture, Electronics, and Tobacco) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024".
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The Global Industrial Packaging Market has been segmented based on:
Global Industrial Packaging Market, by Material
Global Industrial Packaging Market, by Product
Global Industrial Packaging Market, by Packaging
Global Industrial Packaging Market, by End Use
Global Industrial Packaging Market, by Region
Latin America (LATAM)
Asia Pacific Excluding Japan (APEJ)
Middle East and Africa (MEA)
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