(Newswire.net — September 15, 2022) —
According to the most recent analysis by Emergen Research, the size of the worldwide industrial packaging market reached USD 61.48 billion in 2021 and is projected to grow at a revenue CAGR of 4.6% during the forecast period. Some of the key reasons propelling market revenue development include the optimization of shipping container size, expanding industrial packaging use due to a demand for large online orders of various products, and the requirement for more durable packaging for particular items and products.
The demand for bulk packaging and crates/totes has expanded as a result of increased output in numerous industries and trading of goods like chemicals and petroleum products. Companies that provide industrial packaging serve a variety of end-use industries, including chemical and building & construction. These industries have a greater need for efficient industrial packaging due to expanding international trade and the secure transit of goods. One of the main growth drivers of the industrial packaging industry is the increase in demand from the chemical and petroleum sectors.
The demand for bulk packaging and crates/totes has expanded as a result of increased output in numerous industries and trading of goods like chemicals and petroleum products. Companies that provide industrial packaging serve a variety of end-use industries, including chemical and building & construction. These industries have a greater need for efficient industrial packaging due to expanding international trade and the secure transit of goods. One of the main growth drivers of the industrial packaging industry is the increase in demand from the chemical and petroleum sectors.
The primary sources of naphtha and ethylene, the raw ingredients used to make polypropylene, are crude oil and natural gas. Manufacturers and the market for polypropylene have faced difficulties with the availability of raw materials, demand swings, and price instability. Vendors raise the price of their goods or cut their profit margins as a result of rising raw material costs, which will have a negative impact on the expansion of the market.
Due to rising population numbers and exchange rates, the industrial packaging market in APAC is anticipated to expand significantly throughout the forecast period. Strong bulk packaging product production and consumption from economies like China and India, which have been seeing sustained demand from key consuming countries, has contributed to the market’s growth.
Scope of the Report-
A variety of products are protected, shipped, and stored using industrial packaging. Industrial packaging can be utilised at any stage in the supply chain, but it is typically done at the production site, immediately following manufacture. This kind of packaging is typically used for products that require a great deal of stability, are dangerous, big, or have components that are delicate to one another.
In order to prevent supply-side shocks, shortages, and interruptions in supply, the governments of numerous impacted nations, including India, have pushed stakeholders in the food business to raise production. FMCG firms are consequently asking for additional industrial packaging materials. For instance, Britannia Industries has pleaded with the Indian government to permit interstate supply chain movement of raw materials and packaging materials. The pharmaceutical industry anticipates continued strong demand for industrial packaging as hospitals, pharmaceutical companies, and PPE makers respond to the situation.
Industrial Packaging Market -Competitive Outlook:
Greif, Inc., Sonoco Products Company, Berry Global Inc., Amcor plc, Mondi, WestRock Company, Orora Packaging Australia Pty Ltd., BWAY Corporation, Snyder Industries, and Chem-Tainer Industries.
Industrial Packaging Market Segmentation:
Emergen Research has segmented the global industrial packaging market on the basis of product type, technology, application, material, and region:
· Product Type Outlook (Revenue, USD Billion; 2019–2030)
o Drums
o Intermediate Bulk Container (IBC)
o Sacks
o Pails
o Crates
o Corrugated Boxes
o Others
· Technology Outlook (Revenue, USD Billion; 2019–2030)
o Injection Molding
o Extrusion
o Blow Molding
o Thermoforming
o Others
· Application Outlook (Revenue, USD Billion; 2019–2030)
o Chemical
o Pharmaceutical
o Food & Beverage
o Building & Construction
o Automotive
o Oil & Lubricant
o Others
· Material Outlook (Revenue, USD Billion; 2019–2030)
o Plastics
o Metal
o Wood
o Paperboard