Global Industrial Packaging Market Size to Reach USD 114.38 Billion in 2032 | Emergen Research

Vancouver, Nov. 08, 2023 (GLOBE NEWSWIRE) -- The global industrial packaging market size reached USD 61.48 Billion in 2021 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Steady innovation in packaging for food industry, increasing demand for chemicals, oils and lubricants, pharmaceuticals, materials, and rising food demand are some major factors expected to drive market revenue growth.

Increasing need for bulk packaging and demand for crates/totes is driven by increased production of various products across a range of industries, including chemicals, petroleum, building and construction. Rising demand for increasingly effective industrial packaging from various industries has resulted from increased commerce between countries and need for secure transit of products. Rapid growth of e-Commerce is also driving demand for industrial packaging owing to need to ship products ordered online in bulk overseas or to various parts of the world. Increasing number of orders of collectables, antiques, vehicle accessories and parts, motorcycles, high-end bicycles, electronics, electrical equipment, and delicate items, among miscellaneous others, and need for effective, durable, and safe packaging and reliable shipping is expected to continue to support revenue growth of the market going ahead.

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Crude oil and natural gas are primary producers of naphtha and ethylene, which are key ingredients in production of polypropylene. Availability of raw material, demand fluctuation, and instability in pricing are challenges faced by polypropylene manufacturers. Increased price of finished products and raw materials is also expected to have a negative impact on market revenue growth. Volatility in raw materials’ prices is expected to hamper market revenue growth to a significant extent going ahead. Wood may be a low-cost and rigid and effective material for packaging a variety of products and items. However, untreated wood can develop fungal growth or bacteria if contaminated. Paints or wood treatment products can cause wood to deteriorate if exposed to specific conditions, and also, the material may not be suitable for holding certain products such vegetables and fruits and would require additional costs to include soft material liners. These are some factors resulting in reduced use of wood packaging, and preference for alternative industrial packaging materials attracts additional costs.

The global industrial packaging market is expected to register a CAGR of 4.6% over the forecast period and revenue is expected to increase from USD 61.48 Billion in 2021 to USD 99.95 Billion in 2032. The COVID-19 pandemic had a negative impact on most companies' overall revenue. In the second quarter of 2021, the packaging industry registered steady growth in the global economy. Importance of packaging for house delivery and customers’ desire for packaged products is also contributing to market revenue growth. Consumers and businesses want to guarantee that cleanliness and risk of viral transmission are minimized, and hence single-use packaging was being used widely. Packaging is an important part of safeguarding a variety of products, extending shelf life, and assuring safe delivery. Lockdowns created a rapid surge in online bulk orders. Moreover, need for domestic staples, healthcare products, and medical devices continues to trend.

Emergence of new industrial packaging solutions is opening up revenue opportunities in the market. Packaging is essential in maintaining food quality and ensuring food safety for duration of shelf life. Packaging plays an important role in delivery of products in bulk. Rapid trend towards eco-friendlier packaging materials and advancements in extruded industrial packaging techniques is gaining steady traction.

Industrial packaging market in Asia Pacific is expected to account for relatively larger revenue share over the forecast period owing to growing population, as well as increased demand for food items, imports, and online shopping preferences among an increasing number of consumers.

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Scope of Research

Major Companies and Competitive Landscape

The global industrial packaging market is fairly fragmented, with a number of large and medium-sized players accounting for a majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective industrial packaging. Some major companies in the global industrial packaging market report include:

• Greif, Inc.
• Sonoco Products Company
• Berry Global Inc.
• Amcor plc
• Mondi
• WestRock Company
• Orora Packaging Australia Pty Ltd.
• BWAY Corporation
• Snyder Industries
• Chem-Tainer Industries

Strategic Development

• On 7 April 2022, TricorBraun, which is a global packaging leader, announced that it has entered into an agreement to acquire PBFY, which is one of North America's leading flexible packaging distributors, from retail and promotional packaging supplier Pacific Western Sales (PWS). TricorBraun Flex, which is the company's award-winning flexible packaging segment, will benefit from the purchase. For almost 15 years, California-based PBFY has offered flexible packaging services to a number of well-known companies in the food, coffee, tea, and health and beauty industries.
• On 1 April 2020, Greif, Inc., which is a global leader in industrial packaging goods and services, announced that it would acquire a minority stake in Centurion Container LLC to enhance its Intermediate Bulk Container (IBC) reconditioning network in North America.

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Some Key Highlights from the Report

• By product type, the corrugated boxes segment accounted for largest revenue share in 2021. Corrugated boxes are widely preferred across a wide variety of end-use applications and sectors, including food & beverages, pharmaceutical, and automotive industries, among numerous others. High preference due to simple solution, low-cost, and lightweight properties are key factors expected to continue to drive revenue growth of the segment going ahead.
• By application, the food & beverage segment accounted for largest revenue share in 2021, owing to bulk stocking by a number of panicked consumers during the COVID-19 pandemic. Essential commodities such as Fast-moving Consumer Goods (FMCG), packaged meals, and fresh food via e-Commerce platforms witnessed a rapid rise, and this was true even for bulk ordering. In addition, increasing number of companies and individuals making bulk purchases online is expected to support revenue growth of this segment.
• Industrial packaging market in North America is expected to register a significantly fast revenue CAGR over the forecast period as major market players in industrial packaging such as Amcor Ltd., Mondi PLC, and others, are investing in Research and Development (R&D) and innovation in more innovative industrial materials and techniques.

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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; 2023–2023)

• • Drums
  • Intermediate Bulk Container (IBC)
  • Sacks
  • Pails
  • Crates
  • Corrugated Boxes
  • Others

• Technology Outlook (Revenue, USD Billion; 2023–2023)

• • Injection Molding
  • Extrusion
  • Blow Molding
  • Thermoforming
  • Others

• Application Outlook (Revenue, USD Billion; 2023–2023)

• • Chemical
  • Pharmaceutical
  • Food & Beverage
  • Building & Construction
  • Automotive
  • Oil & Lubricant

• • Others

• Material Outlook (Revenue, USD Billion; 2023–2023)
  • Plastics
  • Metal
  • Wood
  • Paperboard

• Regional Outlook (Revenue, USD Billion; 2023–2023)
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Benelux
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Turkey
    • Rest of MEA

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