New York, June 21, 2023 (GLOBE NEWSWIRE) --
The industrial packaging market is set to grow at a CAGR of ~7.30% over the forecast period. The market is estimated to garner a revenue of USD 151.37 Billion by the end of 2035, up from a revenue of USD 64.99 Billion in the year 2022. This is due to the rapid growth of the pharmaceuticals industry and the increasing demand for safe and secure packaging.
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With the increasing prevalence of chronic diseases, more people are turning to prescription drugs to manage their health. As such, there is a greater demand for these medicines, leading to an increase in the number of manufacturers and developers of these drugs. Americans received roughly 4 billion prescriptions in 2021, and by the year 2025, it is forecast that the country will spend USD over 640 billion on medicine. Industrial packaging is a key component in the manufacturing and development of medicines, as it helps protect the product from external factors and ensures that it is safe for consumption. Packaging for medicines, such as Ampoules, Vials, Blisters, Bottles, and Sachets, prolongs their shelf life and ensures they remain viable for use for longer periods of time.
Global Industrial Packaging Market: Key Takeaways
- Asia Pacific is expected to have the highest growth rate in the coming years
- The Food and Beverage sector is expected to have the greatest growth
- There is a significant potential for the market in North America to grow at an accelerated rate
Increasing Production Of Automobile Parts to Boost Market Growth
The rapid increase in vehicle sales has resulted in a rise in automotive parts production due to the need to manufacture a number of parts to fabricate each finished vehicle. The number of auto components produced in the Indian industry during the first half of FY 2022-23 has increased by 35 percent to USD 32 billion, an increase of over 30% from the previous year. Automotive parts such as the chassis, engines, transmission system, body, steering system, and braking system need to be carefully packaged in order to protect them during long-distance shipping. These packages need to be able to withstand the rigors of international travel, as well as any potential customs delays or other unexpected situations. As such, the need for robust and reliable packaging has grown significantly, which has driven the Industrial Packaging Market. Moreover, with the rise in car sales, more components are required to be transported to manufacturing units. This means that more industrial packaging is required to safely transport these components.
Rising Online Shoppers and Growing E-commerce Sector to Drive the Growth in the Asia Pacific Region
The industrial packaging market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. This is largely due to the increasing demand for industrial packaging from the e-commerce sector as well as the need for efficient and cost-effective packaging solutions from the manufacturing sector. The Chinese e-commerce market accounts for almost 50% of all e-commerce transactions around the world. As of 2023, India is predicted to generate US$71,290 million in revenue for eCommerce. The increasing online shopping has led to a rise in the number of goods being shipped, creating a need for more efficient and secure packaging. To ensure the products arrive safely, companies require a variety of different packaging materials, like bubble wrap and boxes, to protect their goods during shipping. Additionally, the growth of online retailing has increased the need for innovative and sustainable packaging solutions that can enhance the customer experience and help to reduce costs.
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Rising Popularity of Efficient Packaging Solutions Among Manufacturers to Drive the Growth in the North America Region
The industrial packaging market in North America region is estimated to garner the largest revenue by the end of 2035 due to changing consumer lifestyles and the rising trend of easy-to-carry and on-the-go food products. Several associations exist in the region dedicated to the promotion of effective and efficient industrial packaging. The North American Industrial Packaging Alliance represents the interests of manufacturers and their suppliers in new industrial packaging. IPANA represents the interests of the new industrial steel drum, plastic drum, fiber drum, and rigid intermediate bulk container manufacturers and their suppliers in North America through the sales and marketing of their products. Additionally, the increasing focus of consumers on environment-friendly and sustainable packaging solutions and the rising demand for recyclable and reusable packaging materials is expected to propel the growth of the industrial packaging market in the region.
Industrial Packaging Segmentation by End User
- Automotive
- Food & Beverages
- Building & Construction
- Pharmaceuticals
- Chemical
- Oil & Gas
- Others
The Food & Beverages segment is anticipated to hold the largest revenue by the end of 2035 this is largely due to the increased demand for packaged food due to changing lifestyles, increased consumption of convenience foods, and rising disposable incomes. With the increased demand for packaged food, there is a rising need for more efficient and cost-effective packaging solutions. Over the course of 2021, organic packaged foods consumed in India were worth USD 15 million, a significant increase over the previous year when the value was USD 14 million. Industrial packaging provides an ideal solution for many of these needs, allowing for extended shelf life, improved product safety, and reduced transportation costs. Additionally, the increased focus on sustainability and eco-friendly packaging is driving further demand for industrial packaging in the food and beverage sector.
Global Industrial Packaging Market, Segmentation by Product Type
- Crates
- Snacks
- Corrugated Box
- Drums
- Pails
- Intermediate Bulk Containers (IBC)
- Others
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The corrugated box segment in industrial packaging market is anticipated to hold the largest revenue by the end of 2035. Corrugated boxes offer high strength, affordability, and durability, making them the preferred choice for a wide range of industries. Corrugated board production worldwide was estimated to be 180 million tons in 2020. Additionally, the rising demand for e-commerce is also driving up demand for corrugated boxes, as they provide a secure and cost-effective way to ship products. Furthermore, corrugated boxes are also very affordable and can be recycled, making them an environmentally friendly choice for packaging. They also offer superior protection against dust, moisture, and other external damages. These factors have driven the growth of the corrugated box segment in recent years as well as in the years to come.
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