Ottawa, May 11, 2023 (GLOBE NEWSWIRE) -- The industrial packaging market is expanding at a CAGR of 5.89% from 2023 to 2032. Industrial packaging refers to the packaging materials and solutions that are used for storing, transporting, and protecting goods during manufacturing, distribution, and sales. Industrial packaging is used to protect goods from damage, contamination, and theft during handling and transportation. The materials used for industrial packaging include plastic, metal, paper, and cardboard, among others.
Get the sample page of report@ https://www.precedenceresearch.com/sample/2855
The global industrial packaging market is driven by several factors, such as manufacturing growth, increasing international trade, and the need for sustainable packaging solutions. The market is highly competitive, with numerous players offering various products and services. The market is expected to grow in the coming years, driven by the increasing demand for efficient and sustainable packaging solutions.
Regional snapshot:
North America is expected to hold the largest share of the market during the forecast period. The North American industrial packaging market offers several growth opportunities, such as increasing demand for sustainable packaging solutions, expanding end-user industries, technological advancements, and collaborative partnerships with end users. The US industrial packaging market is subject to various regulations and standards related to packaging materials, transportation, handling, and disposal. These regulations aim to ensure product safety, environmental sustainability, and compliance with transportation requirements. Companies in the industrial packaging market need to adhere to these regulations and standards to ensure market compliance and customer satisfaction.
Europe is expected to be the most lucrative marketplace for industrial packaging during the forecast period. Europe is known for its robust and diverse manufacturing industry, ranging from automotive and aerospace to chemicals, pharmaceuticals, and food and beverages. These industries require reliable and efficient packaging solutions for their products' transportation, storage, and protection, creating a demand for industrial packaging. Europe has well-established logistics and supply chain networks that require effective packaging solutions for the safe and efficient transportation of goods within and across countries. Industrial packaging plays a crucial role in ensuring that goods are adequately packaged and protected during transport to minimize damage and loss.
Latin America, the Middle East, and Africa are expected to show noticeable growth during the analyzed period. LAMEA region is witnessing rapid industrialization, with growing manufacturing sectors in countries like Brazil, Mexico, South Africa, and the United Arab Emirates. This is driving the demand for industrial packaging solutions for the transportation, storage, and protection of various goods produced by these industries. The LAMEA region is undergoing significant infrastructure development, including construction, transportation, and energy projects. These projects require reliable and efficient industrial packaging solutions to transport and protect construction materials, heavy machinery, and other equipment, creating demand for industrial packaging.
Report Highlights:
- By product, the corrugated boxes segment is expected to hold a significant increase during the forecast period; as the rising demand for corrugated boxes grows along with the efforts for reducing plastic use in packaging, the segment will keep growing. On the other hand, the convenience of stacking a large number of materials in one place offered by intermediate bulk containers is expected to maintain the demand for IBC products from large-scale industries while supplementing the segment’s growth.
- By material, the plastic segment is expected to be the most lucrative segment of the market. The cost-effectiveness and durability of plastic make it an ideal material for industrial packaging solutions. On the other hand, the metal material segment will grow at a considerable rate owing to the rising demand for sustainable packaging options, especially from the chemical, construction, and oil and lubricant industries.
- By end-users, the food and beverages segment held the largest share of the market in 2022; the segment is projected to grow significantly during the forecast period; the sudden rise in the demand for packaging for food products along with the emerging food delivery industry is observed as a driver for the segment’s growth. On the other hand, the rising construction activities, especially in developing countries, are intended to boost the growth of the construction segment.
Ask here for customization study@ https://www.precedenceresearch.com/customization/2855
Scope of the report
| Coverage | Details | |
| Market Revenue by 2032 | USD 123.21 Billion | |
| CAGR | 5.89% | |
| By Products |
| |
| By Material |
| |
| By End User |
| |
| Key Players | Orora Limited, Amcor, Mondi, Sononco, International Paper, Sigma Plastics Group, Greif Inc and Others | |
Market Dynamics:
Driver: Rising international trade
The growth of international trade drives innovations in industrial packaging solutions. To meet the increasing demands of international trade, packaging manufacturers continuously develop new materials, designs, and technologies to improve the efficiency, sustainability, and performance of industrial packaging. This drives the growth of the industrial packaging market as companies seek innovative packaging solutions to support their international trade activities. International trade involves the exchange of goods between countries, often in large quantities. Industrial packaging is used for packaging and transporting goods for export and import, including industrial and manufactured goods, machinery, chemicals, and other products. As international trade grows, the demand for industrial packaging also increases to ensure that products are packaged securely and comply with international shipping standards.
Restraint: Environmental concerns
Several countries and regions have already implemented restrictions on single-use plastics, including plastic bags and cutlery, due to their negative environmental impact. As industrial packaging often involves the use of plastic materials, such as plastic films, bags, or containers, these bans, and restrictions can limit the use of certain types of packaging, resulting in reduced demand and market growth for plastic-based industrial packaging solutions. Environmental concerns can restrain the development of the industrial packaging market through bans and restrictions on single-use plastics, increased emphasis on circular economy and sustainability, growing consumer demand for sustainable packaging, stringent environmental regulations, negative public perception and reputation risks, and increased competition from sustainable alternatives.
Opportunity: Expansion of end-users across the globe
The expansion of end users may involve entering new market segments or expanding geographically into new regions or countries. Different markets may have varying packaging requirements and regulations, creating opportunities for industrial companies to develop and offer solutions that comply with local standards and preferences. As end users expand their operations or enter new markets, there is a corresponding increase in demand for packaging solutions to transport, protect, and store their products.
Industrial packaging plays a crucial role in ensuring that goods are securely packaged and transported without damage, meeting the needs of expanding end users, and opening opportunities for growth in the industrial packaging market. Moreover, expanding end-users can result in joint product development, co-branding opportunities, and long-term supply contracts, which can create mutually beneficial opportunities for both parties and drive growth in the industrial packaging market.
Challenge: Stringent regulatory compliance
Regulations and standards related to industrial packaging can vary across different regions and countries, resulting in inconsistent requirements. This can create challenges for market players operating in multiple markets, as they may need to comply with other regulations and standards, resulting in increased complexity and costs. This inconsistency can challenge the growth of the industrial packaging market as it may limit the ability of companies to expand their operations globally. Stringent regulations and standards can introduce complex and time-consuming industrial packaging supply chain processes. This can include additional documentation, testing, inspections, and audits to ensure compliance, which can increase lead times and reduce operational efficiency. This can be challenging for the growth of the industrial packaging market as it may result in delays, increased costs, and reduced customer satisfaction.
Recent developments:
- In November 2022, a global tape solution provider, Essentra Tapes, announced the launch of eco-friendly tear tape for recycling packaging options. According to the company, the tape acts as a 100% recyclable material that eliminates plastic from the packaging solutions.
- In March 2023, based in the United States, Pregis manufacturers announced the launch of an advanced air cushioning system, ‘AirSpeed Ascent,’ for high-performance packaging solutions. The new cushioning system complies with Circular Economy Flexible Packaging guidelines. The cushioning packaging solutions aim to offer high-value safety for automotive, furniture, and other industries.
- In November 2022, UAE-based Hotpack Global, a global leader in packaging solutions for the food industry, announced the launch of its manufacturing center in Qatar. With the launch of the manufacturing plant for advanced packaging solutions, the company aims to become the largest manufacturer by 2030.
Immediate Delivery Available | Buy This Premium Research Report@ https://www.precedenceresearch.com/checkout/2855
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333
About Us
Precedence Research is a worldwide market research and consulting organization. We give an unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defence, among different ventures present globally.
For Latest Update Follow Us:
https://www.linkedin.com/company/precedence-research/
https://www.facebook.com/precedenceresearch/
https://twitter.com/Precedence_R
