New York (US), Aug. 04, 2023 (GLOBE NEWSWIRE) -- Transit Packaging Market Overview
The study papers by MRFR imply that in the “Transit Packaging Market Research Report Information by End-use Industry, Region, Material Type, Packaging Type, and Product Type - Forecast Till 2032”, the Transit Packaging market is forecast to cultivate considerably over the valuation period from 2022 to 2032 at a substantial CAGR of nearly 13.50%. The study papers even offer predictions related to the global market's expanding revenue numbers, which will likely attain a market of USD 216.0 Billion by the end of 2032. As per the reports, the market was valued at nearly USD 69.1 Billion in 2022.
Market Scope
The global Transit Packaging industry has progressed extremely recently. The primary parameters causing a surge in market performance are the growing demand for transit packaging in pharmaceuticals sectors, lower possibility of product contamination, and higher food & beverage movement.
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Competitive Analysis
The listing of the prominent participants across the global Market for Transit Packaging incorporates players such as:
- WestRock Company
- El Dorado Packaging
- Smurfit Kappa
- PackagingPro
- International Paper
- CPS Paper Products
- Inteplast Group
- Flexoplas Packaging Ltd
- UNITED BAGS, INC
- Pakaflex Pty Ltd
- Ronpak.
- Flex-Pak corporation
- Multifab Packaging
- Polymax, Inc
- Pak-Line Limited
- Patrick
- Boise Cascade
- Louisiana-Pacific Corporation
- Huber Wooden packagings LLC
- Futamura
- Celulosa Arauco Y Constitucion
- West Fraser
- Kahrs
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 216.0 Billion |
| CAGR | 13.50% (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Material Type, Packaging Type, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Key Market Drivers | Pharmaceutical industries' demand for transit packaging is rising, and the food and beverage industry is using transit packaging at an unprecedented rate. |
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Market U.S.P. Covered
Market Drivers
The global Transit Packaging industry has progressed extremely in recent years. The primary parameters causing a surge in market performance are the growing demand for transit packaging in pharmaceuticals sectors, lower possibility of product contamination, and higher food & beverage movement.
Market Restraints
On the other hand, several parameters may have an adverse impact on the development of the global market for Transit Packaging. One of the primary parameters restricting the advancement of the market's performance of the global market is the high prices associated with raw materials.
COVID-19 Impact
The global health crisis of COVID-19 has affected more than 200 countries worldwide. The pandemic severely impacted the majority of the industry sectors as it led to several governments imposing partial or complete lockdowns across most parts of the world. The shortage of labor, disruption in the supply chain network, shortage of raw materials, and fluctuation in the prices of transport choices have caused a major revenue loss in the global market for Transit Packaging. However, the rapid expansion in the population and fast vaccination rates around the globe is anticipated to positively affect the development of the global market for Transit Packaging over the coming years.
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Segment Analysis
Among all the product types, the corrugated boxes segment secured the leading spot across the global market for transit packaging in 2022. Industrial containers, also known as corrugated boxes, are made of compressed paper and have a thin metal layer on the outside. They are thus light, sturdy, and strong.
Among all the material types, the polypropylene segment secured the leading spot across the global market for transit packaging in 2022. Plastic films like polypropylene (PE) and high-density polypropylene (HDPE) make packaging solutions that are corrosion, solvent, and harsh climate resistant.
Among all the packaging types, the cartons segment secured the leading spot across the global market for transit packaging in 2022. The retail and consumer products industries have witnessed strong demand for cartons. Modern logistics depend heavily on utilizing cartons to store and move items as they boost material handling efficiency.
Among all the end-users, the food and beverages segment secured the leading spot across the global market for transit packaging in 2022, given mainly to the new goods, such as flexible and rigid intermediate bulk containers and intermediate bulk containers that have been developed.
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Regional Analysis
The global market for Transit Packaging is analyzed across five major geographies: South America, Asia-Pacific, the Middle East & Africa, Europe, and North America.
The study papers by MRFR imply that The North American Region ensured the main position across the global Transit Packaging industry in 2022 with the largest contribution of nearly 45.80%. The region is known for vital expansion contributors such as Mexico, the U.S., and Canada. The building industry is the main aspect backing the expansion of the presence of the major pharmaceutical, food and beverage, and auto manufacturers in Mexico, the United States, and Canada. Furthermore, factors such as the affordability, robustness, and lightweight of reusable packing containers made of plastic are also projected to positively impact the development of the regional market over the coming years.
The European Region projects to ensure the second spot across the global Transit Packaging industry over the coming years. Moreover, the factors such as the rising import & export activity and demand for durable packaging for perishable & fragile items are also anticipated to catalyze the growth of the regional market over the coming years.
The Asia-pacific Region is expected to grow at the fastest CAGR across the global Transit Packaging industry from 2023 to 2032. The regional market will display the maximum expansion rate over the assessment era. Furthermore, the very high availability of raw materials like metal and plastic is also considered to be one of the vital aspects causing a surge in the regional market performance.
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