New York, United States, Dec. 15, 2023 (GLOBE NEWSWIRE) -- The Global Industrial Packaging Market Size to Grow from USD 71.3 Billion in 2022 to USD 132.8 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.8% during the forecast period.
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The industrial packaging market offers approaches to satisfy the particular requirements of many industries for the packaging of goods during travel, storage, and handling. In order to protect commodities and increase supply chain effectiveness, the industry offers a wide range of parts and designs. The rise of e-commerce has also had an impact on the industrial packaging market as companies look for packaging solutions that not only protect their products but also increase consumer pleasure. Sustainability is quickly becoming a well-known trend in industrial packaging as many companies place an emphasis on eco-friendly materials and designs to reduce their negative environmental impact. This adjustment fits well with broader global efforts to reduce waste and increase sustainability.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Industrial Packaging Market Size By Product Type (Drums, IBC’s, Sacks, Crates, Corrugated boxes, Pails, Others); By Material (Plastic, Metal, Wood, Others); By End-Users (Automotive, Food & Beverage, Pharmaceuticals, Oil and lubricant, Construction, Others), By Region, And Segment Forecasts, By Geographic Scope And Forecast.”
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Industrial Packaging Market Price Analysis
The cost of the raw materials used to produce corrugated boxes, such as plastic, metal, or paper, has a significant impact on pricing. Variations in commodity prices may have an impact on packing costs. Both the effectiveness and complexity of manufacturing processes are important. While having higher starting costs, modern, automated production facilities can save costs over time. The level of competition in the market might have an impact on pricing. Businesses may aim to attract customers by offering reasonable solutions in a highly competitive sector. Various economic issues, such as inflation rates and currency fluctuations, may have an impact on the entire cost structure in the industrial packaging sector.
Industrial Packaging Market Opportunity Analysis
As e-commerce expands, there is an increased demand for packaging options that can withstand the challenges of shipping and handling. There is a tremendous possibility for companies who specialise in designing packaging expressly for e-commerce needs. Using packaging technology, such as intelligent packaging with tracking and monitoring sensors, can open up new possibilities. This not only enhances product safety but also adds value through data-driven insights. Because supply chains are becoming more globally interconnected, there is a demand for packaging solutions that enhance logistics and transportation. This includes packaging that reduces the overall costs, weight, and space needs of the supply chain.
As awareness of environmental issues like plastic pollution and climate change has increased, consumers and businesses alike are looking for packaging options that have a smaller environmental impact. Environmental and ethical considerations are increasingly influencing consumer choice. Customers who care about the environment usually favour goods that require little packing or are wrapped in eco-friendly materials. Businesses are aware of the long-term economic benefits brought on by reduced material usage, waste, and potential regulatory compliance benefits, even though converting to sustainable packaging may require some initial investments.
Depending on the situation of the market, the price of raw materials, such as paper, metals, plastics, and other packaging materials, may change. Commodity price swings can result in sudden, unanticipated changes in the cost of manufacturing for packaging manufacturers. Rapid increases in raw material prices can have a negative impact on the profit margins of packaging companies, especially if they are unable to pass the higher prices on to their customers. This might have an immediate effect on the financial health of industrial packaging companies. Rising raw material prices can create inflationary pressures that propagate throughout the supply chain. This could have an impact on how much it costs to conduct business generally and have broader economic ramifications.
Insights by Product
The corrugated boxes segment accounted for the largest market share over the forecast period 2023 to 2032. The expansion of e-commerce, which has been spurred by changes in consumer behaviour and an increase in online shopping, has created a substantial need for corrugated boxes. These boxes are used to package and ship a wide variety of goods, from little things to big, delicate things. It's common to think of corrugated boxes as a cheap packaging solution. Prices are competitive as a result of the availability of the material and the efficiency of the production techniques. Effective use of corrugated boxes is crucial for optimising supply chains. They are lightweight, which minimises the cost of transportation, and they can be stacked, which makes them handy for handling and storage in warehouses.
Insights by Material
The plastic segment is witnessing the fastest market Growth over the forecast period 2023 to 2032. Plastic is naturally lighter when compared to numerous other materials, such as metal or wood. This characteristic reduces the expense of logistics and transportation since lighter packaging results in reduced shipping costs. Plastic packaging is frequently economically viable, especially when produced in large quantities. Production methods for plastic packaging can be efficient and scalable, which results in fair pricing. Plastic packaging is suitable for businesses that deal with dangerous goods or chemicals that could interact with other packaging materials due to its chemical resistance.
Insights by End User
The food and beverage segment accounted for the largest market share over the forecast period 2023 to 2032. There is now a larger need for industrial packaging solutions that can ensure the effective and secure trans-border transit of food commodities because the food and beverage industry is a global one. The demand for packaging choices that can withstand the challenges of online delivery, such as protection from damage and temperature control, has increased with the Growth of e-commerce in the food and beverage sector. The food and beverage industry has consistently reinvented packaging design to enhance product visibility, freshness, and shelf life. For certain products, packing materials and formats are created to optimise storage and shipment. Containers for food and drink must be packaged hygienically.
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Insights by Region
North America region accounted for the largest market share over the forecast period 2023 to 2032. The demand for industrial packaging solutions is influenced by the region's diverse range of industries, including manufacturing, automotive, pharmaceuticals, and consumer goods. North American industry typically need specialised packaging solutions. The market is defined by constant innovation in materials and designs to meet specific industry requirements. The market for industrial packaging has been considerably impacted by the Growth of e-commerce. Due to the rise of online shopping, there is an increasing need for sturdy and robust packing solutions for the safe shipment of goods.
Asia Pacific is witnessing the fastest market Growth between 2023 to 2032. As e-commerce has expanded across the Asia-Pacific region, so has the need for efficient and protective industrial packaging solutions. This trend has been especially apparent in countries with enormous populations like China and India. Urbanisation and changing consumer preferences in countries like China and India are affecting the demand for packaging. The need for packaging that is in line with current retail and consumption trends is Growing. The Asia-Pacific region has a large impact on world trade, and the industrial packaging sector is closely linked to international supply chains. Geopolitical and economic trends might have an impact on the need for packaging.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major Players in the Global Industrial Packaging Market include Grief, Inc., Mondi PLC., Amcor Limited, Westrock Company, International Paper Company, Bemis Company, Inc., Orora Limited, Mauser Group, Sigma Plastics Group, Wuxi Sifang Drums Limited Company and other key vendors.
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Recent Market Developments
- In April 2023, Ranpak Holdings Corporation, a leader in eco-friendly packaging options, has introduced the 'Gaemi MS Mini,' a sustainable and biodegradable packaging solution.
- In April 2023, Tesco announced the arrival of its pre-prepared food tray packaging in the first recyclable packaging.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2032.
Industrial Packaging Market, Product Analysis
- Drums
- IBC’s
- Sacks
- Crates
- Corrugated boxes
- Pails
- Others
Industrial Packaging Market, Material Analysis
- Plastic
- Metal
- Wood
- Others
Industrial Packaging Market, End User Analysis
- Automotive
- Food & Beverage
- Pharmaceuticals
- Oil and lubricant
- Construction
- Others
Industrial Packaging Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
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