According
to the findings of a fresh business intelligence study conducted at
the headquarters of Transparency Market Research (TMR), there is a
vast number of players connected to the value chain of the global
industrial packaging market,
and each of them have a position of prominence in their respective
regions. That being said, players such as Cascades Inc., Smurfit
Kappa Group PLC, International Paper Co., Sonoco Product Co., and
Greif Inc. are slightly ahead of the curve. In order to gain greater
shares, the prominent players are expected to indulge into producing
low cost products and, if possible, make them ecofriendly in order to
leverage the recent environmental trend. The value chain of the
industrial packaging market is constituted by the manufacturers of
industrial label and packaging products, service providers, and
automotive and construction organizations.
Global Industrial Packaging Market to
be worth US$73.25 billion by 2024
As per the estimations of the analyst of this
industrial packaging market report, the global demand will be
multiplying at a CAGR of 4.1% during the forecast period of 2016 to
2024. Revenue-wise, the global industrial packaging market is
estimated to attain a value of US$73.25 billion by the end of 2024,
substantially more than the market’s evaluated worth of US$53.03
billion as of 2016. This report segments the industrial packaging
market on the basis of material: metal, fiber, paper and wood, and
plastic; product: pails, sacks, IBCs, drums, crates, and bulk boxes;
packaging: flexible and rigid, and end use: automotive, agriculture
and horticulture, food and beverages, engineering, chemicals and
pharmaceuticals, building and construction, electronics, tobacco,
plastics and rubber, oil and lubricants, and metal products. The
report has also gauged the potential of demand that can be expected
out of the lucrative country-wise markets of the U.S., China, India,
Germany, the U.K., Brazil, and Russia.
Demand Driven by Prosperity of Various
End-use Industries
Increase in International trade is the most
prominent driver of the industrial packaging market. Adequate
packaging goes a long way towards ensuring safe and cost-efficient
transportation of the products, as environmental factors can cause
significant damage without protective wrapping. A number of thriving
industries, such as construction, automotive, pharmaceuticals, and
electronics are pushing for methods that can help them reach their
products to their end users. Radical growth of emerging economies of
China and India, prosperity of the food and beverage industry, high
optimization of pack sizes, and demographic trends are expected to
reflect positively over the industrial packaging market over the
course of the aforementioned forecast period.
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Need for Ecofriendly Packaging Options to
Open New Opportunities
On the other hand, stringent trading regulations,
high input costs, and concerns pertaining to recycling and
environment are a few restraints curtailing the progress of the
industrial packaging market. However, increased investment on
research and development of ecofriendly packaging options are
expected to open new opportunities in the near future.
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