Industrial Packaging Market - Global Industry Research Report and Forecast To 2024

The rise of wearable technology and increasing interest in smart gadgets are leading to a growth in the electronics market which in turn, is creating demand in the global industrial packaging market. Another market that is leading to growth in industrial packaging market is pharmaceuticals.

With new medicines hitting the market and more yet to hit the market (10 major drugs lost patent in 2018, few more are up for expiration over the coming years). To add to this are new players entering the generic market. Besides there is an increase in the incidence of chronic diseases expecting. This again would create demand for suitable industrial packaging.

As per a Transparency Market Research report, these factors would contribute to the growth in Global Industrial Packaging Market at CAGR of 4.1% CAGR during 2016-2024, taking the market worth to an impressive USD 73.25 bn.

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The already fragmented global industrial packaging market is set to witness new players entering the landscape, making it more competitive. Prominent players include Smurfit Kappa Group PLC, Cascades Inc., Sonoco Product Co., International Paper Co., and Greif Inc. To maintain a firm grasp on market share, most players resort to strategic partnerships and collaborations.

North America to Dominate Growth

As per TMR’s report, while the North American region will experience notable growth owing to great technological advancement in packaging technique and automation, it will forego some of its manufacturing advantage to the Asia Pacific (APAC) region due to Vietnam, India and China upping the ante. Few other factors that would work in the favour of APAC are low labor costs and increasing industrialization.

Rise in OEM and drug production in the countries of this region will fuel growth further. Besides, there is much scope for foreign direct investments encouraged by governments such as that in India. However, United States will continue leading the market in terms of manufacturing.

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Industrial Packaging Market – Key Players Tekni-Films, Inc., Sealed Air Corporation, International Paper, Grief Inc

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.

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.

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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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