by The global Industrial Packaging Market is estimated to be valued at US$ 72400.24 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial packaging products helps to protect goods from outside damage and contamination during transportation, storage, and distribution. Industrial packaging includes plastics, paper & paperboard, metal, and woven fabrics used for secure and safe handling of industrial & manufacturing goods.
Market key trends:
One of the key trends driving the growth of the industrial packaging market is the growing demand from end-use industries. There is considerable growth in industries such as chemicals, food & beverages, pharmaceuticals, automotive, and construction, among others. These industries extensively use industrial packaging solutions for safe transportation and storage of goods. For example, the chemicals industry utilizes a variety of packaging formats such as drums, Intermediate Bulk Containers (IBCs), and sacks for handling hazardous and non-hazardous chemicals in bulk. The growth of end-use industries will subsequently drive the demand for industrial packaging over the forecast period.
Market key trends:
One of the key trends in the industrial packaging market is sustainable packaging. With growing environmental concerns, companies are increasingly focusing on reducing plastic waste and using eco-friendly materials for packaging. Biodegradable packaging such as paper containers and bags made from recycled content are gaining popularity in the industrial sector. Moreover, light-weighting of packages is another trend to optimize transportation and storage costs. Various players are innovating product designs and offerings to enhance logistics and cold-chain transportation efficiency.
SWOT Analysis
Strength: High demand from end-use industries such as food and beverage, building and construction, and automotive for safe and secure transportation of products.
Weakness: Fluctuating raw material prices may increase production costs.
Opportunity: Growth of e-commerce sector and demand for specialized packaging solutions present new revenue opportunities.
Threats: Stringent regulations on plastics and promotion of sustainability may reduce plastic packaging usage. Rising popularity of reusable packaging poses threat to replaceable packages.
Key Takeaways
The Global Industrial Packaging Market Size is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period of 2023 to 2030, due to increasing industrial production and trade activities across the globe. North America is expected to dominate the industrial packaging market during the forecast period owing to robust infrastructure and presence of major end-use industries in the region.
The global Industrial Packaging market size for 2023 is US$ 72400.24 Mn. The food and beverage industry contributes majorly to the growth of the industrial packaging market as packaging solutions are extensively used in the production, storage, and transportation of food products.
Key players operating in the Industrial Packaging are Smurfit Kappa Group, Cascades Inc., Mauser Group B.V., Grief Inc., International Paper, Nefab Group, Schutz, Sonoco, AmeriGlobe, and B.A.G. Corp. Strategic partnerships, expansion into new regions, and development of innovative and sustainable products are some of the key strategies adopted by these players to gain competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
