Future Prospects of the Industrial Packaging Market

 
 Industrial Packaging market

The global Industrial Packaging market is estimated to be valued at US$ 68,677.9 Million in 2022 and is expected to exhibit a CAGR of 5.42% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview
Industrial packaging products are extensively used for shipping, storing and safe distribution of industrial goods. They offer protection, damage prevention and branding advantage to industrial products during transportation and warehousing. Their reusability also provides cost benefits to industries involved in bulk transportation of goods.

Market key trends

One of the key trends driving growth in the industrial packaging market is the rising demand for efficient packaging from various end use industries including chemicals, food & beverages, automotive and manufacturing. Industries are increasingly opting for sturdy and sustainable industrial packaging solutions for safe distribution of their products. They seek packaging that can withstand harsh handling involved in logistics and transportation of bulk quantities. There is also a significant rise in demand for reusable industrial packaging as returnable transport packaging brings cost benefits of reuse to industries involved in frequent shipments. Reusable options such as IBCs, drums, and plastic pallets have thereby gained widespread adoption in manufacturing and warehousing applications.

Segment Analysis
The global industrial packaging market is segmented by raw material into plastic, paper & paperboard, metal, and wood. The paper & paperboard segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. Paper & paperboard packaging provides advantages such as low cost, availability in large quantities, recyclability, lightweight, and ability to print graphics and text which makes it suitable for packaging of various goods. This drives the dominance of the paper & paperboard segment in the industrial packaging market.

Key Takeaways

The Global Industrial Packaging Market is expected to witness high growth, exhibiting a CAGR of 5.42% over the forecast period from 2023 to 2030, due to increasing industrial production across various sectors such as chemicals, automotive, food & beverages, and others.

Regional analysis
Regionally, North America dominated the industrial packaging market in 2022 holding around 30% of the global market share. This was attributed to strong presence of chemical, automotive and healthcare industries in the US and Canada. However, Asia Pacific is expected to be the fastest growing market over the forecast period due to rapid industrialization and growth of manufacturing sector in China and India.

Key players
Key players operating in the industrial packaging market are Smurfit Kappa Group, Cascades Inc., Mauser Group B.V., Grief Inc., International Paper, Nefab Group, Schutz, Sonoco, AmeriGlobe, and B.A.G. Corp. Smurfit Kappa Group is the global leader with presence in 35 countries and strong supply chain capabilities. Cascades Inc. specializes in eco-friendly packaging solutions made from recycled fiber.

Read More:

https://www.marketwebjournal.com/industrial-packaging-market-demand-size-and-forecast/

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