Pune, India, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The global industrial packaging market is expected to witness significant growth in the future due to its increased demand in end-use industries, such as food & beverage and pharmaceutical. Growth in modern retailing, high consumer income, and acceleration in industrial activities, especially in the emerging economies, are likely to support the growth of the market during the forecast period.
The industrial packaging market refers to the sector of the packaging industry that focuses on providing packaging solutions for industrial products and materials. These products and materials can include machinery, equipment, chemicals, automotive components, electronics, construction materials, and more. The main goal of industrial packaging is to protect these items during transportation, storage, and handling, ensuring they reach their intended destinations in good condition.
Fortune Business Insights™ provides this information in its research report, titled “Industrial Packaging Market Size, Share, Growth and Report Forecast 2023-2030”.
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Growth Factors:
The forecast period anticipates substantial growth in the industrial packaging market, driven by emerging trends in the packaging sector like digital printing and tailored packaging. Moreover, the electronics industry's increasing need for eco-friendly and reusable packaging solutions acts as a catalyst for the overall expansion of the industrial packaging market. An illustrative example is Sony's November 2022 announcement regarding the adoption of plastic packaging for compact electronic devices and the incorporation of natural blend materials for packaging.
Simultaneously, governments worldwide are enacting regulations to ensure the safety of industrial packaging materials for both consumers and the environment. These regulations are expected to foster sustainable production practices within the industrial packaging sphere. Concurrently, the surge in demand for sustainable packaging solutions across diverse industries, coupled with advancements in packaging technology, serves as a driving force for market growth.
List of Companies Profiled in the Industrial Packaging Market:
- Mondi plc
- Amcor Limited
- International Paper Company
- Orora Limited
- Sigma Plastics Group
- B.A.G. Corporation
- Corr-Pak Corporation
- Sonoco
- Greif Inc
- Chem-Tainer Industries
- East India Drums & Barrels
- Sealed Air
Report Coverage:
The industrial packaging market report provides an in-depth analysis of the key trends propelling the global business landscape over the forthcoming years. It further presents an account of the vital strategies adopted by leading market players for securing a competitive edge and expanding their geographical footprints. Other components include an overview of the driving and restraining factors and the impact of COVID-19 pandemic on industry expansion.
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Drivers and Restraints:
Globalization and the expansion of international trade have heightened the demand for efficient packaging solutions that can securely transport goods across borders and long distances. The growth of e-commerce has further accelerated this demand, necessitating packaging solutions suitable for direct consumer shipments.
The ongoing industrialization of sectors like automotive, electronics, pharmaceuticals, and chemicals creates a continuous need for specialized packaging that safeguards machinery, components, and hazardous materials. Stricter regulatory compliance and sustainability concerns are pushing companies to invest in packaging that meets safety standards and environmental expectations. Additionally, advancements in materials and technology are fostering innovation, enabling smarter, more protective, and trackable packaging solutions.
Restraints:
However, there are notable restraints that impact the industrial packaging market. Cost considerations pose a challenge, as the development and customization of packaging solutions can be expensive, especially for uniquely shaped or specialized products. Fluctuations in the availability and costs of packaging materials like plastics, metals, and wood can further strain budgets. Complex supply chains with multiple intermediaries can lead to mishandling, damage, or delays during distribution.
Balancing sustainability with functionality remains a challenge, as some environmentally friendly options may not be as durable or compatible with certain products, and can result in increased costs. Navigating the diverse landscape of regulations across industries and regions also presents complexities, potentially leading to compliance issues and penalties. Lastly, the competitive nature of the market demands constant innovation for companies to distinguish themselves and capture market share.
Segmentation:
The industrial packaging industry can be segmented based on material, products, end-use and geography.
By Material
- Plastic
- Paper
- Glass
- Wood
- Metal
By Product
- Drums
- I.B.C.
- Boxes
- Sacks
- Crates
- Pallets
- Folding Cartons
- Bottles
- Cans
- Others
By End-use Industry
- Food & Beverage
- Healthcare
- Personal Care & Cosmetics
- Automotive
- Agriculture
- Building & Construction
- Electrical & Electronics
- Others
By Region
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, Italy, Spain, UK,)
- Asia-Pacific (China, India, Japan, South Korea, Australia)
- Middle East & Africa (Brazil, Saudi Arabia, South Africa)
Regional Insights:
Insights into the regional dynamics of the industrial packaging market reveal varying trends and factors influencing growth across different geographical areas.
North America: This region robust manufacturing sector, increasing emphasis on sustainable packaging solutions, and evolving consumer preferences. Stringent regulations pertaining to packaging materials' safety and environmental impact further shape the market landscape. The adoption of innovative technologies, like smart packaging and advanced materials, also contributes to market expansion.
Europe: Driven by a strong emphasis on environmental sustainability, with a focus on reducing waste and promoting circular economy practices. The region's well-established packaging industry and stringent regulations governing packaging materials ensure a significant demand for eco-friendly solutions. Additionally, advancements in automation and digitalization within the packaging sector contribute to market growth.
Asia-Pacific: Due to its thriving manufacturing and export-oriented industries. Rapid industrialization, urbanization, and a burgeoning e-commerce sector drive the demand for efficient and innovative packaging solutions. The region's diverse consumer base also influences packaging trends, with a growing preference for convenience and aesthetic appeal.
Latin America: Economic stability, changing consumer behaviours, and the expansion of industries like food and beverages, pharmaceuticals, and chemicals. As disposable incomes rise, there's an increased demand for packaged goods, driving the need for effective and secure packaging solutions.
Middle East & Africa: They are influenced by the region's expanding industrial sectors, including petrochemicals, oil and gas, and construction. Growing trade activities, coupled with increasing investments in infrastructure, drive the demand for reliable and robust packaging solutions. Additionally, efforts to enhance product safety and reduce waste contribute to the market's growth.
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