Industrial Packaging Market Size, Industry Outlook, Regional Analysis, Application Development, Competitive Landscape & Forecast, 2021 – 2027
Report ID: GMI1613
Industrial Packaging Market size is likely to expand at a significant CAGR during the forecast period. Increased international trade demands for product safety and robust packaging option to overcome damage occurred by environmental factors and transportation will drive the global industrial packaging market. This enables the manufacturers to provide easier distribution and reduce transportation losses occurred by the damage through the protective wrapping.
Rising globalization and international trade are supporting the industry growth. Growing commercial industries such as chemical, pharmaceutical, construction and electronics sector further propels the demand. The developed economies are the highest producers and consumers of these products. Whereas increasing demand in emerging economies will further drive the industry growth.
Increasing expenditure in R&D for materials and supporting government policies will further increase the demand. Technological advancements such as digital printing and use of robotics in workshops will result in maximizing shelf life of the product, efficient use of resources and minimizing the waste thereby increasing the revenues.
However, pricing pressure on small vendors hinders the industry growth. Low and reduced profit margin to the manufacturers decreases the industry attractiveness owing to numerous local vendors. Low penetration of the market in developing countries hinders the industrial packaging market growth. Use of bio degradable raw material for packing provides future growth opportunities for the manufacturers. Stringent government regulations regarding environment and employee safety encourages the use of bio degradable materials such as PLA and PHA plastic.
The industrial packaging market can be segmented by product into drums, intermediate bulk container (IBC), crates, sacks, pails, tubes, and bulk boxes. IBC type is extensively used for the covering. Plastic sacks are replacing paper & jute sacks owing to its benefits such as low cost, light weight, durability etc.
The industry is classified by material into metal, plastic, paper and wood and fiber. The plastic material segment is the most preferred type by the manufacturers owing to its various properties such as cost effective than other materials, can be molded in to specific shape & size and durability.
By type, the industry can be classified as rigid and flexible packing. Flexible segment includes paper & plastic whereas rigid segment includes wooden, metal and plastic. Increased use of polyethylene terephthalate (PET) in place of heavy metal cans will impact positively on the market. The flexible type especially flexible plastic is expected to show higher growth rate owing to technological leaps in this segment.
By end use or application, industrial packaging market cater to various industries such as agriculture & horticulture, building & construction, automotive, chemicals & pharmaceuticals, food & beverage, engineering, metal products, plastic & rubber, electronics, and furniture. Food & beverage segment dominated overall demand and used more than 65% of flexible packing in 2015. This segment is expected show similar trend during the forecast period 2017 to 2024.
North America is expected to show steady growth rate during the forecast period owing to developed economy, transport, and delivery infrastructures. Growing occurrence of chronic disease and increasing aging population will increase the demand in pharmaceutical and chemical segment in North America. The use of robotic systems for packages is expected to increase in demand in U.S. with the introduction of Food Safety Modernization Act.
Germany and Italy are the major countries in Europe in terms of production of packaging machinery. Their major export countries include Saudi Arabia, Indonesia, Nigeria, Turkey, Malaysia and Iran. Thus, increased export of machinery in these countries will increase the demand for industrial packaging market.
Asia-Pacific region is estimated to record fastest growth in terms of rising industrialization. Increased demand is characterized by quick adoption of technological advancements, rising volume of OEMs which drives the competitors to reduce the cost per package and provide sustainable products. Moreover, low labor cost, huge scope for FDI and stable growth in industries such as automotive, construction and healthcare will impact positively foe industry growth this region.
Indian industrial packaging market size exceeded USD 30 billion in 2015 and is estimated to grow over 15% CAGR. The Indian region accounts for 4% of global packaging industry. Growing packaging machinery market in Asia, Africa will further increase the demand for this industry. Enhanced automation, integrated systems and shorter turnaround time are some of the growth factors for industry growth in this region.
Some of the major companies in industrial packaging market are Sealed Air corporation, Amcor Limited, International paper, WestRock, Tekni-Films, Mondi Group, Sonoco, Bemish company, Schutz, AmeriGlobe, Mauser Group, Orora Group, B.A.G. Corporation, Greif Inc, Bulk handling, East India Drums & Barrels manufacturing, Chem-Tainer industries, Corr-Pak Corporation, Halsted, Sigma Plastics Group, Wuxi Sifang Drums Limited company, Nefab, Hoovers Container Solutions, Intertape Polymer Group, Jumbo Bag, and LC packaging. The manufacturers are focusing on providing low cost, environmental friendly packaging solutions for the end users.
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