Industrial Packaging Market is Estimated to Witness High Growth

The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Industrial packaging refers to the packaging of raw materials, medicines, food, and manufactured goods for industrial distribution and transport. It involves various materials such as plastic, wood, metal, and fiber that help protect goods from damage and contamination during storage and transit. It delivers vital products safely to different sectors including chemicals, oil and gas, building and construction, food and beverages, pharmaceuticals, and automotive.

Market Dynamics:
The growth of the industrial packaging market is majorly driven by increased adoption across various end-use industries such as chemicals, pharmaceuticals, food and beverages, and automotive. Chemical companies extensively use plastic drums, IBCs, and bulk containers for storage and transportation of chemical products. Further, growing pharmaceutical industry globally is fueling the demand for unit dose packaging, specialty caps and closures, pre-fillable syringes, steriles vials, and others. In food industry, flexible packaging films, paperboard cartons, glass containers, plastic pails and drums are widely used for food packaging applications. In addition, growing e-commerce sector contributing to the growth of protective and corrugated packaging solutions.

SWOT Analysis for Industrial Packaging Market
Strength: Industrial packaging provides protection, containment, and handling of industrial goods. It helps safe transport of goods to different destinations. The increasing global trade and manufacturing output boost the demand for robust and secure packaging solutions.

Weakness: High costs associated with manufacturing and procuring sturdy packaging materials like metal, plastic, and wood. Changing regulations regarding the use of certain packaging materials pose compliance challenges.

Opportunity: Growing e-commerce sector increases the need for secure, returnable, and reusable packages. Technological advancements in materials and manufacturing enable novel, lightweight yet durable packaging solutions.

Threats: Stringent environmental norms regarding recycling and reuse of packaging pose financial and operational hurdles. Economic slowdowns and trade wars impact industrial production and supply chain networks affecting packaging demand.

Key Takeaways

The global Industrial Packaging Market Size is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing industrial production and global trade volumes. The growing manufacturing sector leads to higher procurement of protective packaging solutions for equipment, machinery, and components.

Regional analysis
Asia Pacific dominates the industrial packaging market holding over 35% share due to rapid industrialization in China, India, and Southeast Asian countries. North America follows due to machinery, automotive, food processing industries in the US and Canada requiring packaging. Europe contributes significantly on account of well-established manufacturing industries.

Key players operating in the industrial packaging incorporate Smurfit Kappa Group, Cascades Inc., Mauser Group B.V., Grief Inc., International Paper, Nefab Group, Schutz, Sonoco, AmeriGlobe, and B.A.G. Corp. Major players focus on new product development, acquisitions, and regional expansions to gain shares.

 

Read more: https://www.rapidwebwire.com/industrial-packaging-market-insights-trends/

Comments

Post a Comment

Popular posts from this blog

Hypoglycemic Drugs Market is Estimated to Witness High Growth Owing to Increasing Prevalence of Diabetes in the Geriatric Population

Image
Hypoglycemic drugs or anti-diabetic drugs are medications used to treat diabetes mellitus by lowering blood glucose levels. Some key hypoglycemic drugs include insulin, sulfonylureas, metformin, thiazolidinediones, DPP-4 inhibitors, SGLT2 inhibitors and GLP-1 receptor agonists. These drugs help control blood sugar levels in diabetics and prevent or delay diabetes-related health complications. The global hypoglycemic drugs market is estimated to be valued at US$ 720.72 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Dynamics: The growth of the global hypoglycemic drugs market is majorly driven by the increasing prevalence of diabetes in the geriatric population globally. As per estimates, around 1 in every 11 people aged 65 years and above have diabetes. Further, the number of people with diabetes in this age group is anticipated to grow from 25.9 million in 2017 to
Read more

Vegan Yogurt Market is Poised for Growth Driven by Rising Health Consciousness

Image
Vegan yogurt is a dairy-free alternative to conventional yogurt made from plant-based milk such as soy, almond, oat, coconut or rice. It provides similar texture and taste to dairy yogurt but without any animal products.Vegan yogurt offers several health advantages over dairy yogurt as it is devoid of lactose, cholesterol and saturated fats. The growing number of people adopting vegan and flexitarian diets has driven the demand for plant-based dairy alternatives like vegan yogurt. The global vegan yogurt market is estimated to be valued at US$ 4.15 Mn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031. Key Takeaways Key players- Met Fods, Cocos Organic, Hain Celestial, EasiYo Product Limited, Danone, General Mills Inc., Stonyfield Far, Inc., Daiya Foods Inc.m Good Karma foods, Inc.m Hudson River Foodsm NANCY'S, Kite Hill, COYO Pty lTd., Nush Foods, Chobani, LLC, Barambah Oraganics Pty Ltd., Blue Diamond Growers, Dean Foodsm General Mills Inc
Read more

Optimizing the Flow: Decoding the Growth of the Supply Chain Analytics Market

Image
The Supply Chain Analytics Market is experiencing a surge in demand, driven by the ever-increasing complexity of global supply chains. Businesses are facing challenges such as fluctuating demand, disruptions in logistics networks, and the need for greater visibility into their operations. Supply chain analytics solutions offer a powerful tool to address these challenges, allowing for data-driven decision-making and improved efficiency. Market Drivers: Fueling the Demand for Supply Chain Analytics Several key factors are contributing to the growth of the Supply Chain Analytics Market Share : Complexity of Global Supply Chains: Modern supply chains are intricate networks spanning across geographical borders. Supply chain analytics helps businesses monitor inventory levels, track shipments, and identify potential disruptions in real-time. Demand for Increased Visibility: Businesses are increasingly seeking transparency across their supply chains.
Read more