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/