Industrial Packaging Market Scenario
Industrial packaging is utilized to transport goods from the producer to the consumer. In the supply chain, many times the goods are delivered from manufacturing center to the distribution center, where the goods are packaged for the consumers. The increase in the emand for the industrial packaging is predicted to be propelled mainly by the development of the end-user industries such as good & beverages, construction, chemicals & pharmaceuticals, electronics, and others. Moreover, growth in the import & export activities and utilization of the shipping containers fuel the growth of the global industrial packaging market further. The shipping container liners are prominently used for the bulk shipment of the commodities & goods. However, stringent regulations & policies for the utilization of non-degradable packaging may hinder the growth of the global industrial packaging market over the forecast period.
The global industrial packaging market is expected to grow at a CAGR of ~5% during the forecast period, 2017-2023.
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Industrial goods are bulky, heavy, sensitive to external atmosphere and costlier to transport. Thus, it is vital to safeguard the product for longer duration and transportation precisely through hermetically sealed packaging and protected from external adulteration. Industrial packaging is majorly differentiated from other types of the packaging in strength, thickness, and the level of the protection provided by it for extended storage. Rise in the construction industry in prominent emerging economies in Asia Pacific, such as, China, India, Japan, and others, coupled with rise in population and evolution in the food & beverages industry is propelling the market. Also,rapid growth in the import & export activities, which involves superior packaging standards for the international market, are the prominent factors which are anticipated to the market growth over the forecast period.
Key Players
Some of the key players in the global industrial packaging market are Greif, Inc. (U.S.), Mondi plc (Austria), Amcor Limited (Australia), WestRock Company (U.S.), International Paper Company (U.S.), Bemis Company, Inc. (U.S.), Orora Limited (Australia), Mauser Group (Germany), Sigma Plastics Group (U.S.), Wuxi Sifang Drums Limited Company (China), NEFAB GROUP (Sweden), Sonoco Products Company (U.S.), AmeriGlobe LLC (U.S.), Schoeller Allibert (The Netherlands), and Sealed Air Corporation (U.S.).
Global Industrial Packaging Market
The global industrial packaging market is spanned across North America, Europe, Asia Pacific and Rest of the World. Among these, Asia Pacific is anticipated to be the largest market and may witness remarkable growth and over the forecast period. The growth in the Asia Pacific region is primarily driven by the increasing industrialization and urbanization, rising consumer spending, and changing lifestyle. North America is expected to be the second largest contributor in the market owing to the rise in the import & export activities. Moreover. North American Free Trade Agreement (NAFTA) is projected to boost the market growth further. Europe held the third largest market share in 2016 due to strong demand from the food & beverages and pharmaceutical industry for industrial packaging.
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