The global industrial packaging market is led by players such as Sealed Air Corporation, Smurfit Kappa Group, International Paper, AmeriGlobe, Grief Inc., Tekni-Films Inc., Sonoco, Schutz, B.A.G. Corp., and Nefab Group. The industrial packaging market has been restrained in recent years due to the dropping profit margins for leading players, with the leading producers largely unable to exhibit the agility needed to sustain in a dynamic market. This could change in the coming years with the rising use of digital technology. Presenting a high degree of customization to customers has been a key tactic for players in the global industrial packaging market and is likely to remain a prosperous strategy in the face of rising pricing pressure.
The global industrial packaging market was valued at more than US$53 bn in 2016. Exhibiting a solid 4.1% CAGR, the market is expected to rise to a valuation of US$73.25 bn by 2024.
Plastics Likely to Remain Dominant Industrial Packaging Materials
The global industrial packaging market is segmented by material into metal, plastics, paper, wood, and fiber. Of these, plastics hold a dominant share in the global industrial packaging market, due primarily to their almost endless customizability in terms of shape and dimensions. Plastics provide structural support and excellent protection from environmental elements, which, allied to their inert nature, widens the range of loads plastic containers can carry.
Among the types of packaging in the global industrial packaging market, intermediate bulk containers lead the charts, followed by bulk boxes, drums, sacks, tubes, crates, and pails. The customizability of plastic IBCs is the key factor behind the consistent growth of the segment. The rising international trade in the food and beverages, chemicals, and pharmaceuticals industries is likely to ensure consistent demand for plastic IBCs in the global industrial packaging market.
North America and Europe hold leading shares in the global industrial packaging market due to the strong industrial network present in both regions. The rapid adoption of technological innovations in prosperous countries such as the U.S., Germany, Canada, France, and the U.K. is vital for the industrial packaging market. The high demand for specialist packaging materials such as wood and metal in Europe is also likely to be a key driver for the industrial packaging market in the region.
Rapid Industrialization in Emerging Economies Key for Dominant Asia Pacific Market
Geographically, Asia Pacific holds a leading position in the global industrial packaging market due to the high overall volume of industrial activity in the region’s highly populous economic leaders, China and India. These two countries have been among the fastest economic risers in recent years and presented vast scope for the industrial packaging market. The rapid industrialization in ASEAN countries is also likely to contribute significantly to the growth of the industrial packaging market in Asia Pacific.
The steady rise of urban centers in developing Asia Pacific countries has rejuvenated international trade in several industries, including food and beverages and pharmaceuticals. This has been vital in the growth of the industrial packaging market in the region, as the need for intermodal transportation has led to widespread need for durable and resistant containers. The rapid adoption of Western food and beverage giants in rising Asian and Latin American countries is thus likely to remain an important driver for the global industrial packaging market in Asia Pacific.
The information in this preview comes from a TMR report titled ‘Industrial Packaging Market (Materials - Metal, Plastic Paper, and Wood; Products - Drums, IBCs, Sacks, Pails, Crates, Tubes, and Bulk Boxes; Packaging - Rigid and Flexible; End Users - Agriculture And Horticulture, Automotive, Building & Construction, Chemicals And Pharmaceuticals, Engineering, Food & Beverages, Metal Products, Oil & Lubricants, Plastics And Rubber, Furniture, Electronics, and Tobacco) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.’
The global industrial packaging market is segmented as follows:
By Material Type
- Paper & Wood
By Product Type
- Bulk Boxes
By Packaging Type
By End Use
- Agriculture And Horticulture
- Building & Construction
- Chemicals And Pharmaceuticals
- Food & Beverages
- Metal Products
- Oil & Lubricants
- Plastics And Rubber
- Asia Pacific
- North America
- Latin America
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