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High pack size optimization and rising demand for industrial packaging are major factors driving market revenue growth
VANCOUVER, BRITISH COLUMBIA, CANADA, September 12, 2022 /EINPresswire.com/ -- The global industrial packaging market size reached USD 61.48 Billion in 2021 and is expected to register a revenue CAGR of 4.6% during the forecast period, according to latest analysis by Emergen Research. Optimization of shipping container size, increasing adoption of industrial packaging due to rising preference for bulk online orders of various products, and need for more robust packaging for specific items and products are some major factors driving market revenue growth.
A wide variety of products are packaged in bulk, shipped, and stored and a number of products require robust packaging to prevent damage, contamination, and exposure to the elements. Industrial packaging includes specialized, heavy duty packaging that is ideal for enhanced protection during transporting or shipping, and while products are in storage or delivered. Increasing focus on ensuring bulk product safety, deter pilferage or tampering, and to prevent damage and potential losses are major factors driving revenue growth. Industrial packaging is widely used in manufacturing plants or industrial facilities to package new equipment, electrical components, accessories, parts and components, and bulk packaging of similar products for transportation and delivery. Industrial packaging is also used at any phase through the supply chain depending on the products, type of product, weather conditions, and/or mode of transportation, shipping, and delivery. Increasing demand and supply of products such as lubricants, oils, chemicals, and others is driving need for more robust, sturdy, and importantly – safe – packaging to ensure safe passage along the supply chain.
However, recycling and rising environmental concerns regarding disposal of industrial packaging waste and some materials such as plastics used in the industry are expected to hamper market revenue growth to some extent during the forecast period. Also, some materials such as wood may not be the best for transporting certain products. Wood can develop fungal or bacterial growth if untreated or old, and if being reused. Also, hard and rough surfaces may not be kind to products such as vegetables and fruits. These are some factors that are resulting in reluctance to use some low-cost industrial packaging options, which is restraining market revenue growth.
The latest research report is touted as the first document covering the current market situation that is substantially affected by the COVID-19 outbreak. The pandemic has brought about enormous changes in the global economic landscape, which, in turn, has disrupted the Industrial Packaging industry’s functioning. However, this report entails the latest updates about the impact of COVID-19 on this ever-evolving business sector. Additionally, our team of analysts has estimated the aftermath of the outbreak and its future impact on the global economic landscape.
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Industrial Packaging Market Competitive Terrain:
The global Industrial Packaging market is highly consolidated due to the presence of numerous companies operating across this industry. The report depicts the current market standing of these companies, their past performances, demand and supply graphs, production and consumption patterns, sales network, distribution channels, and growth opportunities in the market. The leading market contenders listed in the report are:
Greif, Inc., Sonoco Products Company, Berry Global Inc., Amcor plc, Mondi, WestRock Company, Orora Packaging Australia Pty Ltd., BWAY Corporation, Snyder Industries, and Chem-Tainer Industries.
Global Industrial Packaging Market Segmentation:
Emergen Research has segmented the global industrial packaging market on the basis of product type, technology, application, material, and region:
Product Type Outlook (Revenue, USD Billion; 2019–2030)
Technology Outlook (Revenue, USD Billion; 2019–2030)
Application Outlook (Revenue, USD Billion; 2019–2030)
Material Outlook (Revenue, USD Billion; 2019–2030)
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Some Key Highlights from the Report By product type, the corrugated boxes segment accounted for largest revenue share in 2021. Corrugated boxes are widely preferred across a wide variety of end-use applications and sectors, including food & beverages, pharmaceutical, and automotive industries, among numerous others. High preference due to simple solution, low-cost, and lightweight properties are key factors expected to continue to drive revenue growth of the segment going ahead.
By application, the food & beverage segment accounted for largest revenue share in 2021, owing to bulk stocking by a number of panicked consumers during the COVID-19 pandemic. Essential commodities such as Fast-moving Consumer Goods (FMCG), packaged meals, and fresh food via e-Commerce platforms witnessed a rapid rise, and this was true even for bulk ordering. In addition, increasing number of companies and individuals making bulk purchases online is expected to support revenue growth of this segment.
Industrial packaging market in North America is expected to register a significantly fast revenue CAGR over the forecast period as major market players in industrial packaging such as Amcor Ltd., Mondi PLC, and others, are investing in Research and Development (R&D) and innovation in more innovative industrial materials and techniques.
The report addresses the following key points:
The report estimates the expected market size from 2022-2030
The report provides a forecast of market drivers, restraints, and future opportunities for the Industrial Packaging market
The report further analyses the changing market dynamics
Regional analysis and segmentation of the market with analysis of the regions and segments expected to dominate the market growth
Extensive competitive landscape mapping with profiles of the key competitors
Industrial Packaging Market Regional Segmentation
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
In conclusion, the report provides a qualitative and quantitative analysis of the Global Industrial Packaging market including the global and regional analysis of the market. The study covers critical information and factual data about the Industrial Packaging market industry, along with an in-depth statistical analysis of the market drivers, limitations, growth prospects, opportunities, and threats. On the basis of the current market scope, the report provides an extensive analysis of how the Industrial Packaging market is expected to fare in the forecast timeline. The report utilizes advanced analytical tools to offer an estimation of the outlook of the global state of the Industrial Packaging market industry.
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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