The Industrial Packaging Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Industrial Packaging Global Market Report 2024, The industrial packaging market size has grown strongly in recent years. It will grow from $74.35 billion in 2023 to $79.61 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to globalization of trade, rise in manufacturing activities, stringent regulations, e-commerce boom, focus on sustainability.
The industrial packaging market size is expected to see strong growth in the next few years. It will grow to $104.93 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to evolving consumer preferences, rise in online retail, customization and personalization, circular economy initiatives, rapid urbanization. Major trends in the forecast period include smart packaging technologies, technological innovations in packaging machinery, advancements in smart packaging, increased focus on lightweight packaging, regulatory compliance and safety standards.
An increase in demand for food products across the globe is expected to propel the growth of the industrial packaging market. Demand for packaged foods is rising as a result of changes in consumer preferences, governmental regulations, and food storage. Many consumers now choose packaged food over unpackaged food as a result of the epidemic’s growing food safety issue. By assuring the safe storage and handling of food goods, packaging materials play a crucial role in supporting the food sector. According to the Bizom data, an India-based Retail intelligence platform, the sales of packaged food increased by 95% year on year a few weeks before the holiday season, due to rising out-of-home consumption and ready-to-eat products. Therefore, an increase in demand for food products across the globe will drive the growth of the industrial packaging market.
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The industrial packaging market covered in this report is segmented –
1) By Product: Drums, Intermediate Bulk Containers (IBCs), Sacks, Pails, Crates/Totes
2) By Material: Paperboard, Plastic, Metal, Wood, Fiber
3) By Application: Chemical And Pharmaceutical, Building And Construction, Food And Beverage, Oil and Lubricant, Agriculture And Horticulture, Others (Plastics And Rubber, Automobile, Engineering, And Other Metal Products)
Major companies operating in the industrial packaging market are focusing on developing sustainable packaging solutions to secure a competitive advantage and address growing environmental concerns. Sustainable packaging solutions encompass eco-friendly materials, design practices, and processes that minimize environmental impact throughout the entire lifecycle of a product’s packaging. For instance, in August 2022, BASF SE, a Germany-based chemical company, and Nippon Paint China, a China-based coatings manufacturer, jointly launched an environmentally friendly industrial packaging, incorporating BASF’s water-based acrylic dispersion Joncryl High-Performance Barrier (HPB) as the barrier material for their dry-mixed mortar series products. This marks the first utilization of BASF’s water-based barrier coatings in industrial packaging in China, and it is anticipated to annually save thousands of tons of plastics and repurpose nearly 10,000 tons of paper bags, contributing to resource conservation, reduced carbon emissions, and the advancement of a circular economy within the packaging industry.
The industrial packaging market report table of contents includes:
- Executive Summary
- Industrial Packaging Market Characteristics
- Industrial Packaging Market Trends And Strategies
- Industrial Packaging Market – Macro Economic Scenario
- Global Industrial Packaging Market Size and Growth
………
- Global Industrial Packaging Market Competitive Benchmarking
- Global Industrial Packaging Market Competitive Dashboard
- Key Mergers And Acquisitions In The Industrial Packaging Market
- Industrial Packaging Market Future Outlook and Potential Analysis
- Appendix
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