PUBLISHER: Allied Market Research | PRODUCT CODE: 1513329
PUBLISHER: Allied Market Research | PRODUCT CODE: 1513329
The global industrial packaging market was valued at $65.9 billion in 2023, and is projected to reach $99.6 billion by 2033, growing at a CAGR of 4.3% from 2024 to 2033. Industrial packaging makes use of wrappers or containers composed of plastic, paperboard, wood, fiber, and metal for temporary storage of products to protect and extend their shelf life. It is the secondary or tertiary packaging process facilitating distribution of numerous products utilized for industrial or commercial purposes. Industrial packaging protects the product from atmospheric, magnetic, electrostatic, vibration, or shock damage during shipping and storage.
The growth in population in Asia-Pacific is expected to boost the demand for the building & construction segment. In coming years, the global population is anticipated to increase from 8 billion in 2023 to 9.7 billion in 2050. The majority of the growth will be in Asia-Pacific and Africa region. Rapid population growth drives the market in the building & construction sector. Moreover, the food & beverages segment is expected to grow at the highest growth rate in the market. According to the Food and Agriculture Organization of the United Nations, roughly one-third of food produced for human consumption is wasted during shipping and handling leading to the shortage of food. Thus, to avoid wastage and to meet the requirement of the growing population, industrial packaging plays a crucial role. Rapid growth of exports, which requires superior packaging standards for the international market, is expected to drive the market growth during the forecast period.
However, volatile organic compound (VOC) emission during the production and curing processes of plastic packaging, and regulatory norms on industrial packaging related to food contact application and pharmaceutical products are expected to hamper the market growth.
The global industrial packaging market is segmented based on product, material, application, and geography. Based on product, it is divided into drums, IBCs, sacks, pails, and crates/totes. On the basis of material, it is classified into paperboard, plastic, metal, wood, and fiber. Based on application, it is categorized into chemical & pharmaceutical, building & construction, food & beverage, oil & lubricant, agriculture & horticulture, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
The major players that operate in the global market have adopted key strategies such as product launch, to strengthen their market outreach and sustain the stiff competition in the market.
Competition Analysis
Key companies profiled in the Industrial packaging market report include Grief, Inc., Mondi PLC., Amcor Limited, Westrock Company, International Paper Company, Bemis Company, Inc., Orora Limited, Mauser Group, Sigma Plastics Group, and Wuxi Sifang Drums Limited Company.
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