PUNE, India, November 28, 2016 /PRNewswire/ --
The report "Industrial Packaging Market by Pack Type (Drums, Containers, Pails, Sacks, Crates), Material (Metal, Paperboard, Wood, Plastic), Application (Automotive, Food & Beverages, Building & Construction, Chemical), and Region - Global Forecast to 2026" published by MarketsandMarkets, The market for industrial packaging is projected to grow from USD 54.94 Billion in 2016 to reach USD 93.28 Billion by 2026, at a CAGR of 5.4%.
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Browse 111 market data Tables and 48 Figures spread through 168 Pages and in-depth TOC on "Industrial Packaging Market
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The market for industrial packaging is growing due to increasing trends in end-use industries. The growth in this market is driven by the increasing trend in the chemical industry output combined with the increasing healthcare needs of drugs and medicines for the aging U.S. population, coupled with continuing innovations in drug development.
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The sacks pack type segment is expected to gain maximum traction during the forecast period
Sacks are highly preferred due to its characteristics such as lightweight and easily movable; it is used at sites such as automotive, construction, manufacturing, and food & beverages. The sacks segment accounted for the largest share in 2015; and it is projected to grow at the highest CAGR between 2016 and 2026. The sack segment is projected to remain the largest, owing to easy usability and handling of sack packaging.
The chemical & pharmaceutical segment is projected to grow at the highest rate during the forecast period
The Industrial Packaging Market is segmented on the basis of end-use industry into transportation & logistics, automotive, construction, chemical, and food & beverages, and others. The chemical & pharmaceuticals segment accounted for the largest share in 2015; this is projected to grow at the highest from 2016 and 2026. The CAGR over the next ten years is projected to be higher, owing to the increasing use of chemical in the manufacturing industry and other industrial applications.
Asia-Pacific to play a key role in the market for industrial packaging
On the basis of key regions, the market for industrial packaging is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). The low labor costs, excellent industrialization, a huge scope for FDI, emerging economic conditions, stable government scenarios, and an excellent hold on industries such as construction, automotive, and chemical have played a crucial role in the growth of the market for industrial packaging in the Asia-Pacific region.
The key players considered in the report are:
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