DUBLIN, Sept 12, 2018 /PRNewswire/ --
The "Industrial Packaging Market - Forecasts from 2018 to 2023" report has been added to ResearchAndMarkets.com's offering.
The global Industrial packaging market was valued at US$65.072 billion in 2017 and is projected to grow at a CAGR of 3.95% over the forecast period to reach US$82.079 billion by 2023.
Changing lifestyle trends has led to an evolution in the industries which has spurred the demand for products across various segments. In order to meet specific customer requirements, companies are increasing their offerings and expanding product lines, and in turn creating a need for industrial packaging solutions. The complexity of products, advancements in packaging technologies and R&D investments are the major market drivers.
High volume packaging containers provide protected storage, handling and convenient transporting of products in large volumes from manufacturing units to the distribution centers. Strategies such as acquisitions, mergers, and collaborative partnerships are being largely being adopted by most of the players in the market which will further boost the growth of the global industrial packaging market.
On the basis of type, sacks account for a significant market share expected to grow at the highest rate over the forecasted period. Plastic and synthetic sacks are preferred over the traditional jute sacks due to their tough properties. On the basis of packaging materials, plastic is expected to show a significant growth over the forecasted period due to its high utilization in Food & Beverages and Chemical industries. Region wise, Asia Pacific, Europe, and North America hold a significant market share in the global industrial packaging market.
The plastic material segment is expected to show the highest growth rate over the forecast period followed by the paperboard material segment. Plastic can be molded into a wide range of packaging solutions which are fit for packaging of all types of products with their utility being the highest in Food & Beverages industry and Chemical industry. The utility of paperboard packaging solutions is limited to the food industry.
Industrial packaging has been a vital part of every industry globally. The application of packaging solutions in an industry increases with the growth of that industry. The demand for improved packaging solutions is increasing in every industry. The companies try to use the best of all the solutions available in the market which can provide them with benefits such as protected storage, handling and convenient transporting of their products from manufacturing units to the distributors. Increasing production by the companies to fulfill the growing demands of their customers will lead to an increase in the demand for packaging solutions.
Asia-Pacific accounts for the largest share in the global industrial packaging market followed by Europe and North America. Asia-Pacific is expected to show the highest growth rate over the forecast period due to increasing exports by the emerging economies like India, Japan, and China. Increasing industrialization in this region will increase the demand for industrial packaging solutions. Strict rules by the governing bodies in this region have made it mandatory for the companies to follow standard packaging guidelines for their products to prevent any kind of contamination and emission which can otherwise cause environmental and health hazards. Europe and North America have a large number of companies which produce large volumes of products every year. An increase in production by these companies will lead to an increase in demand for efficient packaging solutions.
Major industry players profiled as part of the report are Ball Corporation, Crown Holdings, Inc., International Paper, WestRock Company, and Mondi Limited among others.
- Ball Corporation
- Crown Holdings, Inc.
- International Paper
- Mondi Limited
- Owens-Illinois, Inc.
- Smurfit Kappa Group
- WestRock Company
- Stora Enso
- Sealed Air Corporation
- Amcor Group GmbH
- Wyda Packaging (Pty) Ltd.
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SOURCE Research and Markets