In terms of value, the Asia Pacific returnable packaging market is projected to grow at the highest CAGR from 2018 to 2023
NEW YORK, Dec. 3, 2018 /PRNewswire/ -- Increased demand for returnable packaging from various end-use industries is expected to drive the overall growth of the returnable packaging market across the globe from 2018 to 2023.
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The returnable packaging market is projected to grow from USD 37.9 billion in 2018 to USD 51.2 billion by 2023, at a CAGR of 6.2% during the forecast period. Growing demand for returnable packaging from various end-use industries such as food & beverages, automotive, and consumer durables, and increasing urban population are driving the growth of the returnable packaging market across the globe. However, varying environmental mandates across different regions for packaging products act as challenges for the growth of the market.
In terms of volume, the Intermediate Bulk Containers (IBCs) segment is projected to grow at the highest CAGR during the forecast period.
The Intermediate Bulk Containers (IBC) segment of the returnable packaging market is projected to grow at the highest CAGR during the forecast period, in terms of volume.The growth of this segment can be attributed to the high strength and durability offered by IBCs.
These reusable containers have a standard capacity of 1,000 liters and built-in pallet for their easy and cost-efficient handling.Cubic shaped IBCs are increasingly being used in a number of end-use industries as they ensure optimum space utilization, thereby enabling the transportation of a large quantity of materials in the same space.
Moreover, IBCs are stackable, which enables storing of packaging goods in bulk quantities.
In terms of both, value and volume, the plastic segment is expected to lead the returnable packaging market from 2018 to 2023.
The plastic segment is expected to lead the returnable packaging market from 2018 to 2023, in terms of both, value and volume.The growth of this segment can be attributed to the low cost, high versatility, easy availability, and excellent durability of the plastic returnable packaging.
The metal segment is projected to be the second-largest segment of the returnable packaging market from 2018 to 2023, in terms of both, value and volume.Metals are the most versatile of all packaging materials as they offer a combination of excellent physical protection and barrier properties, formability & decorative potential, recyclability, and consumer acceptance.
Metals such as steel and aluminum with their recyclable properties are superior in comparison to other packaging materials such as polymers and paperboards. These factors drive the growth of the metal segment of the returnable packaging market across the globe.
In terms of value, the Asia Pacific returnable packaging market is projected to grow at the highest CAGR during the forecast period.
In terms of value, the Asia Pacific returnable packaging market is projected to grow at the highest CAGR from 2018 to 2023.The growth of the market in this region can be attributed to the population growth in Asia Pacific countries that has resulted in a large customer base for the Fast Moving Consumer Goods (FMCGs) and food & beverages.
This, in turn, is expected to drive the growth of the returnable packaging market in the Asia Pacific region. Other key factors such as ongoing industrialization, rising disposable income of the middle-class population, growing conversion of single-use packaging into multi-use packaging solutions, and increasing consumer focus on reducing packaging waste are expected to drive the demand for returnable packaging in the Asia Pacific region during the forecast period.
The European region is projected to lead the returnable packaging market, in terms of both, value and volume, during the forecast period. The growth of the Europe returnable packaging market can be attributed to the strong industrial base, rise in demand for consumer durables, increased awareness among buyers regarding sustainable packaging, and growth of the automotive industry in the region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the returnable packaging market.
•?By Company Type: Tier 1: 35%, Tier 2: 40%, and Tier 3: 25%
•?By Designation: C Level Executives: 25%, Director Level: 35%, and Others: 40%
•?By Region: North America: 20%, Europe: 35%, Asia Pacific: 25%, Middle East & Africa: 15%, and
South America: 5%
The returnable packaging market comprises major manufacturers such as Brambles (Australia), Schoeller Allibert (Netherlands), Menasha Corporation (US), DS Smith (UK), Myers Industries (US), Nefab Group (Sweden), Rehrig Pacific Company (US), IPL Plastics (Ireland), Schutz GmbH & Co. KGaA (Germany), and Vetropack Holding (Switzerland), Amatech Inc. (US), Reusable Transport Packaging (US), Monoflo International (US), MJSolpac Ltd. (UK), CABKA Group (Germany), UFP Technologies (US), Plasmix Private Ltd. (India), Ckdpack Packaging Inc. (Canada), Multipac Systems (Australia), Tri-Wall Limited (Hong Kong), GWP Group (UK), Weigand-Glas GmbH (Germany), Mpact Limited (South Africa), Toyo Glass Co., Ltd. (Japan), and RPP Containers (US).
Research Coverage
The market study covers the returnable packaging market across various segments.It aims at estimating the market size and the growth potential of this market across different segments based on product type, material, end-use industry, and region.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the returnable packaging market.
Key Benefits of Buying the Report
The report is expected to help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall returnable packaging market and its segments and subsegments.This report is expected to help stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies.
The report also aims at helping the stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.
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