CHICAGO, November 26, 2018 /PRNewswire/ --
According to the new market research "Returnable Packaging Market by Product Type (Pallets, Crates, Intermediate Bulk Containers, Drums & Barrels, Bottles, Dunnage), Material (Plastic, Metal, Wood, Glass, Foam), End-use Industry, Region - Global Forecast to 2023", published by MarketsandMarkets™, 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% from 2018 to 2023.
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In terms of volume, the Intermediate Bulk Containers (IBCs) segment is projected to grow at the highest CAGR from 2018 to 2023.
The Intermediate Bulk Containers (IBCs) 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 expansion of the commodity trade in emerging economies such as India and Brazil. One of the key advantages offered by IBCs is their excellent strength, high durability, and long lifespan of over 20 years. Cubic shaped IBCs are being increasingly used in various end-use industries as they offer optimum space utilization, thereby enabling the transportation of a large quantity of materials in the same space. Moreover, IBCs are stackable, which enable the packaging of goods in bulk quantities.
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In terms of value and volume, the automotive segment is estimated to lead the returnable packaging market in 2018.
The global automotive industry is characterized by the presence of complex supply chains and networks that require several processes to be integrated to enable the inbound and outbound flow of returnable packaging. Currently, several Original Equipment Manufacturers (OEMs) are using returnable packaging to enhance the efficiency of their operations by reducing the lead time required for delivering products back to manufacturers/suppliers. Returnable containers are widely used by automotive manufacturers to transport different parts of automotive components to suppliers of components. The demand for returnable packaging is continuously increasing in the automotive industry due to the pressure of cost reduction exerted on OEMs to handle competition in the market.
In terms of value and volume, the European region is projected to lead the returnable packaging market during the forecast period.
The European region is projected to lead the returnable packaging market, in terms of both, value and volume, from 2018 to 2023. The growth of the Europe returnable packaging market can be attributed to the increased awareness among consumers regarding sustainable packaging and a strong industrial base in the region. The market for returnable packaging in the European region is also supported by improvements in the economy of the region and rise in the domestic demand for packaged food products and beverages. Moreover, the increased awareness among the masses for reducing packaging waste is also expected to drive the market for returnable packaging in the European region.
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) are the key players operating in the Returnable Packaging Market. Expansions, investments, divestments, new product developments, and acquisitions are some of the major strategies adopted by these key players to enhance their position in the returnable packaging market.
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