Portland, OR -- (SBWire) -- 12/22/2017 --Global Industrial Packaging Market was valued at $53,743 million in 2016, and is expected to garner $69,787 million by 2023, registering a CAGR of 3.9% from 2017 to 2023. Industrial goods are heavy, bulky, sensitive to external atmosphere, and hazardous to environment. Thus, it is necessary to conserve the product for longer time during storage and transportation specifically with hermetically sealed packaging and secured from external contamination. Industrial packaging is different from other types of packaging in thickness, strength, and the level of protection it provides for extended storage. Rise in building & construction activities in majority of the emerging economies especially in India and China, rise in food & beverages industry to meet the demand of growing population, and the rapid growth of exports, which requires superior packaging standards for the international market, are the major factors that are expected to the market growth during the forecast period.
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The global industrial packaging market is segmented based on product, material, application, and geography. Based on product, it is divided into drums, intermediate bulk containers (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. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the 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.
The other key market players (not profiled in this report) in the value chain include Sealed Air Corporation, Tekni-Films, Inc., United Drug Plc., Vetter Pharma International, Aphena Pharma Solutions, Beacon Converters, Inc., Bilcare Research, Catalent Pharma Solutions, and Constantia Flexibles.
Key Benefits
The report provides an in-depth analysis of the current trends, drivers, and dynamics of the global industrial packaging market to elucidate the prevailing opportunities and tap the investment pockets.
It offers qualitative trends and quantitative analysis of the global market from 2016 to 2023 to assist the stakeholders to understand the market scenario.
In-depth analysis of the key segments demonstrates the product utilized in industrial packaging and their applications.
Competitive intelligence of the industry highlights the business practices followed by key players across geographies and the prevailing market opportunities.
Key market players along with the strategies and developments are profiled to understand the competitive outlook of the market.
However, volatile organic compound (VOC) emission during the manufacturing and curing processes of plastic packaging has led to the formulation of various regulations on packaging manufacturers. Moreover, regulatory norms on industrial packaging related to food contact application and pharmaceutical products are expected to hamper the market growth. Conversely, increase in R&D activities for innovation of industrial packaging solutions are expected to provide new opportunities for the manufacturers.
Industrial Packaging Market
The evolution of manufacturing industries in the emerging economies is expected to drive the growth of industrial packaging market.