Albany, NY -- (SBWIRE) -- 04/02/2019 -- Global Industrial Packaging Market to be worth US$73.25 billion by 2024
As per the estimations of the analyst of this industrial packaging market report, the global demand will be multiplying at a CAGR of 4.1% during the forecast period of 2016 to 2024. Revenue-wise, the global industrial packaging market is estimated to attain a value of US$73.25 billion by the end of 2024, substantially more than the market's evaluated worth of US$53.03 billion as of 2016.
Major Growth Drivers
Industrial packaging is packaging for the manufacturers, for the big producers in businesses. Sometimes, standard packaging isn't enough for the product, and need more protection to makes sure product stays safe, lasts longer, and makes it to the customer in the right condition.
Standard wraps and papers can't protect from the harsh conditions, long shelf times, and environmental damage that industry products face, so having the right protection for the products is essential to maintaining quality and consistency. There are many different types of industrial packaging wraps, papers, fluids, and sprays.
Rising globalization and international trade are supporting the industry growth. Growing commercial industries such as chemical, pharmaceutical, construction, and electronics sector further propels the demand. The developed economies are the highest producers and consumers of these products. Whereas increasing demand in emerging economies will further drive the industry growth.
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The market for industrial packaging is growing due to increasing trends in end-use industries. The market growth due to 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.
The industry segments the material into metal, plastic, paper and wood, and fiber. The plastic material segment is the most preferred type by the manufacturers owing to its various properties such as cost effective than other materials, can be molded in to specific shape and size, and durability.
By type, the industry segments as rigid and flexible packing. Flexible segment includes paper & plastic whereas rigid sub-segment includes wooden, metal, and plastic. Increased use of polyethylene terephthalate (PET) in place of heavy metal cans will influence positively on the market. The flexible segment, plastic has a higher growth rate owing to technological advancements.
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By end use or application, industrial packaging market cater to various industries such as agriculture & horticulture, building & construction, automotive, chemicals & pharmaceuticals, food & beverage, engineering, metal products, plastic & rubber, electronics, and furniture. Of these, flexible packaging is expected to gain tremendous popularity over the coming years, due to the improvements in flexible packaging in terms of toughness and spatial minimization.
North America, Powered by U.S., Leads Market
Geographically, the global industrial packaging market is classified as North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa. The rise in the demand for the industrial packaging from the industry is the main factors that are boosting the global market in Asia Pacific region. Use of advanced technology in the production of the industrial packaging has boosted the global market in North America. Europe, Latin America, and Middle East and Africa are likely to witness a slow growth in the global market.
Some of the key players in the global market for industrial packaging are Smurfit Kappa Group, Sonoco, Nefab Group, International Paper, Grief Inc., and Sealed Air Corporation, AmeriGlobe, Tekni Films Inc., and B.A.G. Corp among others