Industrial Packaging Market is set to reach US$73.25 bn in 2024; expanding in terms of revenue at a CAGR of 4.1% within a forecast period from 2016 to 2024.
Albany, NY -- (SBWIRE) -- 08/28/2017 -- Global Industrial Packaging Market: Snapshot
The general evolution of industries in the emerging economies of the world is creating a massive increase in the demand for industrial packaging. This forms the primary driver for the global industrial packaging market and it will continue to be a positive factor for manufacturers over the coming years. Another driver for the global industrial packaging market is the growing use of high value containers, owing to the growth of industrial prosperity and the better utility offered by these containers. The overall global industrial packaging market is also augmented by the popularity gained by innovative products as well as packaging customizations that manufacturers can offer to their clients. However, the global industrial packaging market is currently being restrained by the very low and still reducing profit margins held by packaging manufacturers, as well as the overall low agility shown by the manufacturers.
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The global industrial packaging market is expected to reach US$53.03 bn by the end of 2016. After expanding in terms of revenue at a CAGR of 4.1% within a forecast period from 2016 to 2024, the global industrial packaging market is expected to reach US$73.25 bn in 2024.
Plastics are Key Materials in Global Industrial Packaging Market
The global industrial packaging market can be segmented on the basis of materials, into fiber, wood, paper, metals, and plastic. Plastics have been highly preferred over the past few years. Plastics are easier to mold into specific shapes, provide a robust package covering for fragile contents, last much longer than other materials and can therefore be reused, and are cheaper than the other materials. As a result, a lot of manufacturers in the global industrial packaging market provide plastic packaging as their primary offering, leaving the other materials for specialized or unique orders.
The common types of packaging found in the global industrial packaging market include bulk boxes, tubes, crates, pails, sacks, IBC, drums, and tubes. IBCs are known to be the leading packaging type in terms of popularity. The two general types of packaging adopted by the global industrial packaging market include rigid and flexible packaging. 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.
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Players Head to APAC in Search of Better Growth Opportunities
With North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa as the key regions allocated within the global industrial packaging market, a common trend of leadership by more populous economies can be seen so far. North America and Europe, owing to the advanced state of industries and the more streamlined process of transport and delivery, show a consistently positive rate of development in industrial packaging. On the other hand, the sheer volume of industrial activities in Asia Pacific holds it at the lead in the global industrial packaging market for 2015. Asia Pacific is also showing a phenomenal 5.5% CAGR within a forecast period from 2016 to 2024 within the global industrial packaging market, a statistic attributed to greater initiatives for package sustainability, drives to reduce cost per package, quick adoption of technological advancements, and the rising volume of the consumer class. The growing APAC population is perhaps the leading cause augmenting the industrial packaging market of the region.
Leading players in the global industrial packaging market includes Smurfit Kappa Group, Tekni-Films, Inc., Sealed Air Corporation, International Paper, Grief Inc., Nefab Group, Schutz, Sonoco, AmeriGlobe, and B.A.G. Corp.