Increased globalization is a key factor that boosts the industrial packaging market. The rise in building & construction activities in Asia-Pacific is expected to drive the industrial packaging market during the forecast period, as several countries in this region are witnessing ongoing urbanization.
The global industrial packaging market was valued at $53,743 million in 2016 and is projected to reach $69,787 million by 2023, registering a CAGR of 3.9% from 2017 to 2023. In 2016, the chemical & pharmaceutical segment accounted for approximately one-third share of the global market, in terms of revenue.
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Industrial packaging is used to pack products during or after manufacturing. These packed goods are often heavy, bulky, sensitive to the external atmosphere, and hazardous to the environment, this is necessary to conserve the product during storage and transit.
The rise in the geriatric population across the globe and growth in chronic diseases, boost the growth of the pharmaceutical industry. Moreover, the growth in emphasis on rural health programs, lifesaving drugs, and preventive vaccines drives the pharmaceutical industry, thereby leading to the increased use of industrial packaging.