Industrial Packaging Market Scope, Product Estimates & Strategy Framework, Forecasts, 2017-2023

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.

Asia-Pacific and LAMEA collectively contributed about the two-fifths share of the global market, in terms of revenue, in 2016. The key players operating in the global industrial packaging market are 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.

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Key Findings of the Industrial Packaging Market

  • Asia-Pacific is anticipated to grow at the highest CAGR and is expected to maintain its dominant position in the market, in terms of value, during the forecast period, followed by Europe
  • The food & beverage segment is projected to grow at the highest CAGR of 4.4% during the forecast period.
  • The IBCs segment is expected to grow at the highest CAGR of 5.6%.
  • LAMEA accounted for an approximately one-tenth share of the global market in 2016.

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 applications and pharmaceutical products are expected to hamper the market growth. Conversely, an increase in R&D activities for the innovation of industrial packaging solutions are expected to provide new opportunities for the manufacturers.

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