Market Research Future (MRFR), in its latest report on the industrial packaging market 2020 reveals different factors that can boost the expansion of the market across 2017 to 2023. MRFR study states that the world industrial packaging market can rise at about 5% CAGR across the assessment period 2017-2023.
The high utility of industrial packaging for the transportation of goods from producers to consumers can prompt the expansion of the industrial packaging market. In addition, the rise in need to simplify supply chain to achieve effective solutions can prompt the expansion of the industrial packaging market in the years to come. The rise in amount of goods delivered from manufacturing site to distribution center can impel the expansion of the industrial packaging market. The high demand for industrial packaging across end-user industries, such as construction, goods, beverages, pharmaceuticals, chemicals, and electronics among others can promote the expansion of the world industrial packaging market in the years to come.
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The segmental study of the industrial packaging global market is based on materials, packaging type, end-user, and products.
The packaging type based segments of the industrial packaging market are flexible and rigid. Among these segments, the flexible packaging segment can bring high revenue for the world industrial packaging market in the forecast period (2017-2023). The rise in the need for plastic-based flexible packaging products, along with diversified utility of flexible packaging can drive the expansion of the market segment.
The material based segments of the industrial packaging market are plastic, metal, wood, and paper. The domination of plastic can boost world industrial packaging market. The high demand for plastic as an industrial packaging material and their easy availability at economical rates can push the market growth.
The products based segments of the market are boxes, bags, tanks, sacks, barrels, and others. Boxes can gain considerable traction, which can prompt the expansion of the industrial packaging market.
The end-user based segments of the industrial packaging market are construction, food & beverages, electronics, chemicals & pharmaceuticals, and others. The high utility of industrial packaging in chemicals and pharmaceuticals sectors can boost the market growth in the assessment period.
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North America, followed by Europe and Asia Pacific, and the Rest of the World are regional segments of the industrial packaging market. In Asia Pacific, the industrial packaging market is likely to emerge as the largest market in the globe. MRFR study states that North America industrial packaging market can witness high growth pace across the assessment period. The rise of the industrial packaging market in the Asia Pacific region can be primarily driven by the increase in urbanization and industrialization, followed by the rise in consumer spending, and change in lifestyle. In North America, the industrial packaging market can stand second in the world market and the rise in the contribution of import and export activities to the regional industrial packaging market is observed. The North American Free Trade Agreement (NAFTA) is expected to boost the rise of the regional market. in Europe, the industrial packaging market expand at high speed due to the increased demand from the pharmaceuticals and food & beverages industrial packaging.
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