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Industrial Packaging Market size was reached USD 61.9 billion in 2020 and is slated to register a CAGR of 3.9% over the period 2021-2028 and is projected to reach USD 84.1 billion in 2028.
Industrial Packaging Trends and Drivers
Major factors driving Industrial Packaging market includes the increasing use of industrial packaging across various end-users such as cosmetic, healthcare, food and beverages. Furthermore, increasing per capita income along with the rising industrialization will further support the market growth of industrial packaging market. Rapid expansion of industrial packaging in chemical and petroleum sectors will boost the global industrial packaging market. Increasing investment on R&D activities and favorable government policies will further boost the demand for industrial packaging across the globe. This led to the technological advancement in packaging, will create numerous opportunities for this market. Other factors such as growing construction activities, supportive international trade, rapid growth in the food and beverage industry, growing demand for convenient and lightweight packaging solutions are further increase the demand for industrial packaging across the globe. However, increasing environmental concerns, strict packaging regulations and fluctuation in the raw materials price is negatively impacting the Industrial Packaging market growth.
Based on Product Type, Corrugated boxes segment held the largest market share.
Increasing demand of industrial Packaging across various industries such as automotive, pharmaceuticals and food & beverages. In addition, growing demand for lightweight packaging solutions is further increasing demand for Corrugated boxes for industrial packaging across the globe.
Based on Material, Plastic segment held the highest market share.
Due to the functional properties such as low cost, durability, lightweight, versatile and suitable across various applications among end use industries. Plastic material is cost-effective as compared to other materials has increased the use of plastic for industrial packaging across the globe.
Based on Application, Food and Beverage segment expected to hold the largest market share.
Growing food demand along with the increasing demand for packaged food and beverages is primarily factor driving the food and beverage segment. In addition, increasing use of e-commerce and online platforms for fresh food items along with the growing demand for rising demand for industrial packaging solutions across the food and beverage applications. These factors will boost the market growth of the food and beverage segment.
Based on Region, Asia-Pacific region is projected to grow at fastest rate in the Industrial Packaging market.
Asia-Pacific Industrial Packaging market is driven by increasing working population, growing demand for processed and ready to eat food products, growth in the e-commerce, increasing industrialization and international trade across the APAC region. In addition, increasing awareness among consumers along with the rapid advancement in technology is further boosting the market growth. Increased demand for industrial packaging in end use industries such as construction, food and beverages, chemical, healthcare and automotive owing to its unique properties such as cost-effective, durable, safety, logistic convenient, lightweight, eco-friendly and strength.
Top Market Players
Some of the major companies operating in the Industrial Packaging market are Greif, Amcor plc, Berry Global Inc., Mondi, Sonoco Products Company, International Paper, Orora Packaging Australia Pty Ltd, Sigma Plastics Group, Mauser Packaging Solutions, BAG Corp, among others.
Key Developments:
• In 2022, Mondi collaborated with the bike manufacturer, Diamant to provide paper protector bags instead of plastic wrap for bike handlebars.
• In 2020, Mondi planned to invest EUR 7 million in a cutting-edge paper sack conversion system at Nyregyháza facility. Through this investment, company planned to increase plant quality and efficiency by using this machine and to provide high quality paper sacks for food industry.
• In 2020, Mauser Packaging Solutions acquired EuroVenta Fusti, to expand its presence in Italy. The company also planned to expand its product portfolio of plastic industrial packaging across the market in Italy.
Market Segmentation
Segmentation by Product Type
o Drums
o IBCs
o Sacks
o Crates
o Pails
o Corrugated boxes
o Others
Segmentation by Material
o Plastic
o Wood
o Metal
o Paperboard
Segmentation by Application
o Food & beverage
o Automotive
o Pharmaceutical
o Chemical
o Oil & Lubricant
o Building & Construction
o Others
Segmentation by Region
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• North America
o United States of America
o Canada
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
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GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and businesss decisions.
