the global industrial packaging market was rated at $61.3 billion in 2020and it is estimated that it reaches $75.3 billion by 2027registering a CAGR of 3.5% during the period 2021–2027. The increasing volume of resources and products being transported to various regions is one of the major factors that has led to the importance of industrial bulk packaging.. Packaging used for the storage and transportation of liquid and granular substances in bulk, such as food solvents, chemicals and pharmaceuticals, ingredients and industrial equipment, among others, in large quantities, is considered within the scope of the market industrial packaging.
The growing trend towards sustainability, reinforced by regulations in several countries, has increased the demand for recycling and reuse in the industrial packaging sector.. The major drivers for the growth of this market are the advent of sustainable and recyclable packaging materials, the steady increase in construction activity, and the growing demand for food transportation and packaging materials in the global scale..
Additionally, increased need to reduce logistics costs, BOM and improve overall supply chain efficiency is expected to drive investment and innovation among industrial packaging manufacturers during the forecast period. .. Businesses and governments have backed these factors focused on advocating for the steps needed to reduce packaging waste. These trends are expected to drive the industrial packaging market over the forecast period.
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covid–19 Impact on Global Industrial Packaging
COVID–The 19 pandemic and global shutdown impacted global industrial activity. Lack of availability of raw materials needed for the manufacturing process, labor shortages, supply chain disruptions, price changes which could lead to production of the end product to bloat and go over budget , shipping issues, etc. are some of the repercussions of the lockdown.. Around May 2020, many of these industries will restart their activities. Order delays and delivery times in the packaging supply chain could be extended into the second quarter of 2021 due to disruptions in the first four months of 2020.
The outbreak has further created short-term supply pressure on industrial packaging manufacturers as raw material suppliers around the world have operated with reduced efficiency.. Most packaging companies in Asia-Pacific countries only managed 50 % of their production capacities due to the confinement situation in many countries. Manufacturers of packaging materials, such as plywood boxes, wooden cases and corrugated boxes, have faced unprecedented raw material shortage issues, resulting in a slower pace to meet to growing demand.. In addition, the rapid outbreak of the virus has had a significant impact on global shipping markets.. Demand for goods has seen a slump, particularly from China, and has caused a ripple effect on everything from packing goods to container ships..
Dynamics of the global industrial packaging market
Drivers: Emergence of sustainable and recyclable packaging materials
Sustainable and biodegradable packaging solutions are increasingly finding applications in industrial packaging due to low environmental impact, increasing emphasis on recyclability and sustainability, government emphasis on effective management of packaging and an increasing plastic ban.. Due to the availability of information, greater consumer awareness has compelled packaging manufacturers to provide more environmentally friendly packaging throughout the supply chain..
Although the prohibition of some packaging materials, such as polystyrene, plastic bags and individual bags–use plastic, may not significantly influence industrial packaging, the theme and direction of the overall packaging market indicates a determined attempt to display responsible conduct. Failure to keep up with industry progress can result in the adverse impact of heavy–laws that will eventually ban certain types of packaging.
Constraints: Dynamic changes in regulatory standards due to growing environmental concerns
Due to growing environmental concerns, dynamic changes in regulatory regulations are expected to hamper global expansion among market drivers. Regulatory issues and revalidation testing require packaging suppliers to manage material or significant changes in supply. Due to the constant evolution of regulatory standards, this procedure has become extremely dynamic..
In the European Union, the single Union–The directive on the use of plastics and the publication of the new European Green Deal of the European Commission have generated a strong momentum, which will intensify even in 2020. Therefore, the main aspects of the European legal framework for plastics are currently being revised.. Moreover, in the United States, the state–broad plastic bans are in place. Eight states have passed legislation banning singles–use plastic, with three states (California, Hawaii and Oregon) effective from February 2020.
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The study categorizes the industrial packaging market based on product and purpose–regional and global users.
By Product Perspective (Sales/Revenue, USD million, 2017–2027)
- Intermediate bulk container (IBC)
- Others products (Crates and bins)
By End–User insights (Sales/Revenue, USD million, 2017–2027)
- Food and drink
- Chemicals and pharmaceuticals
- Oil and gas and petrochemicals
- Building and construction
- Alternate ending–user sectors
Outlook by region (Sales/Revenue, USD million, 2017–2027)
- North America (United States, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia Pacific)
- The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)
The bag segment is expected to account for the largest market share by product
By Product, the global industrial packaging market is segmented into IBCs, bags, pails, drums and other products. In 2020, the bag segment accounted for the largest 54.1% market share in the global industrial packaging market. Bags are mainly used in healthcare, food, beverage, and building & construction due to their features and benefits, such as durability, transparency, convenience, and ease of transportation.. The rapid transition to sustainable packaging solutions is increasing the incentive for bag suppliers to innovate and provide recyclable or sustainable bags for industrial purposes.. For example, ExxonMobil offers a range of performance PE polymers, including Exceed XP and ExxonMobil HDPE, among other products, to create several opportunities for creating differentiated and durable heavy-duty products.–utility bag solutions.
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Asia Pacific represents the highest CAGR over the forecast period
Region–Wise, the global industrial packaging market has been segmented into North America, Asia–Pacific, Europe, South America, Middle East and Africa. Globally, Asia-Pacific is estimated to hold the highest CAGR in the global industrial packaging market during the forecast period. The region includes countries such as China, India, Japan, South Korea, Australia, Southeast Asia and Rest of Asia.–Peaceful. The growth of the region is mainly due to the strong economic growth of emerging national countries such as China, Indonesia, Malaysia and India..
After Asia-Pacific, Europe is the fastest growing region with a CAGR of 3.1% during the forecast period. The European Union‘s research & innovation (R&I) have strongly supported the development of technologies and industrial solutions allowing European manufacturing industry to take full advantage of the reduction–advanced technologies. This promotes smart technologies in industrial packaging, creating more opportunities for the UK market.
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Main market players
Each company follows its business strategy to achieve the maximum market share. Greif Inc..Amcor, Berry Global Inc..Mondi, Sonoco, International Paper, Orora Limited, Sigma Plastics Group and Mauser Packaging Solutions are the major players operating in the global industrial packaging market.