Industrial Packaging Market – Growth, Trends, Impact of COVID-19 and Forecast (2022)

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The Industrial Packaging Market was valued at USD 56.19 Billion and is projected to reach USD 76.08 Billion by 2027, registering a CAGR of 5.03% during the forecast period (2022 – 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.

New York, Aug. 04, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Industrial Packaging Market – Growth, Trends, Impact of COVID-19 and Forecast (2022 – 2027)” – https:// www.reportlinker.com/p06311656/?utm_source=GNW

Highlights
The industrial packaging market is highly dependent on global import and export activities. While products, such as drums and pails, are in high demand by heavy manufacturing industries, other products, such as handling containers and IBCs (Intermediate Bulk Containers), have huge applications in logistics. and the transport of goods over short distances.
Rigid plastic IBCs are used in various industries, such as the food and beverage industry, the pharmaceutical industry, the chemical industry, and the paints, inks and lubricants industry. The Rigid Intermediate Bulk Container Association (RIBCA) of North America represents the interests of individuals, businesses and corporations engaged in the manufacture or assembly of rigid intermediate bulk containers.
Recently, industrial packaging company Mauser presented its new skINliner barrier technology at a customer event in Heidelberg, Germany. Mauser skINliner barrier technology combines the advanced barrier performance of multi-layer plastic film technology (e.g. against hydrocarbons and/or oxygen) with the logistical and lifecycle advantages of rigid packaging. The new modular packaging design allows for reuse and recyclability.
In line with the changing demand for durable and recyclable industrial packaging products in the market, companies have launched new innovative products in the market in accordance with the requirements. For example, in May 2022, Berry Global’s bin liner business in the UK launched a new range of high strength bin liners, made from recycled plastics.
Additionally, increasing usage of shipping containers is driving the market. In line with the growing demand in the market, the companies have collaborated with each other to bring new and innovative products to the market in accordance with the requirements of the customers.
For example, in April 2022, Novvia Group acquired Southern Container, LLC, a distributor of fiber, plastic, glass and metal packaging products. In line with the acquisition of Southern Container, Novvia would strengthen its Inmark business while strengthening its position in the market.
While over the past few years, people’s awareness of the harmful effects of plastic use has increased dramatically. Numerous campaigns and public initiatives have been taken by government authorities, associations and NGOs, among others, which have resulted in increased awareness among the population. Thus, the consumption of plastic packaging has experienced a significant decline in recent years.
The COVID-19 outbreak and subsequent lockdowns have affected industrial operations around the world. Some of the effects of the lockdown included supply chain disruptions, lack of availability of materials used in the manufacturing process, labor shortages, price fluctuations which caused production cost inflation , etc.

Main market trends

The food and beverage segment is expected to drive the market over the forecast period

The most commonly used industrial packaging for the food and beverage industries are drums, IBCs, corrugated boxes, pallets and bags. However, the packaging must be food grade certified. For example, IBC bins (designed with stainless steel tanks or poly-cage bins) are DOT/UN certified to ensure that the packaging used does not cause contamination of food products.
Kegs are widely used in the liquor industry. The main alcohol transported in barrels is beer around the world. The drums are made of steel, plastic or fibre. However, steel kegs are considered the safest by the US Department of Transportation, which is expected to push the storage and transportation of beverages in steel kegs further.
Increasing volume of craft beer production is expected to increase the demand for steel kegs in the market. For example, according to the Brewers Association, craft beer’s share of total US beer production volume was 13.1% in 2021, down from 12.2% in 2020. This is expected to drive demand for steel drums.
Corrugated packaging is mainly used for the packaging of processed foods, fresh foods, produce and beverages. For many different food products, corrugated packaging is becoming a viable alternative to plastic packaging. Paper packaging, for example, can be created more simply from recycled materials and recycled or composted.
The surge in eco-friendly packaging options has been spurred by this rapid wave of popular interest. According to Food Dive, 67% of customers worldwide believe it is essential that the items they buy come in recyclable packaging, with 54% saying it is a factor they consider when shopping. purchase. Those feelings don’t go away, with 83% of young shoppers willing to spend more on sustainably packaged products.

Asia-Pacific will hold a large market share

Over the past few decades, the industrial sector in China, one of the major market shareholders in Asia-Pacific, has experienced amazing growth. The growth of the sector has placed the country among the leading manufacturers and exporters of various types of goods. According to the National Bureau of Statistics of China, in 2021, the industrial sector contributed 32.6% of the country’s GDP.
In addition, the country’s value-added industrial output, an important economic indicator, grew 9.6% year-on-year in 2021. In December alone, industrial output rose 4.3% from last year. previous year and 0.42% compared to November.
Additionally, the adoption of industrial drums in the packaging industry is increasing. The packaging manufacturer focuses on recycling, reduction, packaging size optimization and safety. Industrial drums offer these features to many corporations and businesses to effectively maintain sustainability initiatives. According to the Industrial Steel Drum Institute (ISDI), steel drums safely transport approximately 50 million metric tons of material around the world each year.
Considering the growing demand, several vendors operating in the market are focusing on offering a wide portfolio of industrial packaging products. For example, Plastene offers a variety of transport and storage containers (Jumbo/FIBC bags) for dry and liquid (bulk) goods. Jumbo bags are increasingly replacing plastic, paper and cardboard packaging solutions for industrial customers.
The rest of Asia-Pacific includes South Korea, Singapore, Hong Kong and others. South Korea’s largest industries are electronics, automobiles, telecommunications, shipbuilding, chemicals, and steel. South Korea’s top 5 export products by value in 2021 were electronic integrated circuits, cars, refined petroleum oils, telephone sets including smartphones, and automotive parts or accessories. Overall, these top exports accounted for more than a third (36%) of South Korea’s total exports (source: International Trade Center). This mainly met the demand for industrial packaging.

Competitive landscape

The industrial packaging market remains highly fragmented due to the existence of numerous international, regional and local suppliers. Local manufacturers of industrial packaging products offer unique and innovative solutions at a lower price than international suppliers, resulting in an intense price battle.

May 2022 – Berry Global’s bin liner business in the UK has launched a new range of high strength bin liners made from recycled plastics. The recyclable bags would be made at the company’s manufacturing site in Heanor, Derbyshire, and would be offered in the UK.
May 2022 – Smurfit Kappa Group PLC planned to invest €35 million to build a packaging plant in Rabat, Morocco. It is said to be involved in the manufacture of its products for applications in various sectors, including industrial, pharmaceutical, fast moving consumer goods (FMCG), agriculture, ceramics and automotive.

Additional benefits:

The Market Estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06311656/?utm_source=GNW

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