Industrial Packaging Market Size to Surpass USD 87.4 Billion in 2029 Report by Exactitude Consultancy

According to Exactitude Consultancy the Global Industrial Packaging Market value is expected to reach USD 87.4 Billion by 2029, growing at a 4.5% CAGR of Between Forecast Period 2023 to 2029

PUNE, India, May 8, 2023 /PRNewswire/ -- Exactitude Consultancy explores the current market and new opportunities in the growing Industrial Packaging Market.

Is technological advancement or price competition driving the market? Read more to get insights for from the report. By 2029, due to the rising awareness about innovation in industrial packaging, the demand for the industrial packaging market will be increasing, which will result in the market growth of market being around 87.4 USD Billion.

According to the latest market research completed and published by Exactitude Consultancy, the industrial packaging market is expected to grow at a CAGR of more than 4.5% over the forecast period from 2022 to 2029. This is likely to grow the market value from USD 58.8 Billion in 2020 to USD 87.4Billion in 2029. The report discusses the market considering the key market players, their brands, the advancements made in the industrial packaging market, and the result it provides for the use of the consumer. Other critical aspects of the market considered while writing the report are the phenomena recognizing the application of different types of industrial packaging technologies, and the segments they are used.

The major driving factor for industrial packaging market is derived from innovations in industrial packaging. Industrial packaging is widely used due to their appealing appearance and usefulness, many products are widely packaged, distributed, and stored, necessitating the need of sturdy packaging. Industrial packaging contains specialized, robust packaging that is perfect for enhancing protection when moving or delivering products, as well as when they are being stored. Wooden crates, boxes, and other types of wood can be used as industrial packing materials in a wide variety of applications. Alternative materials include formed aluminum, stainless steel, and other metals. as in the types most frequently used in manufacturing facilities include paperboard, fiberboard, and corrugated cardboard.

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The Report Scope and Market Definition and Market Segments Considered for The Study:

Industrial packaging is typically thought to be utilized in factories or other industrial settings, however depending on the situation, it can also be employed at any point along the supply chain. These kinds of packaging are also used for every product that is shipped in bulk from the producer to the distributor, but they are particularly useful for fragile goods that need strong materials to stay intact as well as external protection from multi-component or hazardous goods.

The research focuses on the segmentations of the industrial packaging market and the kind of application they provide in several end-use industries; the market is always expected to witness growth due to increasing segments for application.

Based on Product, Drums, Intermediate Bulk Containers (IBC), sacks, and pails are the different product categories in the global industrial packaging market. The industrial packaging market's largest share was represented by Intermediate Bulk Containers (IBCs). IBCs are the most popular alternative for organizations all over the world, thus they have become a standard in the industrial packaging sector. IBCs are primarily used to store and handle materials in the chemical, petrochemical, and oil and gas sectors. IBCs come in three different varieties: flexible, rigid, and folding. Because to features like various applications, high storage space, and compatibility with a range of industrial products, IBCs also offer product protection and cost-effective packaging solutions while reducing overall package costs.

Based on Material, Plastics, metal, wood, and paperboard are the different market segments for industrial packaging on a global scale. The biggest revenue share was accounted for by the plastics segment. In the most important applications and industries, plastic packaging has surpassed substitutes like metal and glass because it is flexible and durable. Over the forecast period, the wood segment is anticipated to experience relatively consistent revenue growth. Due to its great strength and inexpensive price, wooden packing materials have been employed for many years. Hardwood boxes are frequently used as shipping materials. Due to its great strength, resistance to corrosion, and ability to absorb moisture, wood has a good cushioning property and is commonly used in the industrial packaging industry. Wooden packaging boxes are high-capacity, mite-free, of superior quality, affordable, and reusable.

Industrial packaging ensures safety, safeguards commodities and products from harm or contamination, and also serves as a vehicle for branding and advertising. To increase brand awareness and visibility, industrial packaging is labelled in a manner similar to the commercial packaging used by some businesses. Drums, cartons, and containers can all be tagged with a company logo or custom painted. Businesses like Coca-Cola and Pepsi have boxes and containers with their logos specially painted on them.

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Regional Growth Insights:

The regional insights of the industrial packaging resin market are bifurcated by regions like North America, Asia Pacific, Europe, South America and Middle East Africa.

The Asia Pacific industrial packaging market held the greatest revenue share with 43%, and the trend is anticipated to persist over the projected period. This is a result of the significant demand for industrial packaging from sectors like the automobile, electronics, and pharmaceuticals, which are expanding quickly in nations like India, China, and South Korea. Due to its substantial industrial operations and big population base, China is anticipated to continue to represent the greatest revenue share in the area. The country's rapid e-Commerce boom is also anticipated to fuel demand for industrial packaging.

During the course of the projection period, the European industrial packaging market is anticipated to rise steadily in terms of revenue. The region's consistent income development can be ascribed to strict laws that forbid the use of plastic products as well as increased consumer awareness of the value of sustainability. During the course of the forecast period, the industrial packaging market in North America is anticipated to have a significantly higher revenue CAGR. The presence of prominent market players like Amcor Ltd., Mondi PLC, and a number of others is considerably boosting the market's revenue growth in the area.

Driving forces for industrial packaging market is the advancement in technology and craze among people.

The demand for bulk packaging and crates/totes has expanded as a result of increased output in numerous industries and trading of goods like chemicals and petroleum products. Companies that provide industrial packaging serve a variety of end-use industries, including chemical and building & construction. Many industries have a greater need for efficient industrial packaging due to expanding international trade and the secure transit of goods. One of the main growth drivers of the industrial packaging industry is the increase in demand from the chemical and petroleum sectors.

Competitive landscape and companies covered in the global industrial packaging report:

Some of the key players in this market have assumed leadership roles as they work to establish their markets through cutting-edge marketing techniques. These industry leaders concentrate on growth by creating new goods or collaborating with other businesses on tactical projects that will enable them to dominate areas they have previously occupied and achieve success at home, where it counts most (geographic). Each of the regions has a large number of regional companies vying for market share, which, as before, can be disruptive in low-income countries.

There is almost no difference in the product range for applications in the market. Almost all the top companies offer all the products thus making it much of a marketing and incentive-based market rather than innovation. Major players operating in the global industrial packaging market includes Grief Inc, Amcor, Berry Global Inc, Mondi, Sonoco, International Paper, Orora limited, Sigma Plastics Group, Mauser Packaging Solutions.

Industry Development:

• 23-02-2023: - Berry Helps Norwegian Dairy Producer Introduce Packaging with Recycled PP. Polypropylene (PP) pots incorporating 50% recycled PROCESS from Berry are helping Norway's largest dairy company TINE achieve its sustainability strategy.
• 16-01-2023: - Amcor (NYSE: AMCR) (ASX:AMC), a global leader in developing and producing responsible packaging solutions, today announced it has entered into an agreement to acquire Shanghai-based MDK. MDK generates annual sales of approximately $50 million and is a leading provider of medical device packaging, a key priority growth segment for Amcor.

Objectives of the research and the key questions answered:

The research report has been written keeping in mind the following stakeholders: the current companies in the market, the new startups, the local players, investment banks and VCs, packaging and automotive organizations, governments, and research personnel.

The Key Questions Answered in The Report Are:

• What is the expected growth rate of the Industrial packaging market over the next 7 years?
• Who are the major players in the Industrial packaging market and what is their market share?
• What are the end-user industries driving demand for market and what is their outlook?
• What are the opportunities for growth in emerging markets such as Asia-Pacific, Middle East, and Africa?
• How is the economic environment affecting the Industrial packaging market, including factors such as interest rates, inflation, and exchange rates?
• What is the expected impact of government policies and regulations on the Industrial packaging market?
• What is the current and forecasted size and growth rate of the global Industrial packaging market?
• What are the key drivers of growth in the Industrial packaging market?
• Who are the major players in the market and what is their market share?
• What are the distribution channels and supply chain dynamics in the Industrial packaging market?
• What are the technological advancements and innovations in the Industrial packaging market and their impact on product development and growth?
• What are the regulatory considerations and their impact on the market?
• What are the challenges faced by players in the Industrial packaging market and how are they addressing these challenges?
• What are the opportunities for growth and expansion in the Industrial packaging market?
• What are the service offerings and specifications of leading players in the market?
• What is the pricing trend of Industrial packaging in the market and what is the impact of raw material prices on the price trend?

Exactitude Consultancy Services Key Objectives:

• Increasing sales and market share
• Developing new technology
• Improving profitability
• Entering new markets
• Enhancing brand reputation

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