Industrial Packaging Market to Grow with a CAGR of 3.18% through 2028
Emerging technological advancements are expected to
drive the Global Industrial Packaging Market growth in the forecast period,
2024-2028.
According to TechSci Research report, “Industrial Packaging
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Industrial Packaging Market stood at USD61.23 billion in 2022 and is anticipated to grow with a CAGR of 3.18% in the forecast
period, 2023-2028. The initiatives taken by government based on industrial packaging
has led to favorable market conditions for the Global Industrial Packaging
Market. Several factors contribute to the growth of various industrial packaging
products.
Governments worldwide are implementing a range of
initiatives aimed at promoting sustainable packaging in order to effectively
address pressing environmental challenges, such as the ever-growing issue of
plastic waste. For instance, some cities and countries are not only introducing
bans on certain types of plastic packaging but also actively encouraging the
adoption of innovative recycling methods to ensure a more sustainable future.
In addition to the aforementioned sustainability
initiatives, governments are recognizing the significance of investing in
advanced manufacturing technologies to further strengthen their industrial
sectors. Take the United States, for example, which has recently launched
several strategic initiatives with the objective of expanding the manufacturing
workforce and fortifying the semiconductor supply chain. One such initiative is
the CHIPS+ program, which seeks to establish a comprehensive National Advanced
Packaging Manufacturing Program aimed at solidifying American leadership in the
highly competitive semiconductor packaging market. By doing so, the U.S. aims
to foster innovation and secure long-term economic growth in this crucial
sector.
The market is experiencing significant growth, driven
by a multitude of advancements that have revolutionized the packaging and
transportation of products. These advancements have not only improved
efficiency, sustainability, and product protection, but they have also
introduced a range of innovative packaging materials that offer enhanced
strength while simultaneously reducing weight. Consequently, this has resulted
in reduced transportation costs and a lower environmental impact, serving as a
major catalyst for market growth.
Furthermore, the integration of smart packaging
technologies has further accelerated market expansion. The incorporation of
sensors and radio frequency identification (RFID) tags enables real-time
tracking, monitoring, and data collection of packaged goods throughout the
entire supply chain. This enhanced visibility not only streamlines inventory
management but also facilitates better quality control.
Moreover, the market growth is supported by the
integration of automation and robotics in the packaging process. By leveraging
robotic systems, complex packaging tasks such as palletizing and case packing
can be handled with precision and efficiency. This integration not only boosts
productivity but also minimizes errors, ensuring consistent packaging quality.
In summary, the market's growth trajectory is driven
by a combination of advancements in packaging and transportation, the
utilization of smart packaging technologies, and the integration of automation
and robotics. These factors collectively contribute to an increasingly
efficient, sustainable, and dynamic market landscape.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Industrial Packaging Market”
The Global Industrial Packaging Market is segmented
into pack type, application, regional distribution, and company.
Based on its application, the food & beverage segment
held the largest share in the market. The focus on preserving food items and
ensuring regulatory compliance for food packaging has been a key driver behind
the growth of this segment in recent years. With consumers becoming more
conscious about food safety and quality, the demand for packaging solutions
that can effectively protect and extend the shelf life of food products has
increased significantly.
Moreover, the convenience provided by industrial
packaging in terms of food transportation has played a crucial role in the
development of the food and beverages segment. Industrial packaging is
specifically designed to be easy to handle, transport, and store, catering to
the needs of food manufacturers, distributors, and retailers.
These packaging solutions often incorporate features
such as handles, resealable closures, and stackability, making it more
convenient for businesses to handle and transport large quantities of food
products efficiently. This not only saves time but also minimizes the risk of
damage during transit, ensuring that food products reach consumers in the best
possible condition.
By addressing the growing demands for food safety,
compliance, and convenience, the food packaging industry continues to thrive,
playing a vital role in the overall success of the food and beverages sector.
Based on region, North America segment is expected to
grow during the forecast period.
The industrial packaging market in the United States
is thriving due to several key factors. Firstly, the presence of
well-established industries provides a solid foundation for growth and
innovation in packaging technologies. This allows for the development and
implementation of advanced packaging solutions that cater to the specific needs
of different sectors.
Additionally, the United States, being one of the
largest economies globally, offers a vast market with immense potential. This
creates opportunities for both existing and new market players to enter and
contribute to the growth of the industrial packaging market.
Moreover, the US industrial packaging market is highly
diverse, with a wide range of packaging solutions tailored to meet the unique
requirements of various industries. From automotive and food and beverages to
pharmaceuticals, chemicals, construction, electronics, and more, there is a
demand for specialized packaging solutions that ensure product safety,
efficiency, and sustainability.
In summary, the United States industrial packaging
market stands as a significant segment within the global industrial packaging
landscape. With its well-established industries, advanced packaging
technologies, and diverse range of applications, it continues to drive growth
and innovation in the packaging industry.
Major companies operating in Global Industrial
Packaging Market are:
- WERIT Kunststoffwerke W. Schneider GmbH
& Co.
- Mondi PLC
- Greif Inc.
- Global-Pak, Inc.
- Berry Global Inc.
- Smurfit Kappa Group PLC
- Tank Holding Corp.
- SCHÜTZ GmbH & Co. KGaA
- Amcor PLC
- Snyder Industries LLC
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“Growing application of industrial packaging in
various end user industries are key drivers of the industrial packaging market.
Growth in competitive landscape and presence of well-established companies in
the market who are dedicated to enhance their productivity of industrial packaging
with every passing year are anticipated to register an impressive growth to Global
Industrial Packaging Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Industrial Packaging Market By Pack Type (Drums,
Pails, IBCS, Sacks, Others), By Application (Chemical & Pharmaceuticals,
Oil & Lubricants, Building & Construction, Food & Beverage,
Automotive, Others), By
Region, By Competition Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth potential of Global
Industrial Packaging Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global
Industrial Packaging Market.
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