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ALBANY, NY, April 24, 2019 (GLOBE NEWSWIRE) -- The global industrial packaging market features a highly competitive vendor landscape with numerous market players trying to expand their revenue share, reports Transparency Market Research. Prominent players in the global industrial packaging market comprise International Paper Co., Cascades Inc., Smurfit Kappa Group PLC, Greif Inc., and Sonoco Product Co. These companies are engaging in strategic mergers and acquisitions to stay ahead in the competition. Additionally, they are facilitating on material advancements to strengthen their position in the market.
As per expert analysts, the global industrial packaging market is slated to grow at a 4.1% CAGR during the forecast period which is 2016 to 2024. The market was valued at US$53.03 bn in 2016 and is expected to reach a valuation of US$73.25 bn by the end of the forecast period.
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In terms of products, the global industrial packaging market is classified into intermediate bulk container (IBC), sacks, crates, tubes, pails, bulk boxes, and drums. Out of these, intermediate bulk container segment dominates the market owing to the sustainability it offers. Based on materials, the global industrial packaging market is classified into wood, fiber, plastic, paper, and metal. From these, the plastic segment leads the market on account of its cost-effectiveness and durability.
Region-wise, the global industrial packaging market is divided into North America, Latin America, Middle East and Africa, Asia-Pacific, and Europe. Among these, Asia-Pacific leads the market owing to a high demand for industrial packaging and use of advanced packaging methods.
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Rising Applications in End Use Industries to Steer Growth
Growing applications in the end-use industries such as automotive and construction is a major driver in the global industrial packaging market. Moreover, stringent environmental regulations have led to a large scale adoption of eco-friendly packaging. This has impacted the industrial packaging market favorably, thereby expediting its growth.
Furthermore, expansion of the electronics industry has significantly contributed to the market’s growth. With recent technological developments, there has been a rise in the production of wearable devices and miniature electronics products. These products essentially require a special kind of packaging, thereby supporting the growth of the industrial packaging market. In addition, rise in the manufacturing activities across the globe has amplified the need for industrial packaging solutions.
In addition to the aforementioned drivers, stringent regulations laid down for the packaging of food and beverages have fuelled the demand for viable industrial packaging solutions, thereby steering the market’s expansion. Along with this, rising applications in the packaging of syringes and need for sustainable packaging solutions for several drugs has augmented the growth of global industrial packaging market.
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There are a few restraints that may pose a threat to the growth of industrial packaging market. Environmental concerns raised because of the disposed waste material may thwart the market’s growth. Nonetheless, rise in use and production of recyclable packaging materials will offset the effects of the restraints. Additionally, development of high resistance packaging materials may present new growth opportunities to the industrial packaging market.
Development of Interactive Packaging Solutions to Create New Avenues
Constantia Flexibles has developed a new interactive packaging solution that turns the packaging into a digital channel allowing a two-way dialogue. It offers a customized app for the brand’s information that enables the consumers to perform different activities based on the packaging. Moreover, the can obtain information about the consumer’s interaction and behavior. This development has played a key role in expanding the consumer base of industrial packaging market, thereby paving new avenues.
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The study presented here is based on a report by Transparency Market Research (TMR) titled “Industrial Packaging Market (Materials - Metal, Plastic Paper, and Wood; Products - Drums, IBCs, Sacks, Pails, Crates, Tubes, and Bulk Boxes; Packaging - Rigid and Flexible; End Users - Agriculture And Horticulture, Automotive, Building & Construction, Chemicals And Pharmaceuticals, Engineering, Food & Beverages, Metal Products, Oil & Lubricants, Plastics And Rubber, Furniture, Electronics, and Tobacco) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”
The global industrial packaging market is segmented based on:
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