All About Chemical Trends

The Market for Industrial Packaging is projected to grow from USD 54.94 Billion in 2016 to reach USD 93.28 Billion by 2026, at a CAGR of 5.4%.

Browse 111 market data tables and 48 figures spread through 168 pages and in-depth TOC on “Industrial Packaging Market by Pack Type (Drums, Containers, Pails, Sacks, Crates), Material (Metal, Paperboard, Wood, Plastic), Application (Automotive, Food & Beverages, Building & Construction, Chemical), and Region - Global Forecast to 2026”.

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The industrial packaging market has been categorized based on pack type, material, application, and region. In terms of pack type, the sacks segment accounted for the largest market share, in terms of both value and volume which is projected to grow at the highest CAGR. Plastic packaging sacks are replacing paper and jute packaging because of their versatile properties such as flexibility, durability, lightweight, and low cost.

Moreover, plastic is suitable for all types of packaging products including food, chemicals, and fertilizers. The demand for plastic packaging is on the rise because of the increasing demand for convenience food from consumers across the globe.

In terms of material, the plastic material segment accounted for the largest share in this market, in terms of both value and volume, among material types. This is projected to grow at the highest CAGR between 2016 and 2026. In terms of volume, the paperboard segment was the second largest in 2015, and is projected to grow at a CAGR between 2016 and 2026. In 2015, paperboard material accounted for 28.5% of the total industrial packaging market.

In terms of application, the market is segmented into chemicals & pharmaceuticals, food & beverages, building & construction, oil & lubricants, automobile, and others such as rubber & plastic, agriculture, and metal fabrication. Industrial packaging is widely used in the chemical and pharmaceutical sectors wherein a majority of low volume chemical products are packed in sacks.

Also, due to the increase in aging population and growing occurrences of chronic diseases, the use of industrial bulk packaging in pharmaceuticals is also increasing. The food & beverages segment is projected to grow at the highest rate.

In 2015, the Asia-Pacific region accounted for the largest share in the total market of industrial packaging, in terms of value, followed by Europe and North America. Asia-Pacific is projected to grow at the highest CAGR among all the regions from 2016 to 2026. This is mainly due to increasing exports from emerging economies such as China and India.

Also, increasing urbanization and industrialization, rising consumer spending, and changing lifestyles are the prime reasons for the growth in the industrial packaging. Stringent rules & regulations and recycling & environmental concerns are the key restraints in the industrial packaging market.

Strategies such as mergers & acquisitions and agreements & expansions were largely adopted by most of the players in this market. Companies such as Grief Inc. (U.S.), Mondi Plc (South Africa), Amcor Limited (Australia), WestRock (U.S.), International Paper Co. (U.S.), Bemis Company Inc. (U.S.), Orora Group (Australia), Mauser Group (Germany), Sigma Plastics Group (U.S.), and Wuxi Sifang Drums Company (China) were the key players who adopted these strategies to expand their businesses globally by investing in the establishment of manufacturing facilities and technical service centers in various regions.

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Companies such as Grief Inc. (U.S.) is one of the largest in terms of quality, sales, and profitability. It has begun to rebalance manufacturing network, lower structural operating costs and sell underperforming operations, which have affected 26 operating facilities in rigid & flexible packaging & services globally.

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