Seattle, WA -- (SBWire) -- 02/17/2020 --Global Industrial Packaging Market – Insights
Industrial packaging is essential for packaging of industrial goods and products, during or after the manufacturing process. Industrial packaging is different from others types of packaging. It mainly focuses on the strength and thickness of the materials used coupled with secured lock mechanisms and closures. Various industries use high-quality packaging to meet international packaging standards of providing protective packaging. Industrial goods are often bulky, heavy, and sensitive to hazards or external contacts, thus industrial packaging involves adoption of different materials such as stainless steel, wood, and plastics.
Rapid surge in the construction industry is one of the major factors that is expected to propel growth in the industrial packaging market over the forecast period. For instance, according to the Coherent Market Insights' analysis, the global construction industry is expected to exhibit a CAGR of 5.8% during the period 2016 to 2021. Moreover, increasing popularity of recyclable packaging materials (plastics) and biodegradable packaging materials such as paper & paperboard materials along with ever-expanding industrialization in the emerging economies such as India, China, and Brazil are further expected to boost growth of the market over the forecast period. Other factors such as rising consumption of packaged food in food and beverages industry and advancements in technology such as nanotechnology in printing and films will are expected to drive the market growth.
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However, factors such as inadequate marketing and branding of products, lack of proper distribution channels, unavailability of skilled manpower, and fluctuating prices of the raw materials used for the manufacturing of industrial packaging products are expected to hamper growth of market over the forecast period.
Asia Pacific is expected to account for the largest market share in global industrial packaging market. It is estimated to exhibit a CAGR of 7.4% over the forecast period. Emerging economies in Asia Pacific such as India, China, South Korea, Vietnam, Malaysia, and Thailand are expected to propel growth of the industrial packaging market over the forecast period. Furthermore, industries such as petrochemicals, automotive, agriculture, oil and gas, food and beverages, chemicals, and metal fabrication have high requirement for transportation, safe handling, and storage. These factors are expected to augment the market growth in Asia Pacific.
Among materials, plastic segment held the dominant position in 2016, accounting for 45.0% market share. Availability of numerous grades of plastic, easy handling due to light weight, and due to its chemical inert property, are some of the major factors that are driving demand for this segment. Paper and paperboard segment accounted as the second largest segment in 2016, with 29.12% market share. This is mainly attributed to its eco-friendly and biodegradable materials, which are adopted by many end-use industries.
Among the end users, chemicals and pharmaceutical industries is expected to account for largest market share in the industrial packaging market, owing to high adoption rate of industrial packaging products. According to American Chemistry Council (ACC), due to availability of cheap and abundant ethane and shale gas, there is boom in chemical industry in U.S., with 294 new projects in 2017. According to U.S International Trade Administration, the world market of pharmaceuticals is expected to exhibit a CAGR of 4.9%, and is expected to grow from US$ 1 trillion to US$ 1.3 trillion from 2015 to 2020. Thus, rising demand for packaging of chemical and pharmaceutical goods is expected to drive the growth of industrial packaging market over the forecast period.
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Plastic segment held the dominant position in 2016 and is expected to retain its dominance during the forecast period. Plastic packaging accounted a revenue of US$ 25.5 billion and is expected to exhibit a CAGR of 5.4% over the forecast period.
Asia Pacific held the dominant position in the global industrial packaging market in 2016 and is expected to retain its dominance throughout the forecast period.
Major players operating in the global industrial packaging market include AmeriGlobe LLC, Beacon Converters, Bemis Company, Aphena Pharma Solutions, Cascades Inc., International Paper Company, United Drug Plc, and Sigma Plastics Group.
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