The Global Industrial Packaging Market was valued at $53,743 million in 2016, and is projected to reach at $69,787 million by 2023, registering a CAGR of 3.9% from 2017 to 2023. In 2016, the chemical & pharmaceutical segment accounted for approximately one-third share of the global market, in terms of revenue.
Top Companies
Grief, Inc., Mondi PLC., Amcor Limited, Westrock Company, International Paper Company, Bemis Company, Inc., Orora Limited, Mauser Group, Sigma Plastics Group, and Wuxi Sifang Drums Limited Company.
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Increased globalization is a key factor that boosts the industrial packaging market. Rise in building & construction activities in Asia-Pacific is expected to drive the industrial packaging market during the forecast period, as several countries in this region are witnessing ongoing urbanization. In addition, growth in population across the globe boosts the food & beverages industry as industrial packaging preserves the food products and maintains its efficacy during transportation and distribution. Moreover, due to the rise in international trade, resulting in rise in the exports and imports, which involve long-distance travel and requirement of superior packaging standards in the international market lead to higher demand for industrial packaging.
Industrial packaging is used to pack products during or after manufacturing. These packed goods are often heavy, bulky, sensitive to external atmosphere, and hazardous to environment, thus is necessary to conserve the product during storage and transit. Industrial packaging encompasses drums, intermediate bulk containers (IBCs), sacks, pails, crates, and totes, which are made of materials such as paperboard, plastic, metal, wood, and fiber.
Chemicals are sensitive to external atmosphere and hazardous to environment; thus, large number of steel drum and rigid IBCs are required to store and ship the chemicals. The rise in geriatric population across the globe and growth in chronic diseases, boost the growth of pharmaceutical industry. Moreover, the growth in emphasis on rural health programs, lifesaving drugs, and preventive vaccines drives the pharmaceutical industry, thereby leading to the increased use of industrial packaging.
However, volatile organic compound (VOC) emission during the manufacturing and curing processes of plastic packaging has led to the formulation of various regulations on packaging manufacturers. Moreover, regulatory norms on industrial packaging related to food contact application and pharmaceutical products are expected to hamper the market growth. Conversely, increase in R&D activities for innovation of industrial packaging solutions are expected to provide new opportunities for the manufacturers.
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