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Industrial Packaging Market - Consumer Expectations Drive Global Trends
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As per the estimations of the analyst of this industrial packaging market report, the global demand will be multiplying at a CAGR of 4.1% during the forecast period of 2016 to 2024. Revenue-wise, the global industrial packaging market is estimated to attain a value of US$73.25 billion by the end of 2024, substantially more than the market’s evaluated worth of US$53.03 billion as of 2016. This report segments the industrial packaging market on the basis of material: metal, fiber, paper and wood, and plastic; product: pails, sacks, IBCs, drums, crates, and bulk boxes; packaging: flexible and rigid, and end use: automotive, agriculture and horticulture, food and beverages, engineering, chemicals and pharmaceuticals, building and construction, electronics, tobacco, plastics and rubber, oil and lubricants, and metal products. The report has also gauged the potential of demand that can be expected out of the lucrative country-wise markets of the U.S., China, India, Germany, the U.K., Brazil, and Russia.
Demand Driven by Prosperity of Various End-use Industries
Increase in International trade is the most prominent driver of the industrial packaging market. Adequate packaging goes a long way towards ensuring safe and cost-efficient transportation of the products, as environmental factors can cause significant damage without protective wrapping. A number of thriving industries, such as construction, automotive, pharmaceuticals, and electronics are pushing for methods that can help them reach their products to their end users. Radical growth of emerging economies of China and India, prosperity of the food and beverage industry, high optimization of pack sizes, and demographic trends are expected to reflect positively over the industrial packaging market over the course of the aforementioned forecast period.
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Need for Ecofriendly Packaging Options to Open New Opportunities
On the other hand, stringent trading regulations, high input costs, and concerns pertaining to recycling and environment are a few restraints curtailing the progress of the industrial packaging market. However, increased investment on research and development of ecofriendly packaging options are expected to open new opportunities in the near future.
About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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