Industrial Packaging Market 2020 Application and Future Forecast by 2023 - Allied Market Research
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.
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.
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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.
In 2016, the chemical & pharmaceutical segment accounted for the highest share in the global market, and is expected to grow at a CAGR of 4.0% from 2017 to 2023. 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.
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Key Findings of the Industrial Packaging Market
o Asia-Pacific is anticipated to grow at the highest CAGR, and is expected to maintain its dominant position in the market, in terms of value, during the forecast period, followed by Europe
o The food & beverage segment is projected to grow at the highest CAGR of 4.4% during the forecast period.
o The IBCs segment is expected to grow at the highest CAGR of 5.6%.
Asia-Pacific and LAMEA collectively contributed about two-fifths share of the global market, in terms of revenue, in 2016. The key players operating in the global industrial packaging market are 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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