Industrial Packaging Market By Covid-19 Outbreak, Global Industry Insights and Forecast to 2023

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.

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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.

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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Key Findings of the Industrial Packaging Market

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

The food & beverage segment is projected to grow at the highest CAGR of 4.4% during the forecast period.

The IBCs segment is expected to grow at the highest CAGR of 5.6%.

LAMEA accounted for approximately one-tenth share of the global market in 2016.

North America accounted for approximately two-sevenths share in the global market, and is expected to grow at a CAGR of 3.4% during the forecast period.

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