Press release
Returnable Transport Packaging (RTP) Market to Expand with Significant CAGR during 2028
The scope of the returnable transport packaging (RTP) market report consists of materials including containers, crates, drums, crates, protective dunnage, etc. Additionally, it also includes metal materials such as bulk bins, drums, pallets, roll cages, and many others. It also includes wood RTM products. Additionally, there are several types of products covered in this market report including plastic trays, covers stillage, bulk bins, etc. The report on returnable transport packaging (RTP) market also covers chemical, pharmaceutical, and textile industries.
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Returnable Transport Packaging (RTP) Market: Notable Developments
Goodpack, a packaging and transport provider has announced a new product in collaboration with Ceva Logistics. The product is a returnable container for tyre movements. The product is collapsible and allows multiple stacking. The product is expected to be launched in Asia, Australia, and North America very soon.
Singapore will soon roll out its packaging reporting framework in 2020. The Singapore government will mandate businesses to file an annual report on their use of various packaging. It would include the types and amounts of packaging businesses they use. This policy is in line with the government's larger initiatives to recycle, reuse, and reduce the use of packaging material.
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Returnable Transport Packaging (RTP) Market: Key Trends
Growing demand in food products and the rise of giants in e-commerce is driving the growth of the returnable transport packaging market. These businesses are also restrained to a certain extent due to growing demand for sustainability in packaging and usage of materials. Additionally, the high costs of raw materials, inefficiency and subsequent wastage during transportation are challenges for the industry. Hence, the key players in the returnable transport packaging (RTP) market are investing heavy resources in innovation to bring in product innovations and more efficiency. This is expected to result in growth for the returnable transport packaging (RTP) market in the near future.
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Additionally, the market is also expected to receive a boost from the automotive sector. The automotive sector similar to the retail sector relies heavily on consistent delivery of goods through returnable transport mediums. Additionally, heavy packaging materials used in the industry provide the much needed strength, low maintenance, and reduced footprint for the returnable transport packaging market. The returnable transport packaging methods are providing sustainable supply chains which are providing a streamlined flow of goods and materials for the automotive industry.
Returnable Transport Packaging (RTP) Market: Regional Outlook
The returnable transport packaging (RTP) market report is divided into main regions including North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Among these, the North America regional market is expected to gain considerable as main regional entities such as the US pose an extremely vast and challenging landscape for transport.
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Additionally, the market is one of the largest in the world and has held the dominant share of revenues in recent times. Hence, the returnable transport packaging (RTP) market is expected to witness several new opportunities as automotive industry and e-commerce sector spreads in the region making way for more growth.
Asia Pacific region is expected to register the highest CAGR growth during the forecast period. Rising auto sales, growing infrastructural development, and increasing disposable income in the region are expected to drive growth for the global returnable transport packaging market.
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