Industrial Packaging Market it is estimated to reach USD 75.3 billion by 2027

The global industrial packaging market was valued at USD 61.3 billion in 2020, and it is estimated to reach USD 75.3 billion by 2027, registering a CAGR of 3.5% during the period 2021-2027. The increasing volume of resources and products transported across various regions is one of the primary factors that has led to the importance of bulk industrial packaging. The packaging used for the storage and transportation of bulk liquid and granulated substances, such as food solvents, chemicals, and pharmaceuticals, ingredients, and industrial equipment, among others, in large quantities, are considered in the scope of the industrial packaging market.

The rising trend of sustainability, bolstered by regulation in several countries, has increased the demand for recycling and reusability in the industrial packaging sector. The primary forces driving the growth of this market are the advent of sustainable and recyclable packaging materials, consistent rise in construction activity, and growing demand for food and package transportation materials globally.

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Additionally, the greater need to cut down on the logistics costs, bill of materials, and enhance the overall efficiency across the supply chain, is expected to drive investments and innovation among the industrial packaging manufacturers over the forecast period. Companies and governments have buoyed these factors focused on claiming the necessary measures to reduce packaging wastage. These trends are expected to drive the industrial packaging market over the forecast period.

COVID-19 Impact on the Global Industrial Packaging
The COVID-19 pandemic and global shutdown have had an impact on global industrial activity. Lack of availability of raw materials needed in the manufacturing process, workforce shortages, supply chain interruptions, changing pricing that might lead the final product's production to inflate and go above budget, shipping challenges, and so on are some of the repercussions of lockdown. Around May 2020, several of these industries will restart operations. Order delays and lead times across the packaging supply chain might be extended into the second quarter of 2021 as a result of the interruptions in the first four months of 2020.

The outbreak further created supply pressure for the short term on industrial packaging manufacturers, as raw material suppliers across the globe have been functioning at lowered efficiencies. Most packaging companies in the Asia Pacific countries managed only 50 % of their production capacities due to the lockdown situation in many countries. Manufacturers of packaging materials, like plywood boxes, wooden crates, and corrugated boxes, have faced unprecedented raw material shortage problems, which results in a lowered pace to meet the rising demand. Besides, the rapid outbreak of the virus has had a significant impact on global shipping markets. The demand for goods has witnessed a slump, especially from China, and has caused a ripple effect on everything from goods packaging to container ships.

Global Industrial Packaging Market Dynamics
Drivers: Emergence of Sustainable and Recyclable Packaging Materials
Sustainable and biodegradable packaging solutions are finding increasing applications in industrial packaging due to the low environmental impact, rising focus on recyclability and sustainability, government emphasis on efficient packaging management, and an increasing ban on plastic. Due to the availability of information, greater awareness among consumers forced the packaging manufacturers to deliver more environmentally viable packaging right through the supply chain.

While the prohibition on a few packaging materials, such as polystyrene, plastic bags, and single-use plastic, may not significantly influence industrial packaging, the overall packaging market theme and direction indicate a determined attempt to exhibit responsible conduct. Failure to keep up with industry advances may result in the detrimental impact of heavy-handed laws that will eventually outlaw particular kinds of packaging.

Restraints: Dynamic Changes in Regulatory Standards Due to Increasing Environmental Concerns
Due to rising environmental concerns, dynamic changes in regulatory regulations are projected to hamper global expansion among the drivers driving the market. Regulatory concerns and revalidation tests necessitate that package providers handle material or important supply changes. Because of the continual changes in regulatory norms, this procedure has become extremely dynamic.

In the European Union, the Single-Use Plastics Directive and the publication of the new EU Commission's European Green Deal have led to a strong dynamic, which will even intensify in 2020. Therefore, the main aspects of the European legal framework for plastics are currently under revision. Also, in the United States, state-wide bans against plastic are being put into place. Eight states have passed legislation banning single-use plastic, with three states (California, Hawaii, and Oregon) bringing it into effect as of February 2020.

Scope of the Report
The study categorizes the industrial packaging market based on product and end-users at the regional and global levels.

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By Product Outlook (Sales/Revenue, USD Million, 2017-2027)
Intermediate Bulk Container (IBC)
Sacks
Drums
Pails
Other Products (Crates and Totes)
By End-Users Outlook (Sales/Revenue, USD Million, 2017-2027)
Automotive
Food and Beverage
Chemicals and Pharmaceuticals
Oil and Gas and Petrochemicals
Building and Construction
Other End-user Industries
By Region Outlook (Sales/Revenue, USD Million, 2017-2027)
North America (US, Canada, Mexico)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The sacks segment is projected to account for the largest market share by product
By product, the global industrial packaging market is segmented into IBC, sacks, pails, drums, and other products. In 2020, the sacks segment accounted for the largest 54.1% market share in the worldwide industrial packaging market. Sacks are mostly used in healthcare, food, beverages, and building and construction due to their features and benefits, such as sustainability, transparency, convenience, and easy transport. The rapid shift toward sustainable packaging solutions further stimulates the sack providers to innovate and provide recyclable or sustainable sacks for industrial purposes. For instance, ExxonMobil offers a range of performance PE polymers, including Exceed XP and ExxonMobil HDPE, among other products, to create several opportunities to create differentiated, sustainable heavy-duty sack solutions.

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Asia Pacific accounts for the highest CAGR during the forecast period

Region-Wise, the global industrial packaging market has been segmented into North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR in the global industrial packaging market during the forecast period. The region includes the countries such as China, India, Japan, South Korea, Australia, Southeast Asia, and the Rest of Asia-Pacific. The region's growth is primarily due to strong economic growth in the domestic emerging countries such as China, Indonesia, Malaysia, and India.

After the Asia Pacific, Europe is the fastest-growing region with a CAGR of 3.1% during the forecast period. The European Union's research & innovation (R&I) programs have firmly supported the development of industrial technologies and solutions that enable the European manufacturing industry to take full advantage of cutting-edge technologies. This promotes smart technologies in industrial packaging, further creating opportunities for the United Kingdom market.

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Key Market Players
Every company follows its business strategy to attain the maximum market share. Greif Inc., Amcor, Berry Global Inc., Mondi, Sonoco, International Paper, Orora Limited, Sigma Plastics Group, and Mauser Packaging Solutions are leading players operating in the global industrial packaging market.

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