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Industrial Packaging Market Report 2024: Strategies And Recent Developments| By The Business Research Company
Industrial Packaging
The Business Research Company offers in-depth market insights through Industrial Packaging Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The industrial packaging market size has grown strongly in recent years. It will grow from $74.35 billion in 2023 to $79.61 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to globalization of trade, rise in manufacturing activities, stringent regulations, e-commerce boom, focus on sustainability.
The industrial packaging market size is expected to see strong growth in the next few years. It will grow to $104.93 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to evolving consumer preferences, rise in online retail, customization and personalization, circular economy initiatives, rapid urbanization. Major trends in the forecast period include smart packaging technologies, technological innovations in packaging machinery, advancements in smart packaging, increased focus on lightweight packaging, regulatory compliance and safety standards.
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Market Segmentation:
The industrial packaging market covered in this report is segmented -
1) By Product: Drums, Intermediate Bulk Containers (IBCs), Sacks, Pails, Crates/Totes
2) By Material: Paperboard, Plastic, Metal, Wood, Fiber
3) By Application: Chemical And Pharmaceutical, Building And Construction, Food And Beverage, Oil and Lubricant, Agriculture And Horticulture, Others (Plastics And Rubber, Automobile, Engineering, And Other Metal Products)
Major Driver - Rising Global Demand For Food Products Sparks Growth In The Industrial Packaging Market
An increase in demand for food products across the globe is expected to propel the growth of the industrial packaging market. Demand for packaged foods is rising as a result of changes in consumer preferences, governmental regulations, and food storage. Many consumers now choose packaged food over unpackaged food as a result of the epidemic's growing food safety issue. By assuring the safe storage and handling of food goods, packaging materials play a crucial role in supporting the food sector. According to the Bizom data, an India-based Retail intelligence platform, the sales of packaged food increased by 95% year on year a few weeks before the holiday season, due to rising out-of-home consumption and ready-to-eat products. Therefore, an increase in demand for food products across the globe will drive the growth of the industrial packaging market.
Competitive Landscape:
Major companies operating in the industrial packaging market report are Westrock Company, International Paper Company, Amcor Limited, DS smith plc, Packaging Corporation of America, Mondi plc, Grief Inc., KEENER Corporation, Nefab Group, Myers Industries Inc., Schoeler Allibert AB, Menasha Corporation, Rohrer Corporation, UFP Technologies Inc., Rehrig Pacific Company, Ckdpack, PolyFlex Products Inc., GWP Group, Brown Machine LLC, Dunnage Engineering, Thermoflex LLC, Amatech Inc., MJSolpac Ltd., Package Design & Manufacturing Inc., Interior Packaging Design LLC, JIDA Industrial Solutions, Sohner Plastics LLC, Great River Plastics LLC, Electro-General Plastics Corp. , Artisanz Fabrication and Machine LLC, Dordan Manufacturing Company, Salco Engineering and Manufacturing Co. Inc., Sonoco Products Company, Ball Corporation
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Top Trend - Leading Industrial Packaging Companies Innovate With Eco-Friendly Solutions
Major companies operating in the industrial packaging market are focusing on developing sustainable packaging solutions to secure a competitive advantage and address growing environmental concerns. Sustainable packaging solutions encompass eco-friendly materials, design practices, and processes that minimize environmental impact throughout the entire lifecycle of a product's packaging. For instance, in August 2022, BASF SE, a Germany-based chemical company, and Nippon Paint China, a China-based coatings manufacturer, jointly launched an environmentally friendly industrial packaging, incorporating BASF's water-based acrylic dispersion Joncryl High-Performance Barrier (HPB) as the barrier material for their dry-mixed mortar series products. This marks the first utilization of BASF's water-based barrier coatings in industrial packaging in China, and it is anticipated to annually save thousands of tons of plastics and repurpose nearly 10,000 tons of paper bags, contributing to resource conservation, reduced carbon emissions, and the advancement of a circular economy within the packaging industry.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Industrial Packaging Market Characteristics
3. Industrial Packaging Market Trends And Strategies
4. Industrial Packaging Market - Macro Economic Scenario
5. Industrial Packaging Market Size And Growth
…..
27. Industrial Packaging Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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