Industrial Packaging Market is projected to reach $99.6 Bn & CAGR of 4.3% from 2024 to 2033

The global industrial packaging market is experiencing significant growth, propelled by the surge in global trade and increasing industrialization in many developing nations. In 2023, the market size reached $65.9 billion, and it is expected to reach $99.6 billion by 2033, with a CAGR of 4.3% from 2024 to 2033.

Industrial packaging plays a crucial role in protecting products during or after manufacturing, particularly those that are heavy, bulky, sensitive to external conditions, or hazardous to the environment. This packaging, which includes drums, intermediate bulk containers (IBCs), sacks, pails, crates, and totes, is crafted from materials such as paperboard, plastic, metal, wood, and fiber.

Download PDF Sample Copy@ https://www.alliedmarketresearch.com/request-sample/2234

The globalization of trade is a major driver for the industrial packaging market. Additionally, the rise in building and construction activities, especially in the Asia-Pacific region due to ongoing urbanization, contributes to market growth. Furthermore, population growth worldwide boosts the food and beverages industry, as industrial packaging helps preserve food products during transportation and distribution. Moreover, the increase in international trade, with its requirements for superior packaging standards, further drives demand for industrial packaging.

In 2023, the chemical and pharmaceutical segment accounted for the highest market share in industrial packaging, expected to grow at a significant CAGR from 2024 to 2032. Chemicals, sensitive to external conditions and hazardous to the environment, necessitate robust packaging solutions like steel drums and rigid IBCs for storage and transportation. The aging global population and the prevalence of chronic diseases also contribute to the growth of the pharmaceutical industry, increasing the demand for industrial packaging.

Among the materials used for industrial packaging, plastic held the largest market share in terms of revenue in 2023 and is expected to grow at a higher CAGR during the forecast period. Plastic packaging offers lightweight, durable, and flexible solutions across various industries, including food and beverage, healthcare, and consumer goods.

The report also analyzes industrial packaging applications across different industry verticals, such as chemical and pharmaceuticals, building and construction, oil and lubricant, agriculture and horticulture, and others. While the chemical and pharmaceutical segment dominated the market in 2023, the food and beverages segment is expected to lead in terms of revenue growth during the forecast period.

Despite its growth prospects, the industrial packaging market faces challenges such as volatile organic compound (VOC) emissions during manufacturing and regulatory norms related to food contact and pharmaceutical packaging. However, increased R&D activities offer new opportunities for innovation in packaging solutions.

In 2023, Asia-Pacific emerged as the dominant region in the global industrial packaging market in terms of revenue, and it is projected to exhibit the highest growth rate in the coming years, driven by commercial construction activities.

Key players in the industrial packaging market, including Grief, Inc., Mondi PLC, Amcor Limited, and others, are pursuing various development opportunities such as product launches, acquisitions, and geographic expansions to strengthen their market presence. However, the market may witness slower growth due to economic uncertainties resulting from geopolitical tensions, such as the Ukraine-Russia war, leading to inflation and higher prices of raw materials used in the industrial sector.

Key Findings of The Study:

The report offers a comprehensive analysis of current and emerging trends and dynamics in the industrial packaging market.
The sacks segment held the largest market share in terms of revenue in 2023.
Plastic was the dominant material segment in 2023.
The chemical and pharmaceuticals segment led in terms of revenue in 2023, with the food and beverages segment expected to dominate the forecast period.
Asia-Pacific is projected to register the highest growth rate in the coming years.
Key players in the market are profiled, and their strategies are analyzed to understand the competitive landscape and emerging opportunities.
The report provides an in-depth analysis of current trends and emerging opportunities, with estimations for key segments between 2024 and 2033.

Full Report With TOC: https://www.alliedmarketresearch.com/industrial-packaging-market

Contact Us:

United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry

This release was published on openPR.