Industrial packaging market, valued at $65.9 billion in 2023, is anticipated to grow to $99.6 billion by 2033

Industrial Packaging Market: Global Trends and Forecast (2024-2033)
A recent report by Allied Market Research projects the global industrial packaging market, valued at $65.9 billion in 2023, to reach $99.6 billion by 2033, growing at a CAGR of 4.3% from 2024 to 2033.

Market Overview
Industrial packaging is designed to protect products during or after manufacturing, particularly for heavy, bulky, or environmentally sensitive goods. It includes drums, intermediate bulk containers (IBCs), sacks, pails, crates, and totes, made from materials such as paperboard, plastic, metal, wood, and fiber, ensuring safe storage and transportation.

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

Key Drivers
The market is propelled by globalization and increased international trade, which demand robust packaging for long-distance shipping. Rapid urbanization and construction growth in Asia-Pacific drive demand, as does the expanding food and beverage sector, where packaging preserves product quality during distribution. The rise in exports and imports further necessitates high-standard industrial packaging solutions.

Market Segmentation
The market is segmented by product, material, and application:

Product: Sacks held the largest revenue share in 2023, driven by their versatility and cost-effectiveness.
Material: Plastic dominated in 2023 and is expected to grow at the highest CAGR, offering lightweight, durable, and flexible solutions for industries like food and beverage, healthcare, and consumer goods.

Application: The chemical and pharmaceutical segment led in revenue in 2023, fueled by the need for secure packaging for sensitive and hazardous materials. The food and beverage segment is projected to grow at the highest CAGR, driven by rising global demand.

Challenges
Regulatory restrictions on volatile organic compound (VOC) emissions during plastic packaging production pose challenges, as do stringent norms for food and pharmaceutical packaging. These regulations may limit market growth by increasing compliance costs for manufacturers.

Enquire Before Buying@ https://www.alliedmarketresearch.com/purchase-enquiry/2234

Opportunities
Innovations in packaging solutions through increased R&D efforts present significant growth opportunities. Developing eco-friendly and efficient packaging options could help manufacturers meet regulatory demands and capture new markets, particularly in emerging regions.
Regional Insights

In 2023, Asia-Pacific led the market in revenue and is expected to register the highest CAGR, driven by booming commercial construction and industrial activities in the region.

Key Players and Strategies
Major players include 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. These companies are pursuing strategies like product launches and geographic expansion. For instance, in July 2023, Conner Industries, Inc. opened a new manufacturing facility in Guthrie, Kentucky, enhancing its presence in the packaging sector.

Economic Considerations
The market may face slower growth in the near term due to economic uncertainties, including a potential recession in major economies influenced by the Ukraine-Russia conflict and rising raw material costs due to inflation.

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

Key Findings

The sacks segment held the largest market share in 2023.
The plastic material segment led in revenue and is expected to grow at the highest CAGR.
The chemical and pharmaceutical segment dominated in 2023, while the food and beverage segment is projected to grow fastest.
Asia-Pacific is anticipated to exhibit the highest growth rate through 2033.
The report provides a detailed analysis of market trends, competitive dynamics, and emerging opportunities, with in-depth segment estimates from 2024 to 2033.

Related Report
Child Resistant Packaging Market https://www.alliedmarketresearch.com/child-resistant-packaging-market-A08693

Contact:
David Correa
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.