Global Industrial Packaging Market: Increasing Demand from Manufacturing Sector to Drive Growth

A large pool of established players, including, Greif Inc., International Paper Co., and Sonoco Product Co., is headquartered in North America, finds a new research study by Transparency Market Research (TMR). Apart from the above mentioned companies, Smurfit Kappa Group Plc. and Cascades Inc. have occupied the leading position in this market. Researchers expect these players to remain on the top, thanks to their stronghold on their respective regional markets, notes the research study.

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According to TMR’s estimations, the opportunity in the global industrial packaging market, which was worth US$53.03 bn in 2016, is anticipated to expand at a CAGR of 4.10% over the period from 2016 to 2024 and attain a valuation of US$73.2 bn by the end of the forecast period. The manufacturing industry is the leading end user of industrial packaging solutions and is projected to remain so over the next few years, states the research report.

Demand for Plastics to Remain Strong

In this report, fiber, paper, wood, plastic, and metals have been considered as the key industrial packaging materials, available across the world. Among these, the demand for plastic material has been higher than others, thanks to its easy availability at cheaper rates. The high flexibility of plastics will maintain its preference among consumers, ensuring its dominance over the next few years.

Geographically, the study has considered Europe, Latin America, the Middle East and Africa, Asia Pacific, and North America as the key segments of the worldwide market for industrial packaging. Europe and North America, with their advanced industrial infrastructure and better and streamlined procedures of transportation and delivery, have emerged as the current leaders of the global market. Both the regional markets are witnessing a steady growth rate, which ensures their future dominance. Asia Pacific is also projected to experience a high demand for industrial packaging goods in the near future, thanks to the high volume of industrial activities, states the report.

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Rising Industrial Activities to Fuel Demand for Industrial Packaging Solutions

“With the tremendous rise in industrial activities in emerging economies, the market for industrial packaging has gained a significant momentum across the world,” says a TMR analyst. The factor is expected to continue to influence this market over the next few years. Apart from this, the market is anticipated to benefit greatly in the near future from the augmenting usage of high value containers, fueled by the rise of industrial prosperity and the enhanced utility these containers offer.

On the flip side, the extremely low and still declining profit margins is compelling manufacturers to step out of this market, which eventually, will reflect negatively in the years to come. However, the trend of customization of products as per consumers’ requirements may normalize the effect of the restraint over the forecast period, reports the study.

About TMR

TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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This release was published on openPR.