According to the findings of a fresh business intelligence study conducted at the headquarters of Transparency Market Research (TMR), there is a vast number of players connected to the value chain of the global industrial packaging market, and each of them have a position of prominence in their respective regions. That being said, players such as Cascades Inc., Smurfit Kappa Group PLC, International Paper Co., Sonoco Product Co., and Greif Inc. are slightly ahead of the curve. In order to gain greater shares, the prominent players are expected to indulge into producing low cost products and, if possible, make them ecofriendly in order to leverage the recent environmental trend. The value chain of the industrial packaging market is constituted by the manufacturers of industrial label and packaging products, service providers, and automotive and construction organizations.
Global Industrial Packaging Market to be worth US$73.25 billion by 2024
As per the estimations of the analyst of this industrial packaging market report, the global demand will be multiplying at a CAGR of 4.1% during the forecast period of 2016 to 2024. Revenue-wise, the global industrial packaging market is estimated to attain a value of US$73.25 billion by the end of 2024, substantially more than the market’s evaluated worth of US$53.03 billion as of 2016.
This report segments the industrial packaging market on the basis of material: metal, fiber, paper and wood, and plastic; product: pails, sacks, IBCs, drums, crates, and bulk boxes; packaging: flexible and rigid, and end use: automotive, agriculture and horticulture, food and beverages, engineering, chemicals and pharmaceuticals, building and construction, electronics, tobacco, plastics and rubber, oil and lubricants, and metal products. The report has also gauged the potential of demand that can be expected out of the lucrative country-wise markets of the U.S., China, India, Germany, the U.K., Brazil, and Russia.
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Demand Driven by Prosperity of Various End-use Industries
Increase in International trade is the most prominent driver of the industrial packaging market. Adequate packaging goes a long way towards ensuring safe and cost-efficient transportation of the products, as environmental factors can cause significant damage without protective wrapping. A number of thriving industries, such as construction, automotive, pharmaceuticals, and electronics are pushing for methods that can help them reach their products to their end users. Radical growth of emerging economies of China and India, prosperity of the food and beverage industry, high optimization of pack sizes, and demographic trends are expected to reflect positively over the industrial packaging market over the course of the aforementioned forecast period.
On the other hand, stringent trading regulations, high input costs, and concerns pertaining to recycling and environment are a few restraints curtailing the progress of the industrial packaging market. However, increased investment on research and development of ecofriendly packaging options are expected to open new opportunities in the near future.