Coherent Market InsightsPlastic held the dominant position in 2016 and is expected to retain its dominance during the forecast period. Packaging holds a revenue of US$ 25.5 billion and is projected to exhibit a CAGR of 5.4% over the forecast period.
Global Industrial market was valued at US$ 56.8 billion in 2016, according to Global Industrial Packaging MarketReport, by Product Type (Drums, Pails, Tubes, Containers, Sacks, Crates, Bulk Boxes, Intermediate Bulk Containers (IBCs), Plastic Pallets And Others), by Material (Plastics, Metals, Wood, Paper And Paperboard, Fiber And Fiberboard And Others), by End-Use Industry (Automotive, Electronics, Construction, Industrials, Food And Beverages, Chemicals, Oil & Lubricants And Agriculture And Horticulture), published by Coherent Market Insights. The Industrial packaging market is estimated to exhibit a CAGR of 6.1% over the forecast period (2017-2025), to reach US$ 97.2 billion by 2025.
The major divers propelling the global growth of the industrial packaging market include rapidly developing construction industry, increasing trend of recyclable packaging materials, increasing consumption of packaged food items, and growing industrialization in the emerging economies such as India, China, and Brazil.
Some of the major factors fuelling the growth of industrial packaging market include fluctuating prices of the raw materials used for the manufacturing of industrial packaging products, lack of marketing, branding, and distribution channels, costly skilled manpower, and rapid change in technology.
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Browse 150 market data tables* and 90 figures* on "Industrial Packaging Market” - Global forecast to 2025.
Key Trends and Analysis of Industrial Packaging Market:
- Among materials, plastics segment held a dominant position in 2016, valued at US$ 25.5 billion. It is projected to retain its dominance over the forecast period, and is estimated to reach US$ 40.9 billion by 2025. Furthermore, paper and paperboard segment is also gaining popularity, due to the rising demand for eco-friendly and biodegradable packaging material, owing to the advantages of paper such as it is recyclable, compostable, and biodegradable.
Key Takeaways of the Market:
- Asia Pacific held a dominant position in the global industrial packaging market in 2016, with US$ 23 billion and is projected to witness a CAGR of 7.4% in terms of revenue during the forecast period. China is accounted as the largest exporter, importer and fastest growing consumer market. China is the leader in manufacturing of several type of goods such as air conditioners, computers, cell phone chips and various others. The packaging of goods needed while import and export, expected to fuel the market growth. The emerging economies in Asia Pacific such as India, China, South Korea, Vietnam, Malaysia, and Thailand are expected to propel the growth of the industrial packaging market in the near future.
- In Europe and North America, rapid technological advancements in the industrial packaging market is a major factor driving the market growth. Rising concerns over environmental regulations and meticulous safety are creating tremendous opportunities in order to develop degradable and eco-friendly packaging products in these regions, thereby supporting the overall growth of industrial packaging market. The U.S. is the leading market for industrial packaging in North America.
- Latin America is a lucrative region for the growth of the industrial packaging, due to the rising middle income group in Brazil, Argentina, Chile, and various others. Rapid industrialization, full-fledged agro-export industry, and rapidly growing construction industry in Brazil are expected to drive the growth of industrial packaging market over the forecast period.
Some of the major players operating in the Industrial packaging market include AmeriGlobe LLC, Beacon Converters, Bemis Company, Aphena Pharma Solutions, Cascades Inc., International Paper Company, United Drug Plc, and Sigma Plastics Group.
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