The global Industrial Packaging Market Growth Accelerated by Sustainable Packaging Trends

 

Industrial packaging protects and helps prevent damage of products during transportation and storage. It includes pallets, crates, drums, and IBCs used for bulk transportation of industrial goods. The growing demand for protective and durable packaging from various end-use industries like food, beverages, chemicals, construction, and pharmaceuticals is driving the industrial packaging market.

The global Industrial Packaging Market is estimated to be valued at US$ 68,677.9 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Sustainable packaging trends are accelerating the growth of the industrial packaging market. Manufacturers are increasingly focusing on producing eco-friendly and recyclable packaging materials like paper and corrugated packaging to reduce waste and meet sustainability targets. Government regulations promoting recycling and reuse are also favoring the demand for sustainable packaging solutions. Reusable plastic containers and pallets are gaining popularity as they minimize the use of virgin plastics and reduce carbon footprint over the product life cycle. Growing environmental awareness among manufacturers and customers is expected to drive the adoption of sustainable industrial packaging solutions during the forecast period.

Segment Analysis

The industrial packaging market is dominated by the metal cans segment due to its extensive use in food and beverage industries for packing products such as soft drinks, beers, juices, etc. Metal cans provide high barrier protection against moisture, gas, and light. This helps increase the shelf life of products packed in metal cans. The stackability and recyclability of metal cans also contribute to their widespread preference among end-use industries.

Key Takeaways

The global industrial packaging market is expected to witness high growth over the forecast period. Rapid industrialization and growth in manufacturing and construction sectors is fueling the demand for industrial packaging solutions across regions. The global Industrial Packaging Market is estimated to be valued at US$ 68,677.9 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.

Regional analysis: North America region is currently the largest and fastest growing market for industrial packaging. This is attributed to strong presence of numerous manufacturing facilities along with well-established end-use industries such as food and beverages, chemicals, automotive and machinery in the region. The industrial packaging market in Asia Pacific is expected to grow at highest CAGR during forecast period driven by rapid industrial expansion in China, India and ASEAN countries.

Key players: Key players operating in the industrial packaging market are Smurfit Kappa Group, Cascades Inc., Mauser Group B.V., Grief Inc., International Paper, Nefab Group, Schutz, Sonoco, AmeriGlobe, and B.A.G. Corp. Smurfit Kappa Group and International Paper are among the global leaders in corrugated packaging. Cascades Inc., Mauser Group B.V., and Greif Inc. hold significant shares in metal, plastic and intermediate bulk containers segments respectively. The industrial packaging market is consolidated in nature with top players accounting for around 50% of global market share.

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