industrial packaging market share
A sharp rise in domestic and global trades to foster industrial packaging market outlook over 2020-2026
The industrial packaging market size is anticipated to grow at a significant pace in the coming years owing to the growing demand for international trade and product safety ensured by robust packaging solutions. in addition, the development of environment-friendly packaging materials that allow easier handling while in transit without compromising product safety is expected to boost the demand for industrial packaging during the forecast period.
Moreover, increasing globalization and international trade are supporting business growth. Therefore, growing import and export trade activities between the countries for goods, such as chemical, pharmaceutical, construction, and electronics, should further fuel the Industrial Packaging Market demand in the years to come.
While the developed countries are the major producers and consumers of the industrial packaging products, the proliferating FMCG sector coupled with the industrial revolution in the emerging nations should stimulate industry growth. Demand for these products will further grow in the future with the increasing spending on R & Ds to develop advanced packaging solutions. Besides, technological advances, such as the use of robotics in digital printing and the development of reusable packaging materials to maximize product shelf life will accelerate the industrial packaging market trends during the forecast timeline.
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The industrial packaging market is basically broken down into different product types such as drums, intermediate bulk containers (IBCs), crates, sacks, buckets, tubes, and bulk boxes. These products are further categorized on the basis of materials used for manufacturing them which includes metal, plastic, paper, wood, and textile. Nowadays, the plastic material segment is the most preferred type by manufacturers due to durability, reusability, weathering resistance, and cost-effectivity achieved through it.
The material segment is subdivided into hard and soft packing, where the flexible segment includes paper and plastic while the wood, metal, and hard plastic make up the rigid segment. Flexible plastics are expected to show higher growth rates due to the technological breakthrough in making them biodegradable to cope with environmental regulations.
Depending on the end-use or application, the industrial packaging market covers a variety of industries such as food and beverage, agriculture and horticulture, automotive, chemicals, architecture and construction, pharmaceuticals, engineering, metal products, electronics, and furniture. At present, the Food and Beverage segment dominates overall industrial packaging market share and is projected to grow significantly during the forecast period.
However, pricing pressure on small vendors has
hindered the industrial packaging growth, especially across the emerging
nations due to poorer market penetration as compared to developed countries.
But the use of cost-effective biodegradable raw
materials for packing, due to strict environmental regulations should boost
Author Name : Report Hive Research