The global industrial packaging market size is projected to grow from USD 58.8 billion in 2020 to USD 72.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 4.3% during the forecast year.
Browse 141 market data tables and 46 figures spread through 197 pages and in-depth TOC on “Industrial Packaging Market by Product type, Material (Paperboard, Plastic, Wood, Metal), Application (Food & Beverage, Building & Construction, Pharmaceutical, Chemical, Automotive, Oil & Lubricant) and Region – Global Forecast to 2025”
The industrial packaging market has thousands of companies which thrive in their domestic market. A few of the major players are, Greif Inc. (US), Amcor (Australia), Berry Global Inc. (US), Mondi (South Africa) and Sonoco (US). These players have adopted various growth strategies, such as acquisitions, expansions & investments, new product developments, and agreements to increase their market shares and enhance their product portfolios.
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COVID-19 impact on global industrial packaging market
The global industrial packaging market is expected to witness a moderate decrease in its growth rate in 2020-2021, as the bulk packaging for chemicals, agriculture, construction amongst other applications, will witness a significant decline in its demand. However, there will be an increase in the demand for industrial packaging solutions for food & beverage and pharmaceutical applications, during COVID-19.
- People are resorting to panic-buying and bulk stocking due to the fear of lockdowns. More people are ordering daily staples and fresh food through online channels, which leads to an increase in the demand for bulk industrial packaging solutions. Governments of many affected countries, for instance, India, have asked the food industry players to ramp up production to avoid supply-side shocks and shortages and maintain uninterrupted supply. FMCG companies are responding by demanding more of industrial packaging products. For example, Britannia Industries has urged the Indian government to ensure interstate movements of suppliers of raw materials and packaging materials.
- The demand for industrial packaging in the pharmaceutical industry, is expected to remain robust as hospitals, drugs, and PPE manufacturers are responding to the crisis. The demand for household essentials, healthcare, and medical goods is not expected to decrease dramatically, and retail distribution for these types of products through online delivery can be expected to increase. This in turn, boosts the demand for industrial packaging solutions for the timely delivery of raw materials and finished goods to their respective end users.
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The APAC region is projected to account for the largest share in the industrial packaging market during the forecast period.
The APAC region is projected to lead the industrial packaging market, in terms of both value and volume from 2020 to 2025. Higher domestic demand, along with the availability of low-cost labour, makes this region the most attractive market for industrial packaging producers. Hence, the market players are focusing on this region to gain a larger share and increase their profitability. Factors such as improving global economy, expanding working population, and rising domestic demand for food and pharmaceutical products are expected to boost the market for industrial packaging.
Food & beverage is estimated to be the largest segment in the industrial packaging market in 2019.
Food & beverage, by application, accounted for the largest demand for industrial packaging in 2019, in terms of value and volume. This dominant market position is attributed to the boost in the demand for industrial packaging solution across the food & beverage industry. People are resorting to panic-buying and bulk stocking due to the fear of lockdowns, in COVID-19 pandemic. More people are ordering daily staples and fresh food through online channels, which leads to an increase in the demand for bulk industrial packaging solutions.
Greif Inc. (Grief) is a key manufacturer of industrial packaging products & services, and it offers a range of industrial packaging products such as plastic drums, steel drums, fibre drums, reconditioned containers, intermediate bulk containers, flexible products, uncoated recycled paperboard, containerboard, coated recycled paperboard, tubes and cores. The company through its strategic developments aims to strengthen its customer base and product offering globally.
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