A significant rise in global trade and increase in industrialization in many developing countries drive the growth of the global industrial packaging market.
WILMINGTON, Del., May 8, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Industrial Packaging Market by Product Type (Drums, IBCs, Sacks, Pails, Crates/Totes), Material (Paperboard, Plastic, Metal, Wood, Fiber), and Application (Chemical and Pharmaceuticals, Building and Construction, Food and Beverages, Oil and Lubricants, Agriculture and Horticulture, Others): Global Opportunity Analysis and Industry Forecast, 2023-2033”. According to the report, the “industrial packaging market” was valued at $65.9 billion in 2023, and is estimated to reach $99.6 billion by 2033, growing at a CAGR of 4.3% from 2024 to 2033.
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Prime determinants of growth
The industrial packaging market is influenced by several key drivers and opportunities, alongside certain restraints. The rising industrialization in developing countries serves as a significant driver, fueling the demand for industrial packaging solutions across various sectors. Additionally, the growth of global trade presents another driver, as it necessitates efficient and robust packaging solutions to facilitate the movement of goods across borders. Amidst these drivers, opportunities emerge for the development of sustainable industrial packaging solutions, driven by increasing awareness of environmental concerns and the need for eco-friendly alternatives. However, the market also faces restraints, such as varying statutory guidelines related to packaging in different countries. These differences can pose challenges for companies operating in multiple regions, requiring them to navigate diverse regulatory landscapes to ensure compliance and consistency in their packaging practices. Despite these challenges, the industrial packaging market continues to evolve, driven by innovation and a growing emphasis on sustainability.
Report coverage & details:
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Report Coverage
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Details
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Forecast Period
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2024–2033
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Base Year
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2023
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Market Size in 2023
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$65.9 billion
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Market Size in 2033
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$99.6 billion
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CAGR
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4.3 %
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No. of Pages in Report
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245
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Segments Covered
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Product Type, Material, Application, and Region.
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Drivers
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Rising industrialization in developing countries
Growing global trade
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Opportunities
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Development of sustainable industrial packaging
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Restraints
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Varying statutory guidelines related to packaging in different countries
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The Crates/Totes segment to maintain its leadership status throughout the forecast period
Based product type, the sacks segment held the highest market share in 2023, accounting for nearly one-fourth of the global industrial packaging market revenue, and is estimated to maintain its leadership status throughout the forecast period. Crates and totes provide reusable and stackable solutions for handling and shipping a variety of goods, offering durability and ease of handling in manufacturing, distribution, and logistics operations. On the other hand, the IBCs segment is projected to manifest the highest CAGR of 5.7% from 2024 to 2032. Intermediate Bulk Containers (IBCs) offer a convenient and cost-effective solution for bulk liquid storage and transportation, with capacities ranging from hundreds to thousands of gallons.
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The Plastic segment to maintain its leadership status throughout the forecast period
Based on material, the plastic segment held the highest market share in 2023, accounting for nearly half of the global industrial packaging market, and is estimated to maintain its leadership status throughout the forecast period. Plastic packaging offers lightweight, durable, and flexible solutions for a range of industries, including food and beverage, healthcare, and consumer goods, with options such as bags, films, bottles, and containers. However, the fiber segment is projected to manifest the highest CAGR of 6.4% from 2024 to 2032. Fiber packaging, made from materials like corrugated cardboard and molded pulp, provides cushioning and protection for fragile or sensitive products, offering eco-friendly and recyclable alternatives for packaging needs.
The Chemical and Pharmaceuticals segment to maintain its lead position during the forecast period
Based on application, the chemical and pharmaceuticals segment accounted for the largest share in 2023, contributing to more than one-third of the global industrial packaging market revenue, and is projected to maintain its lead position during the forecast period. In chemical and pharmaceutical sectors, packaging ensures safe transportation of hazardous materials. However, the food and beverages segment is expected to portray the largest CAGR of 5.0% from 2024 to 2032. The food and beverages sector is growing as the disposable income of people in general is rising across the world.
Asia-Pacific to maintain its dominance by 2033
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2023, accounting for nearly half of the global industrial packaging market revenue, and is likely to dominate the market during the forecast period. Additionally, the Asia-Pacific region is expected to witness the fastest CAGR of 4.7% from 2024 to 2033. The Asia-Pacific region presents many growth opportunities to the major players in the industrial packaging market, owing to rapid industrialization in the countries such as India and China.
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Leading Market Players: –
- Grief, Inc.
- Mondi PLC.
- Amcor Limited
- Westrock Company
- International Paper Company
- Bemis Company Inc.
- Orora Limited
- Mauser Group
- Sigma Plastics Group
- Wuxi Sifang Drums Limited Company
The report provides a detailed analysis of these key players in the global industrial packaging market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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