Industrial Packaging Market worth USD 75.3 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Industrial Packaging Market by Product (Intermediate Bulk Container (IBC), Sacks, Drums, Pails, and Other Products (Crates and Totes)), by End-Users (Automotive, Food and Beverage, Chemicals and Pharmaceuticals, Oil and Gas and Petrochemicals, Building and Construction, and Other End-user Industries), by Region – Global Share and Forecast to 2027". By 2027, the global industrial packaging market size is expected to grow USD 75.3 billion from USD 61.3 billion in 2020, registering a CAGR of 3.5% during the forecast period. The sheer volume of goods and products being transported worldwide is a strong indicator of the importance of shipping container packaging. Traditionally, containers allowed the transport of packaged goods by various means of transport, including rail, road, and ship, as the containers can easily fit onto different forms of transport. Shipping containers would require the packaging materials design to meet a diverse set of storage requirements to be stored efficiently, as packaging can take place in multiple locations. Owing to globalization, manufacturing bases are being kept at a distance from the consumption regions. Hence, transportation costs are considered as the largest part of the total cost. This has resulted in the rising need for more innovative and cost-effective bulk packaging solutions.

Global Industrial Packaging Market Segmentation

The overall industrial packaging market has been segmented into the product, end-users, and region.

• By Product (Intermediate Bulk Container (IBC), Sacks, Drums, Pails, and Other Products)
• By End-Users (Automotive, Food and Beverage, Chemicals and Pharmaceuticals, Oil and Gas and Petrochemicals, Building and Construction, and Other End-user Industries)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

By end-users, Food and Beverage is estimated to hold the largest market share during the forecast period

Based on end-users, the global industrial packaging market is segmented into automotive, food and beverage, chemicals and pharmaceuticals, oil and gas and petrochemicals, building and construction, and other end-user industries. The food and beverage segment generated the highest revenue of 28.2% of the total global industrial packaging market in 2020, and it is expected to register a significant CAGR from 2021 to 2027. As the self-life of the food and beverage is very short, packaging places an important role. It prevents them from being tainted before reaching the manufacturing facilities for further processing or stores for final sell.

Moreover, food and beverage packaging is the main source of plastic pollution clogging the ocean and expects to exceed the weight of all fish by 2050 at current rates. Further, food and beverage packaging is a major source of 269,000 tons of plastic pollution in the world’s oceans. As studies suggest, large food corporations like Nestle and Uniliver generate the majority of plastic waste. From airtight wraps to shelf-stable bottles and containers, plastic packaging plays a key role in delivering a safe food supply from farm to table. It is also the material of choice for freezing foods for long-term storage.

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The Asia Pacific accounts for the largest market share in the industrial packaging market 2020

The global industrial packaging market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa based on regions. In 2020, Asia Pacific accounted for the highest market share of 45.0% in the global industrial packaging market and was anticipated to maintain its dominance throughout the forecast period. Most East Asian countries continue to offer IBC and steel drum manufacturers significant opportunities, and the demand for industrial packaging has remained steady over the years. The market is likely to influence the market, resulting in cost savings and traceability that enhance consumer services.

Most East Asian countries continue to offer IBC and steel drum manufacturers significant opportunities, and the demand for industrial packaging has remained steady over the years. The market is likely to influence the market, resulting in cost savings and traceability that enhance consumer services. For instance, HSK (which processes automotive press parts, sensor parts, and automobile parts) and Nexteer (which manufactures auto parts and auto-related parts) have decided to establish their presence in Yokohama.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the industrial packaging market. It also consists of leading companies such as Mondi, Sonoco, International Paper, Orora Limited, Greif Inc., Amcor, Berry Global Inc., Mauser Packaging Solutions, and Sigma Plastics Group. These market players have focused on acquisitions and expansion to gain a larger market share in the industrial packaging market.

Browse complete report: https://www.marketstatsville.com/industrial-packaging-market

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