(MENAFN- America News Hour) The Industrial Packaging market was valued at USD 61.63 billion in 2023 and is expected to reach USD 81.19 billion by 2033, at a CAGR of 4.7% over the forecast period 2023 – 2033.
– The increasing volume of resources and products that are being transported across various regions is one of the primary factors that has led to the importance of bulk industrial packaging.
– The packaging used for the storage and transport of bulk liquid and granulated substances, such as food ingredients, solvents, chemicals, and pharmaceuticals, and industrial equipment, among others, in large quantities, are considered in the scope of the
industrial packaging market .
– Over the last few decades, industrial packaging has received very scant attention when compared to consumer packaging. However, recently, governments and organizations across the world have come to realize the importance of safe and sustainable industrial packaging
– The growing trend of sustainability, buoyed by legislation across various countries has driven the demand for recycling and reusability in the industrial packaging sector.
– The market has also observed an increased focus on downgauging/material reduction. An instance of this is the introduction of multi-walled paper sacks. This has helped in reducing the weight of traditional sacks considerably without sacrificing on the strength and performance.
– As the market moves toward sustainability and safe packaging, companies with a stronghold over the supply chain are expected to have an edge. The recent (October 2018) grouping of four major packaging companies, including BWAY, Mauser Group, National Container Group (NCG), and Industrial Container Services (ICS), indicate their efforts to strengthen the supply chain. With the recollection and reconditioning capabilities of NGC and ICS coupled with the rigid packaging expertise of BWAY and Mauser, the combined entity Mauser Packaging Solutions would cater to the product and service needs of global customers, across the entire packaging lifecycle.
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– With respect to geographies, Asia-Pacific is expected to emerge as a significant market, considering the growing industrial produce, while regions, like North America and Europe, would remain promising markets.
Scope of the Report
Industrial Packaging is packaging for the manufacturers, for the big producers in business. Sometimes, standard packaging isn't enough for your product, and you need more protection to make sure your product stays safe, lasts longer, and makes it to your customer in the right condition standard wraps and papers can't protect from the harsh conditions, long shelf times, and environmental damage that industry products face, so having the right protection for your products is essential to maintaining quality and consistency.
Key Market Trends
Intermediate Bulk Container (IBC) Has Significant Share In The Market.
– IBCs are mainly used for the storage and handling of materials in the oil and gas, chemical, and petrochemical sectors. These containers are available in three forms which include flexible, rigid and foldable IBC's.
– Further, IBCs ensure product safety and cost-effective packaging solutions as well as helps in downgauging the overall packaging cost owing to its features, like multiple usages, large storage capacity, and usability with different industrial products.
– The need for corrosion-resistant materials, coupled with the suitability requirements for the storage and handling of both hazardous and non-hazardous liquid applications, has driven the use of intermediate bulk containers in the chemicals, pharmaceutical, food and beverage, and oil and lubricants sectors.
– The IBC market has witnessed significant growth over the forecast period owing to its ease in transportation and storage. This coupled with the increased import and export of chemicals and oil and gas across various regions have also complemented the market.
The United States Has The Largest Market Share Presently.
– The industrial packaging market in the United States is bolstered by the presence of major market players and strong manufacturing industries, such as chemicals, pharmaceuticals, food and beverages, and automotive.
– The country is the third-largest exporter after China and the European Union, and the second-largest importer of goods in the world. These goods mainly constitute of industrial machinery, medical equipment, petroleum products, and automotive parts and supplies.
– In 2018, the exports in the United States increased by 6.3% from the previous year to USD 2.50 trillion. The exports in the United States averaged USD 55,352.73 million from 1950 until 2018. The exports reached an all-time high of USD 212,846 million in May of 2018 and had hit a record low of USD 772 million in March of 1950.
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– In 2018, the exports of petroleum reached USD 172.4 billion. In 2018, the main export partners were Canada (18%), Mexico (16%), China (7%), Japan (4.5%), the United Kingdom (4%), and Germany (3.5%).
– The export of petroleum requires large and safe containers that could withstand harsh temperature conditions. The growing exports of petroleum products is expected to boost the growth of the market in the country.
Competitive Landscape
The Industrial Packaging Market is Highly Fragmented due to low entry barriers. Some Key players in the Market include Greif, Mondi plc, All American Containers. Some Key developments In the area include Greif company acquired Caraustar Industries to boost its margins and sales. The acquisition will deliver highly attractive margins, increase earnings per share while strengthening and balancing its portfolio.
Moreover, both companies are dedicated to providing industry-leading service to all customers In February 2019. Greif company announced the addition of a new blow molder in its Alsip Intermediate Bulk Container (IBC) facility. This blow molder will double the current production capacity of IBC units in the Midwest of the United States. This investment puts at the forefront of the company's vision to be one of the best performing customer service company in industrial packaging In 2018.
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