(MENAFN- Ameliorate Digital Consultancy)
The valuation of the global industrial packaging market stands at US$ 70 billion in 2023. Sales of industrial bulk packaging solutions are estimated to reach US$ 107 billion by 2033, increasing at a CAGR of 4.3% over the next ten years.
Fact, in its latest business intelligence study, depicts the nuts and bolts of the global Industrial Packaging market. The report presents detailed information regarding the drivers, restraints, opportunities and trends affecting market growth.
Each segment along with its sub-segment is analyzed in terms of value and volume. Further, the report elaborates the market behavior of each vendor operating in the Industrial Packaging market.
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Key findings of the Industrial Packaging market study:
Regional breakdown of the Industrial Packaging market based on predefined taxonomy. Innovative manufacturing processes implemented by Industrial Packaging vendors in detail. Region-wise and country-wise fragmentation of the Industrial Packaging market to grasp the revenue, and growth outlook in these areas. Changing preferences among consumers across various regions and countries. Factors (Positive and Negative) impacting the growth of the global Industrial Packaging market.
Competitive Landscape
Industry players are several strategies to gain a competitive edge in the market.
For instance :
Mondi Group, in June 2020, announced investing EUR 7 million at its facility at Nyregyhaza, Hungary, for the system that is used for the cutting-edge paper sack. The machine is used to increase the service standards, efficiency, and quality of its plant to produce advanced and high-end paper sacks for food purposes. Greif Inc., in April 2020, expanded its reconditioning network to North America IBC by purchasing a minority stake in Centurion Container LLC. The collaboration aims to improve the ability of the company to provide sustainable packaging solutions.
Key players in the industrial packaging market are Amcor Ltd., Bemis Co., Inc., Grief, Inc., International Paper Company, Orora Ltd., Sigma Plastics Group, WestRock Company, and Mondi PLC
Key Trends:
Sustainability and Eco-Friendly Packaging: There was a growing emphasis on sustainable packaging materials and practices in the industrial packaging sector. Companies were increasingly looking for environmentally friendly alternatives to traditional packaging materials like plastic and exploring options like biodegradable, recyclable, and reusable materials.
Automation and Industry 4.0: The adoption of automation and Industry 4.0 technologies was on the rise in industrial packaging. Companies were using automation to optimize their packaging processes, reduce labor costs, and improve overall efficiency.
E-commerce Packaging: The growth of e-commerce was driving significant changes in industrial packaging. There was an increasing demand for packaging solutions that could protect products during shipping and also provide a good unboxing experience for consumers.
Customization and Personalization: Industrial packaging was becoming more customized to meet the specific needs and branding requirements of different companies. Personalized packaging solutions were used to enhance the customer experience and create a unique brand identity.
Digital Printing: Digital printing technology was gaining traction in industrial packaging. It allowed for shorter print runs, quicker turnaround times, and the ability to create highly detailed and customizable packaging designs.
Regulatory Compliance: Stringent regulations related to packaging materials, labeling, and handling were impacting the industrial packaging industry. Companies had to ensure compliance with various safety and environmental standards.
Supply Chain Resilience: The COVID-19 pandemic highlighted the importance of resilient supply chains. Industrial packaging companies were reevaluating their supply chain strategies to ensure continuity and flexibility in the face of disruptions.
Lightweight and Cost-Effective Materials: Cost efficiency remained a significant concern in industrial packaging. Companies were looking for lightweight materials that could reduce shipping costs while still providing adequate protection for products.
Smart Packaging: The integration of IoT (Internet of Things) technology into packaging, often referred to as“smart packaging,” was emerging as a trend. This technology allowed for tracking and monitoring of products throughout the supply chain.
Security and Anti-Tampering Measures: With concerns about product security and tampering, there was a focus on incorporating security features into industrial packaging to protect products from theft or tampering.
Segmentation of Industrial Packaging Industry Research
By Type : Corrugated Boxes Drums IBCs Sacks Crates Pails
By Application : Food & Beverages Automotive Pharmaceuticals Chemicals Oil & Lubricants Building Constructions Other Applications
By Region : North America Europe Asia Pacific Latin America Middle East & Africa
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Queries addressed in the Industrial Packaging market report:
Why are the Industrial Packaging market players targeting region for increased product sales? What patented technologies are the players utilizing in the global Industrial Packaging market? Which regions are displaying the fastest growth in the Industrial Packaging market? What are the underlying micro- macroeconomic factors affecting the global Industrial Packaging market?
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