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Industrial Packaging Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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The industrial packaging market has experienced significant growth in recent years, projected to increase from $74.35 billion in 2023 to $79.61 billion in 2024, reflecting a compound annual growth rate (CAGR) of 7.1%. The growth during the historical period is primarily driven by the globalization of trade, an increase in manufacturing activities, stringent regulations, a boom in e-commerce, and an emphasis on sustainability.
What Is the Estimated Growth Rate and Market Size of the Global Industrial Packaging Market?
The industrial packaging market size is anticipated to experience robust growth in the coming years, reaching $104.93 billion by 2028 with a compound annual growth rate (CAGR) of 7.1%. The projected growth during the forecast period can be attributed to changing consumer preferences, the rise of online retail, the demand for customization and personalization, initiatives supporting a circular economy, and rapid urbanization.
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What Are The Significant Drivers Behind The Growth Of The Industrial Packaging Market?
The expanding chemical industry is expected to drive the growth of the industrial packaging market in the future. This sector involves the large-scale production and processing of chemicals, covering the manufacturing of a wide range of industrial and consumer goods. The chemical industry utilizes industrial packaging to guarantee the safe and secure containment, transportation, and storage of various chemical products, preventing contamination and ensuring compliance with regulations.
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Which Top Companies Are Shaping The Growth Of The Industrial Packaging Market?
Key players in the industrial packaging market include Westrock Company, International Paper Company, Amcor Limited, DS smith plc, Packaging Corporation of America, Mondi plc, Grief Inc., KEENER Corporation, Nefab Group, Myers Industries Inc., Schoeler Allibert AB, Menasha Corporation, Rohrer Corporation, UFP Technologies Inc., Rehrig Pacific Company, Ckdpack, PolyFlex Products Inc., GWP Group, Brown Machine LLC, Dunnage Engineering, Thermoflex LLC, Amatech Inc., MJSolpac Ltd., Package Design & Manufacturing Inc., Interior Packaging Design LLC,
Which Emerging Trends Are Reshaping the Industrial Packaging Market Size?
Leading companies in the industrial packaging market are concentrating on creating sustainable packaging solutions to gain a competitive edge and tackle increasing environmental concerns. Sustainable packaging solutions involve the use of eco-friendly materials, design practices, and processes aimed at reducing environmental impact throughout the entire lifecycle of a product's packaging.
What Are The Segments In The Global Industrial Packaging Market?
1) By Product: Drums, Intermediate Bulk Containers (IBCs), Sacks, Pails, Crates/Totes
2) By Material: Paperboard, Plastic, Metal, Wood, Fiber
3) By Application: Chemical And Pharmaceutical, Building And Construction, Food And Beverage, Oil and Lubricant, Agriculture And Horticulture, Others (Plastics And Rubber, Automobile, Engineering, And Other Metal Products)
North America: Largest Region in the Industrial Packaging Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the report during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
How Is The Industrial Packaging Market Defined?
Industrial packaging is designed to protect, ship, and store fragile items that require a high degree of stability. This type of packaging is commonly utilized by manufacturers of machinery, especially sensitive equipment, technology, and other products that need safeguarding from factors such as moisture and vibrations.
The Industrial Packaging Global Market Report 2024 from The Business Research Company includes the following key information:
. Market size data for both historical and future periods
. Analysis of both macro and microeconomic factors that have impacted the market over the past five years
. Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
. Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Industrial Packaging Market Report: Trends, Opportunities, Strategies, and More
The Industrial Packaging Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into industrial packaging market size, industrial packaging market drivers and trends, industrial packaging competitors' revenues, and industrial packaging market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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