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Industrial Packaging Market to Witness Lucrative Growth Potential by 2024, Food & Beverage to Dominate the Application Landscape

Author : Ronak Bora | Published Date : 2019-03-26 

Rising globalization and international trade are supporting the Industrial Packaging Market growth. Growing commercial industries such as chemical, pharmaceutical, construction and electronics sector further propels the demand. The developed economies are the highest producers and consumers of these products. Whereas increasing demand in emerging economies will further drive the industry growth.

The industrial packaging market can be segmented by product into drums, intermediate bulk container (IBC), crates, sacks, pails, tubes, and bulk boxes. IBC type is extensively used for the covering. Plastic sacks are replacing paper & jute sacks owing to its benefits such as low cost, light weight, durability etc.

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By end use or application, industrial packaging market cater to various industries such as agriculture & horticulture, building & construction, automotive, chemicals & pharmaceuticals, food & beverage, engineering, metal products, plastic & rubber, electronics, and furniture. Food & beverage segment dominated overall demand and used more than 65% of flexible packing in 2015. This segment is expected show similar trend during the forecast period 2017 to 2024.

By type, the industry can be classified as rigid and flexible packing. Flexible segment includes paper & plastic whereas rigid segment includes wooden, metal and plastic.  Increased use of polyethylene terephthalate (PET) in place of heavy metal cans will impact positively on the market. The flexible type especially flexible plastic is expected to show higher growth rate owing to technological leaps in this segment.

North America is expected to show steady growth rate during the forecast period owing to developed economy, transport, and delivery infrastructures. Growing occurrence of chronic disease and increasing aging population will increase the demand in pharmaceutical and chemical segment in North America. The use of robotic systems for packages is expected to increase in demand in U.S. with the introduction of Food Safety Modernization Act.

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Asia-Pacific region is estimated to record fastest growth in terms of rising industrialization. Increased demand is characterized by quick adoption of technological advancements, rising volume of OEMs which drives the competitors to reduce the cost per package and provide sustainable products. Moreover, low labor cost, huge scope for FDI and stable growth in industries such as automotive, construction and healthcare will impact positively foe industry growth this region.

Some of the major companies in industrial packaging market are Sealed Air corporation, Amcor Limited, International paper, WestRock, Tekni-Films, Mondi Group, Sonoco, Bemish company, Schutz, AmeriGlobe, Mauser Group, Orora Group, B.A.G. Corporation, Greif Inc, Bulk handling, East India Drums & Barrels manufacturing, Chem-Tainer industries, Corr-Pak Corporation, Halsted, Sigma Plastics Group, Wuxi Sifang Drums Limited company, Nefab, Hoovers Container Solutions, Intertape Polymer Group, Jumbo Bag, and LC packaging. The manufacturers are focusing on providing low cost, environmental friendly packaging solutions for the end users.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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