Industrial Packaging Market is anticipated to reach a value CAGR of 5.0% over 2019-2028. According to a study published by Insure Insights on the Industrial Packaging Market, Industrial Packaging is essential to pack the products and goods required in the industries. The industrial goods are generally bulk, heavy, and at times are insensitive to the external environment, so there is a need to protect these products from the external environment. The rise in the Government initiatives for industrialization and R&D expenditure for different products are driving the market growth
Top Driver: Increased international trade ae enhancing the Market growth
The increase in trade activities like import and export is a major factor boosting the market growth. The increase in the awareness and consciousness to overcome damage in the products occurred by environmental factors in transportation during exports and imports are driving the market growth. Furthermore, the rise in globalization that has led to international trade is enhancing growth. The rise in the number of industries worldwide like chemical, pharmaceutical, construction, and electronics industries have further propelled the demand of the market. The surge in technological advancements like digital printing and the use of robotics in workshops have further driven growth.
Sacks make a Crucial Contribution to the Growth of Global Industrial Packaging Market
Based on the Pack type segment Sacks has obtained the most remarkable growth in the market as it is lightweight and easily movable. The rise in the automotive, construction, manufacturing, activities worldwide has increased the demand for sacks. Sacks are easy to use and handle and thus have dominated the market growth of Industrial Packaging.
Based on the Application segment, the Chemical & pharmaceuticals have obtained the most significant growth owing to the rise in chronic diseases worldwide. Increase in the healthcare spending’s and thus have increased the use of chemicals in the manufacturing industry and other industrial applications. Moreover, the growing population, coupled with urbanization, has further led to the rise in Pharmaceuticals. Based on Material Segment, plastic has obtained the highest growth as plastic is low weight and is durable as compared with other materials.
Asia Pacific will rule the regional market due to the rise in rapid industrialization in the region
The rise in urbanization and the number of industries involved in construction, automotive, and Chemical have influenced the growth of the market. The low labor costs, better economic conditions, Favorable government regulations have boosted regional growth. The rise in the OEM and drug production in countries like India, China, Hong Kong, Japan, and South Korea is anticipated to fuel demand for the product in Asia Pacific region. The rise in the incidences of chronic disease and the increasing aging population is increasing the demand of the pharmaceutical industry and thus is driving the market growth.
Acquisition, Merging are the key strategies of the competitors
The global Industrial Packaging Market is expected to rise from 2019-2028. The player focuses on Merging Acquisitions, collaboration for the overall growth of the market. Amcor Limited, BAG Corp, Chem-Tainer Industries, East India Drums & Barrels, Sealed Air, International Paper, Mondi, Orora Packaging Australia, Sonoco Products Company, and WestRock Company are key players in the Industrial Packaging Market.
Amcor Limited: Amcor Limited is one of the key competitors in the Industrial Packaging Market. In June 2019, Amcor Limited had announced the complete acquisition of Bemis Company Inc; this acquisition was made by Amcor to strengthen its product portfolio in packaging.
BAG Corp: BAG Corp is the popular competitor of the global Industrial Packaging Market. In April 2019, BAG Corp had announced the acquisition of Propex Foreign Holdings, a subsidiary of Propex Global, this acquisition was made by BAG Corp to expand its product portfolio in performance fabrics.
Mondi: Mondi is one of the major competitors of the global Industrial Packaging Market. For instance, in the year 2018 Mondi had announced the acquisition of Powerflute, they are involved in the division of Nordic Packaging and Container Holdings, this acquisition was made to strengthen Mondi’s Product portfolio in packaging.
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