The report forecasts the global industrial packaging market to grow at a CAGR of 3.47% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
A trend helping to boost market growth is the use of biodegradable alternatives. Container liners are the vital packaging materials for the bulk shipment of goods and commodities. These liners are made of polyethylene or polypropylene, which are the important form of plastic. But issues associated with these materials such as landfill waste dumping and pollution have paved the way for use of biodegradable alternatives as raw material. The first generation biodegradable films were a cross between plastics and starch.
According to the report, a key growth driver is increased globalization and international trade. There are two primary elements driving the global industrial packaging market: innovative progression, which has reduced the cost of transportation, and the increase in the liberalization of the trade and capital market, which has increased export and import activities. Many emerging economies such as China, Russia, Brazil, and India are changing their pattern of trade and investment. Demand for oil and agriculture-based commodities is increasing rapidly.
Further, the report states that one challenge that could hamper market growth is the pricing pressure faced by small companies.