The market is expected to expand in combination with the global increase in demand for industrial packaging for food and beverage products
JERSEY CITY, N.J., Nov. 8, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Industrial Packaging Market" By Type (Drums, Containers, Pails, Crates, and Sacks), By Application (Building & Construction, Automotive, Chemical & Pharmaceutical), and By Geography. According to Verified Market Research, the Global Industrial Packaging Market size was valued at USD 71.6 Billion in 2020 and is projected to reach USD 102.54 Billion by 2028, growing at a CAGR of 5.18% from 2021 to 2028.
Increased production and trade of goods, such as chemicals and petroleum products, has increased demand for bulk packaging and crates/totes. Industrial packaging industries provide several end-use industries, such as building & construction, and chemicals. All such industries' increased demand for effective industrial packaging is a result of increased export and import and the safe transportation of products. Besides, it is necessary to maintain the product for a longer time during storage and transportation basically with hermetically sealed packaging and secured from external impurity. Industrial packaging includes many different types of packaging in terms of thickness, strength, and the level of protection it provides for long-term storage.
The increase in building and construction activities in the majority of advanced markets, particularly India and China, the increase in the food and beverage industry to meet the demand of the growing population, and the rapid growth of exports, which requires superior packaging requirements for the international market, are the major factors expected to drive market growth during the forecast period. However, the polypropylene market and manufacturers have faced issues such as raw material supply, demand fluctuation, and price fluctuations. As the cost of raw materials rises, distributors raise the price of their products or reduce their profit margins, which has a negative impact on market growth.
In September 2021, Mauser Packaging Solutions, a global leader in solutions and services across the packaging life cycle, is making significant investments in state-of-the-art equipment to expand its IBC and plastic drum production capabilities at its Gebze, Turkey facility. These investments will also further support the collection and supply of reconditioned packaging in the region.
In April 2021, Mauser Packaging Solutions is pleased to announce the acquisition of Global Tank Srl through Joint Venture NCG-Maider in Italy. Via this acquisition, Mauser Packaging Solutions will further extend the offering of industrial packaging products and services in the Italian market while strengthening the Company's position as the global market leader in reconditioning.
The major players in the market are Grief Inc., Mondi Plc, Amcor Limited, WestRock, International Paper Co., Bemis Company Inc., Orora Group, Mauser Group, Sigma Plastics Group, and Wuxi Sifang Drums Company.
Verified Market Research has segmented the Global Industrial Packaging Market On the basis of Type, Application, and Geography.
Industrial Packaging Market, By Type
Industrial Packaging Market, By Application
Building & construction
Chemical & pharmaceutical
Oil & lubricant
Food & beverages
Industrial Packaging Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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