CHICAGO, Oct. 12, 2020 /PRNewswire/ -- According to the new market research report "Industrial Packaging Market by Product type, Material (Paperboard, Plastic, Wood, Metal), Application (Food & Beverage, Building & Construction, Pharmaceutical, Chemical, Automotive, Oil & Lubricant) and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Industrial Packaging Market size is projected to grow from USD 58.8 billion in 2020 to USD 72.6 billion by 2025, at a CAGR of 4.3% from 2020 to 2025.
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The market is projected to grow in accordance with the increase in the demand for industrial packaging for food & beverage products across the globe. Furthermore, the industrial packaging market has witnessed significant increase in its demand for the supply of goods to grocery stores, retailers, pharmacies, and hospitals, during the ongoing COVID-19 pandemic.
In terms of value & volume, corrugated boxes are estimated to lead the industrial packaging market in 2019.
Corrugated boxes, by product type, accounted for the largest market share in the industrial packaging market. The increase in the demand for corrugated boxes can be attributed to the rise in the demand for lightweight and convenient packaging solutions across end-use industries. Despite the imposition of lockdowns in COVID-19, by various governments globally, due to the pandemic, the corrugated boxes have witnessed an increase in its demand, as they were widely used in the supply chain, especially in Germany, the US, China, and India, among other countries, in 2019. The increasing opportunities in the e-commerce and offline retail sectors have resulted in the accelerated demand for corrugated boxes for their packaging applications.
Food & beverage is estimated to be the largest segment in the industrial packaging market in 2019.
Food & beverage, by application, accounted for the largest demand for industrial packaging in 2019, in terms of value and volume. This dominant market position is attributed to the boost in the demand for industrial packaging solution across the food & beverage industry. People are resorting to panic-buying and bulk stocking due to the fear of lockdowns, in COVID-19 pandemic. More people are ordering daily staples and fresh food through online channels, which leads to an increase in the demand for bulk industrial packaging solutions.
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The APAC region is projected to account for the largest share in the industrial packaging market during the forecast period.
The APAC region region is projected to lead the industrial packaging market, in terms of both value and volume from 2020 to 2025. Higher domestic demand, along with the availability of low-cost labor, makes this region the most attractive market for industrial packaging producers. Hence, the market players are focusing on this region to gain a larger share and increase their profitability. Factors such as improving global economy, expanding working population, and rising domestic demand for food and pharmaceutical products are expected to boost the market for industrial packaging.
Greif Inc. (US), Amcor (Australia), Berry Global Inc. (US), Mondi (Austria), Sonoco (US), and Mauser Packaging Solutions (Germany) are the key players operating in the industrial packaging market. Expansions & investments, acquisitions, agreements, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the industrial packaging market.
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