The economy is rapidly evolving and changing at such a pace that it’s somewhat difficult to predict where we’re headed in the long-term. With that being said, the next five years are easier to examine. The global industrial packaging market has been valued at $65.072 billion as of 2017 and is projected to grow at a rate of 3.95% (or $82.079 billion) by 2023. The diversity and complexity of products, advancements in modern technologies, and research and development investments are the major drivers in the market.
Research and Markets has recently published a forecast/press release with numbers and figures that relate to the 2018-2023 economy.
“On the basis of type, sacks account for a significant market share expected to grow at the highest rate over the forecasted period. Plastic and synthetic sacks are preferred over the traditional jute sacks due to their tough properties. On the basis of packaging materials, plastic is expected to show a significant growth over the forecasted period due to its high utilization in Food & Beverages and Chemical industries. Region wise, Asia Pacific, Europe, and North America hold a significant market share in the global industrial packaging market.
The plastic material segment is expected to show the highest growth rate over the forecast period followed by the paperboard material segment. Plastic can be molded into a wide range of packaging solutions which are fit for packaging of all types of products with their utility being the highest in Food & Beverages industry and Chemical industry. The utility of paperboard packaging solutions is limited to the food industry.
Industrial packaging has been a vital part of every industry globally. The application of packaging solutions in an industry increases with the growth of that industry. The demand for improved packaging solutions is increasing in every industry. The companies try to use the best of all the solutions available in the market which can provide them with benefits such as protected storage, handling and convenient transporting of their products from manufacturing units to the distributors. Increasing production by the companies to fulfill the growing demands of their customers will lead to an increase in the demand for packaging solutions.
Asia-Pacific accounts for the largest share in the global industrial packaging market followed by Europe and North America. Asia-Pacific is expected to show the highest growth rate over the forecast period due to increasing exports by the emerging economies like India, Japan, and China. Increasing industrialization in this region will increase the demand for industrial packaging solutions. Strict rules by the governing bodies in this region have made it mandatory for the companies to follow standard packaging guidelines for their products to prevent any kind of contamination and emission which can otherwise cause environmental and health hazards. Europe and North America have a large number of companies which produce large volumes of products every year. An increase in production by these companies will lead to an increase in demand for efficient packaging solutions.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the global industrial packaging market.
Major industry players profiled as part of the report are Ball Corporation, Crown Holdings, Inc., International Paper, WestRock Company, and Mondi Limited among others.”
This press release was originally published by ResearchandMarkets.com.
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