“Growing demand in the parent industries to drive the market for industrial packaging market” The global market for industrial packaging is projected to grow from USD 54.94 billion in 2016 to reach USD 93.28 billion by 2026, at an estimated CAGR of 5.4%.
The market for industrial packaging is driven by the growing demand in industries such as food & beverages, automotive, manufacturing, construction, aerospace & defense, and marine, in both developed and developing countries. Industrial packaging involves protected storage, transporting, and handling of goods in large quantities from manufacturing centers to distribution centers where they are packaged for the end customers.
The growth in demand for industrial packaging is expected to mainly be driven by the growth of its end-use industries such as chemicals & pharmaceuticals, food & beverages, and automotive among others. Increasing stringent rules & regulations and environmental concerns act as a restraint to the industrial packaging domain. “The sack segment is projected to grow at a steady CAGR during the forecast period” On the basis of pack type, the sack segment is projected to be the fastest growing during the next five years. Sacks are mainly of two types — paper sacks and PE sacks. A paper sack is a packaging made of high quality paper fiber (usually Kraft virgin fiber), which is normally used for transporting powder materials such as flour, cement, and animal feed. Paper sacks are usually made of Kraft paper, which have the advantage of being soft as well as strong. Plastic hazard-free paper sacks are used for cement, food, chemicals, consumer goods, and flour bags. “Asia-Pacific to be the fastest-growing market during the forecast period” The Asia-Pacific region is projected to be the fastest-growing market during the forecast period, followed by North America and Europe, from 2016 to 2021.
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Asia-Pacific is the most attractive market for industrial packaging owing to the rapid economic development in the region. The key factors driving the growth in the Asia-Pacific region are emerging economies, government initiatives for FDI, growing awareness of industrial packaging, and, most importantly, the increasing trends in end-use industries such as construction, automotive, and consumer durables for product protection. The growth of the industrial packaging market in this region is supplemented by the higher consumer spending and production of industrial goods in developing economies such as India and China.
Breakdown of Primaries In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information as well as assess future market prospects. The distribution of primary interviews is as follows: By Company Type: Tier 1–55%, Tier 2–20%, and Tier 3–25% By Designation: C-level — 75% and Manager Level — 25% By Region: North America — 10%, Europe — 20%, Asia-Pacific — 40%, and RoW — 30% Note: The tier of the companies is defined on the basis of their total revenue, as of 2015. Tier 1: Revenue >USD 500 million, Tier 2: Revenue USD 100 to 500 million, and Tier 3: Revenue
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