Industrial Packaging Market Size
Industrial Packaging Market registered a substantial CAGR in 2023 and will demonstrate a noteworthy CAGR between 2024 and 2032, propelled by rising demand from key sectors. Industries such as food and beverage, pharmaceuticals, and automotive rely heavily on effective packaging solutions for their products. As these sectors grow and evolve, the need for secure, efficient, and innovative packaging increases. This demand drives the size of the industrial packaging market as companies seek reliable packaging options to meet the diverse requirements of these expanding industries.
For instance, in November 2022, UFlex Limited unveiled an array of innovative products across various sectors to cater to evolving customer demands, featuring flexible packaging, large MPP and WPP packaging bags, and the Flexcure Nutri series.
The increasing demand for pharmaceutical and medical device packaging is a significant growth driver in the industrial packaging market. With the expansion of the healthcare sector, there is a heightened need for secure, tamper-evident, and temperature-controlled packaging solutions to ensure the safety and integrity of medical products. This surge in demand is fueling innovation in packaging materials and technologies tailored to the specific requirements of the healthcare industry.
For instance, in September 2023, Pluss Advanced Technologies (PLUSS), a phase-change material (PCM) technology company, unveiled Celsure® XL and Celsure® VIP, innovative temperature-controlled packaging solutions for the pharmaceutical sector, offering a cost-effective and superior alternative to traditional gel pack solutions and leased containers.
Though the industrial packaging industry is thriving, stringent regulations and economic downturns pose challenges to market expansion. However, these regulations push for eco-friendly solutions, encouraging research into sustainable materials. Additionally, economic instability drives the need for cost-effective and efficient packaging solutions, spurring creativity in design and production. By embracing these challenges as catalysts for advancement, the industry can develop resilient strategies that cater to evolving market demands.
Industrial Packaging Market Trends
The industrial packaging market is propelled by a strong trend towards eco-friendly materials and the rising demand for reusable and recyclable packaging solutions. With heightened awareness of environmental impact, industries are shifting towards sustainable options. This includes materials that minimize waste and can be reused or recycled, aligning with both consumer preferences and regulatory pressures. As companies prioritize sustainability, this trend continues to drive innovation and market growth.
For instance, in October 2023, Pakka Limited, previously Yash Pakka Limited, launched India’s inaugural compostable flexible packaging, marking a milestone in sustainable packaging solutions.
Industrial Packaging Market Analysis
The intermediate bulk containers (IBC) segment will establish a significant foothold during 2024 and 2032, attributed to the versatility and cost-effectiveness of IBCs. These containers offer efficient storage and transportation solutions across various industries, from chemicals to food and beverages. With increasing demand for safe and convenient storage solutions, IBCs will witness continued growth. Its ability to accommodate a wide range of products while maintaining integrity and durability will position it as a key player in the industrial packaging market.
The plastic material segment will secure a substantial market presence by 2032, driven by its versatility, durability, and cost-effectiveness. Plastics offer a wide array of options, from HDPE to PET, catering to diverse packaging needs across industries. Their lightweight nature reduces transportation costs and carbon footprint. Moreover, advancements in plastic technology have led to enhanced strength and barrier properties, ensuring product safety. With these advantages, the plastic material segment will remain the preferred choice for packaging solutions across various sectors.
The flexible packaging segment will capture the largest share of the industrial packaging market by 2032, fueled by its versatility and sustainability. Offering options like pouches, bags, and wraps, flexible packaging adapts well to varying shapes and sizes, optimizing storage and transportation. Its lightweight nature reduces material use and shipping costs while maintaining product freshness. With a rising demand for eco-friendly options, the flexibility and recyclability of this packaging type make it a preferred choice across industries, ensuring its dominant market position.
The food and beverage segment will experience a substantial upswing by 2032, fueled by the need for safe, efficient packaging solutions. With stringent regulations and consumer demand for freshness and convenience, this sector requires reliable packaging. From pouches to bottles, the range of options caters to diverse packaging needs. Innovations like modified atmosphere packaging ensure product longevity, while eco-friendly materials align with sustainability goals. As the food and beverage industry continues to expand, this segment will maintain its prominent position, meeting the demands of a dynamic market.
North America will grow at a remarkable CAGR from 2024 to 2032, owing to the region's robust manufacturing sector, stringent packaging regulations, and a strong emphasis on sustainability. With a well-established infrastructure and advanced technologies, North American companies are key contributors to the market growth. Their focus on eco-friendly solutions aligns with evolving consumer demands, solidifying their position as significant contributors to the industrial packaging industry forecasts.
Industrial Packaging Market Share
- Mauser Group (BROCKWAY STANDARD HOLDINGS CORP,
- CD&R Millennium HoldCo 2 BV)
- BAG Corporation
- Bulk handling
- Chem-Tainer industries
- Halsted Corporation
- Wuxi Sifang Drums Limited Company
- Sealed Air Corporation
- International Paper
- Tekni-Films
- Sonoco
- Schutz
- Amcor Limited
- WestRock
- Mondi Group
- Bemis Company
- AmeriGlobe
- Hoovers Container Solutions (Hoover Ferguson Group, Inc.)
- Jumbo Bag
- Orora Group
- Greif Inc
- East India Drums and Barrels Manufacturing
- Corr-Pak Corporation
- Sigma Plastics Group
- Nefab
- Intertape Polymer Group
- LC packaging
Major players are strategically enhancing their industry foothold through diverse initiatives. By focusing on innovative solutions tailored to industry needs, they have carved out a niche for themselves. These players emphasize sustainability, responding to growing demands for eco-friendly packaging options. Their offerings boast a blend of durability and environmental consciousness, appealing to a clientele increasingly conscious of their carbon footprint. Leveraging advanced materials and technologies, they provide customizable solutions catering to diverse sectors from automotive to electronics.
Moreover, these industry leaders are adept at cultivating robust partnerships throughout the supply chain, guaranteeing smooth integration and dependable distribution channels. Their unwavering dedication to top-notch quality and exceptional service cements their standing, cultivates trust, and fosters loyalty among their clientele. With ongoing investments in research and development, these players are primed to advance even further, pushing boundaries and reshaping the industrial packaging market outlook.
Industrial Packaging Industry News
In August 2022, BASF and Nippon Paint China collaborated to introduce innovative eco-packaging for industrial use in China. This sustainable packaging, featuring BASF's Joncryl® High-Performance Barrier (HPB) water-based acrylic dispersion, is now utilized in Nippon Paint's dry-mixed mortar series, enhancing the eco-friendliness of their construction products.
In November 2023, UFlex introduced a lineup of sustainable and innovative products across its business sectors in Q2 FY24. The new offerings feature B-TAS transparent anti-fog low SIT BOPP films, Flexgreen LED Inks, sustainable festive pack packaging, reverse embossed with LED, and CWR white opaque retort-grade CPP film.
What Information does this report contain?
Historical data coverage 2018 to 2023; Growth Projections 2024 to 2032.
Expert analysis industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts major segments covering applications, top products and geographies.
Competitive landscape reporting market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.
