The global Industrial Packaging Market size is projected to grow from USD 59.5 billion in 2020 to USD 72.8 billion by 2025, at a CAGR of 4.7% from 2020 to 2025.
Packaging is planning, creating, manufacturing, wrapping, boxing, or bottling of goods for consumer, industrial, and military markets. The packaging industry have a role in approximately all the industries and manufacturing establishments. Packaging is one of the largest employers, demanding professionals and specialists from various fields such as mechanical and electrical engineering, physical and organic chemistry, food technology, sales, communications.
Major players in industrial packaging market includes Amcor plc., AmeriGlobe L.L.C., BAG Corp., Bemis Company, Inc., Cascades Inc., Greif, International Paper., BWAY Corporation, Mondi, NEFAB GROUP and Orora Packaging Australia Pty Ltd.
Digital printing makes it easier to customize packaging and add personalization to products. This trend is expected to have major industry impact in packaging industry in 2020. One survey said that about 70% of packaging companies believe personalization has extremely strong impact on their customers. The development provides a new dilemma for brands that have reputation on their commitment to sustainable practices according to consumer preferences. In previous year, a Consumer Trends Report from Asia Pulp & Paper said that 64% of Americans choose to purchase food products packaged sustainably. Even with this demand for sustainable packaging, single-use plastic is still manufactured in huge quantities. The global production of plastic packaging is approximately 78 million metric tons and from that, only 14% is recycled.
Oct 2020 Made from pure cellulose fibres, lggesund Paperboard's new material has been specifically developed for pressed and folded trays used in food packaging. Iggesund Paperboard has a long tradition of working sustainably and producing material that won’t harm the environment. Inverform was developed largely in response to the plastic pollution problem. The company determined to come up with a renewable and recyclable material for food trays that would be more environmentally friendly than plastic, while maintaining the same high packaging performance throughout the value chain. Oct 2020 Stora Enso has introduced a new range of takeaway bowls for foodservice packaging, PureFiber. The bowls are free from plastic and PFAS and are designed to help customers replace plastic on-the-go food packaging. Stora Enso says that its formed fibre products are designed for circularity, meaning that they are renewable, recyclable, and biodegradable. The new product line also reportedly enables a carbon footprint that is approximately 75% lower compared to alternative product materials such as plastic or bagasse.
The global industrial packaging market is segmented based on product, material, application, and geography. Based on product, it is divided into drums, intermediate bulk containers (IBCs), sacks, pails, and crates/totes. On the basis of material, it is classified into paperboard, plastic, metal, wood, and fiber. Based on application, it is categorized into chemical & pharmaceutical, building & construction, food & beverage, oil & lubricant, agriculture & horticulture, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Geographically, Asia-Pacific is estimated to witness considerable growth during the forecast period. The expansion of the pharmaceutical and food and beverage industry is contributing to the market growth in the region. Europe has largest share in global packaging industry with more than 30 percent of share followed by North America with 28% and Asia-Pacific with 27% market share. According to Smithers Pira, non-paper-based packaging has more than 54% share of whole packaging industry and paperboard packaging has about 36% market share which shows the demand of new innovative packaging compared to traditional packaging system.