The global industrial packaging market size was US$ 62.3 billion in 2021. The global industrial packaging market is forecast to grow to US$ 85.3 billion by 2030 by growing at a compound annual growth rate (CAGR) of 3.9% during the forecast period from 2022 to 2030.
Factors Influencing the Market
The global industrial packaging market is primarily driven by the increasing volume of resources and products transported internationally. Furthermore, the rising activities related to the transportation of bulk liquid and granulated substances will contribute to the growth of the market.
The global industrial packaging market is forecast to witness considerable growth due to the growing trend of sustainability. Furthermore, the increasing number of regulations aiming at banning plastics will propel the global industrial packaging market forward.
The steeply growing e-commerce industry will also benefit the global industrial packaging market. In addition to that, the rising demand to lower the logistics costs, and bill of materials, will be opportunistic for the market players.
Growing industrialization in the emerging nations will upsurge the demand for efficient industrial packaging, thereby boosting the overall market growth. Moreover, the growing food and beverage sector will also escalate the demand for effective packaging, which will boost the growth of the industrial packaging market.
COVID-19 Impact Analysis
The COVID-19 pandemic created a shortage of raw materials needed in the manufacturing process, which ultimately hampered the growth of the global industrial packaging market. In addition to that, workforce shortages, supply chain interruptions, and fluctuations in prices further created challenges for the global industrial packaging market.
Moreover, the pandemic forced the industry players in the Asia-Pacific region to decrease production by a significant percentage. Various manufacturers of plywood boxes, wooden crates, and corrugated boxes witnessed a substantial drop in terms of revenue. As a result, it impeded the growth of the global industrial packaging market.
Regional Analysis
The Asia-Pacific industrial packaging market is forecast to grow as the largest market during the study period. It is owing to the presence of various manufacturers in the region. Furthermore, the strong economic growth of China, Indonesia, Malaysia, and India will contribute to the growth of the industrial packaging market.
The European market for industrial packaging is forecast to witness a substantial jump in terms of revenue, owing to the growing number of initiatives in the region. For instance, the European Union’s research & innovation (R&I) programs are promoting the development of industrial technologies and solutions. Thus, all of this will benefit the industrial packaging market.
Competitors in the Market
Market Segmentation
The global industrial packaging market segmentation focuses on Product, End-Users, and Region.
By Product Outlook
By End-Users Outlook
By Region
