The Industrial Packaging Market is estimated to be valued at US$ 68,677.9 Million in 2022 and is expected to exhibit a CAGR of 5.42% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The Global Industrial Packaging Market involves the use of various types of packaging solutions in order to safely transport and store industrial goods over long distances. It protects goods from potential damages during transit and provides convenience in handling large volumes of products. Some common types of industrial packaging include crates, drums, Intermediate Bulk Containers (IBCs), and flexible intermediate bulk containers (FIBCs).
Market key trends:
One of the key trends driving growth in the industrial packaging market is the rising demand from the e-commerce industry. As online retail sales continue to grow exponentially, more goods need to be packaged and shipped in an efficient manner. Industrial packaging providers are focusing on developing innovative, sustainable, and cost-effective solutions such as reusable containers and returnable transport packaging to meet the specific needs of e-commerce companies. The reusable packaging helps reduce packaging waste and fulfills the overall goal of sustainability. This trend is expected to significantly contribute to the market expansion over the forecast period.
Global Industrial Packaging Market Is Estimated To Witness High Growth Owing To Increasing International Trade And Growing Demand From Pharmaceutical Industry & Manufacturing Sector
The industrial packaging market is estimated to be valued at US$ 68,677.9 Million in 2022 and is expected to exhibit a CAGR of 5.42% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Industrial packaging refers to the packaging of industrial products for transportation and distribution. It protects goods from potential damages caused by vibration, pressure changes, temperature changes and impact during transportation. Common industrial packaging solutions include drums, containers, pallets, crates, boxes and sacks made from plastics, wood, metal and paperboard. They efficiently protect industrial components, machinery, chemicals and other goods during inter-/intra-facility transport and shipping between manufacturers, distributors and end-users.
Growing international trade is a major driverpropelling growth of the industrial packaging market. International traderequires bulk and secure packaging of industrial goods to protect them from damage during ocean and land transport between countries. Additionally, rising demand from the pharmaceutical industry and manufacturing sector is also fueling market growth. Pharmaceutical firms extensively use industrial packaging for storage and transportation of medicines, medical equipment and laboratory chemicals. Similarly, the manufacturing industry widely adopts industrial packaging for material and component handling within factories and shipping finished products.