Industrial Packaging Market Revenue Will Grow 4.3% from 2023 to 2033, Identifies Fact.MR
According to a recently published research report by Fact.MR, a provider of market research and competitive intelligence, the projected value of the industrial packaging market is US$ 107 billion for 2033. Worldwide demand for industrial packaging solutions is likely to increase at a CAGR of 4.3% through 2033.
The market for industrial packaging highly depends on global export and import activities. Various products such as pails and drums are experiencing increased demand from different heavy manufacturing industries. Further, intermediate bulk containers (IBCs) and material handling containers also find application in logistics as well as the short-distance transportation of goods.
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Various industries such as lubricants, paints & inks, chemicals, pharmaceuticals, and food & beverages use rigid plastic IBCs on a large scale. The RIBCA (Rigid Immediate Bulk Container Association) of North America caters to the choices of corporations, firms, and persons that are engaged in assembling or manufacturing rigid bulk containers.
In the past few years, rising awareness about the harmful effects of plastic has led to noticeable changes in the industry of packaging solutions. Many initiatives such as awareness campaigns are being undertaken by government authorities, NGOs, and associations to spread awareness about the harmful effects of plastics. This has resulted in the innovation of environment-friendly industrial packaging products.
Key Takeaways from Market Study
- Sales of industrial packaging are likely to reach US$ 107 billion by 2033-end.
- The market in Japan is expected to progress at a CAGR of 2.5% through 2033.
- The global industrial packaging industry is worth US$ 70 billion in the year 2023.
- The global market is likely to expand at a CAGR of 4.3% through 2033.
- Sales of industrial packaging in the market in Germany are likely to increase at a CAGR of 3.2% through 2033.
“Increasing utilization of shipping containers across different end-use industries is estimated to drive market growth,” says a Fact.MR analyst.
According to the constantly changing demand for recyclable and sustainable industrial packaging products, companies are launching innovative and new products in the market.
- The refuse sack business of Berry Global in the U.K. launched a new range of products with high strength in May 2022. These products are made from recycled plastics.