VILLANOVA, Pa. (PRWEB) April 02, 2021
By 2023, the Global Industrial packaging market is expected to near $70 billion. An increase in construction in major emerging economies will require higher packaging standards since industrial goods are detrimental to the environment. This reimagining of the market will serve as a major factor of it’s exponential growth. Asia-Pacific with an emphasis on China and India are the major revenue drivers for the industry due to their explosive population growth.
“Higher domestic demand, along with the availability of low wage laborers, make APEC the most attractive market for industrial packaging producers,” stated Scott Korn. The chemical and pharmaceutical segment is expected to maintain the highest market share while food and beverage will experience the most growth over time eventually taking over the highest share by 2025.
Food safety requirements place stringent guidelines for industrial packaging requiring a seamless process with little to no human contact. The packaging industry is quickly adapting to changes by harnessing the latest technological advances. The newer sector for automatic packaging experienced rapid growth post pandemic. According to PMMI 67% of manufacturers already utilize automated end of line operations while 85% are looking to expand their automated solutions. Aside from the necessity of a sterile environment, automation fills gaps during labor shortages.
Corrugated boxes represent the biggest piece of the pie in the modern packaging market. The rise in interest for corrugated boxes can be ascribed to the ascent in need for lightweight and useful packaging to service a multitude of industries. Regardless of the burden of lockdowns during COVID-19, corrugated boxes have seen a rise as they were broadly utilized in the supply chain of Germany, United States, China and India.
Overall the Industrial Packaging Market expects a Compound Annual Growth Rate of 3.53% during a forecast period through 2026. The rising volume of products that are being transported between regions is one of the primary factors that has solidified the importance of bulk industrial packaging. Scott Korn suggests sustainable methodology emphasized by the growing environmental impact concerns of the industry will serve as a driver for continued market growth.