A new report by Coherent Market Insights predicts that the global industrial packaging market will exhibit impressive growth over the next seven years, seeing the industry’s total worth reach a staggering $97 billion.
The newly published Global Industrial Packaging Market Report values the 2016 market at $56.8 billion while projecting it to rise by a compound annual growth rate (CAGR) of 6.1% to 2025.
The major drivers propelling such global growth include the rapidly developing construction industry, the increasing trend of recyclable packaging materials, increasing consumption of packaged food items, and growing industrialization in emerging economies such as India, China, and Brazil. This is despite the fluctuating prices of the raw materials and unavailability of skilled manpower, which are considered two of the main growth restraining factors affecting the industry.
The new report considers the packaging product categories of drums, pails, tubes, containers, sacks, crates, bulk boxes, IBCs and pallets; materials including plastics, metals, wood, paper and board, fiber and fiberboard; and end-user industries covered include automotive, electronics, construction, food and beverages, chemicals, oil & lubricants, agriculture and horticulture.
Among the materials studied, the plastics market held the dominant position in 2016, valued at $25.5 billion, and is projected to retain this moving forward, reaching an estimated $40.9 billion by 2025. Furthermore, the paper and paperboard sector is also making gains due to the rising demand for eco-friendly and biodegradable packaging material.