The global industrial packaging market also referred to as the bulk packaging market, is characterized by the use of packaging in numerous industries to protect manufactured products, which demand extended storage. Industrial packaging includes customized packaging that eases supply chain procedures to protect manufactured products from external harsh environments. Industrial packaging materials display enhanced strength and thickness as opposed to other packaging types.
By material, the industrial packaging is segmented into metal, plastic, wood, paper, and fiber are used depending on the form of the product to be packed. Plastic industrial packaging is the most predominantly used material type globally, owing to benefits such as low weight and durability compared to the other materials such as wood and glass. In plastic industrial packaging, the cubic intermediate bulk container (IBC) are more in demand, as they offer the advantage of conserving more space during shipping. Different types of plastic packaging include high-density polyethylene (HDPE), low-density polyethylene (LDPE), polyethylene terephthalate (PET), polypropylene (PP), polystyrene, and polyvinyl chloride (PVC, vinyl).
In terms of application, industrial packaging is used in food and beverage, chemical and pharmaceutical, building and construction, oil and gas, agriculture, automotive, and electronics industries. The food & beverage industry is the largest application segment and largely rely on bulk packaging with thermal liners, as they are prone to degradation from UV light and temperature. The growth of industrial packaging in the food & beverage industry depends on factors such as rapidly growing population coupled with urbanization resulting in comprehensive supply chains and retail markets globally.
The use of plastic industrial packaging adds an advantage to low green gas emissions and energy consumption owing to its lightweight property. However, the low degradability of plastic is one of the key restraints, which will have a negative impact on the plastic industrial packaging sector over the forecast period. In addition, numerous regulations such as EU Packaging and Packaging Waste Directive (94/62/EC), by the European Union and 16 CFR Section 260 by the U.S, which is the Federal Trade Commission’s (FTC) aiming to promote green packaging is hindering the demand for plastic industrial packaging.
Rapid R&D across the world has resulted in technology development, which in turn is expected to drive the industrial packaging market over the forecast period. One of the major examples includes the introduction of bioplastics, which has a composition of sugar derivatives such as starch, cellulose, and lactic acid. Furthermore, increasing automation and adoption of robots in industrial packaging is expected to open new market avenues over the next few years.
In terms of geography, Asia Pacific occupies a dominant position in the market owing to the rapid industrialization. Increasing OEM and drug production in countries including India, China, Hong Kong, Taiwan, Japan, and South Korea is expected to fuel demand for the product in Asia Pacific. North America and Central & South America follow Asia Pacific in terms of demand. Countries including Brazil is expected to multiply its crop production leading to greater product demand.
Some of the major vendors in the industrial packaging market include Amcor Limited, BAG Corp, Chem-Tainer Industries, East India Drums & Barrels, Sealed Air, International Paper, Mondi, Orora Packaging Australia, Sonoco Products Company, SCHÜTZ GmbH&Co, Greif, WestRock Company, AmeriGlobe, MAUSER, CorrPakBPS. Some of the others include LC packaging, Tekni-Films, Wuxi Sifang Drums Limited company, Intertape Polymer Group, Jumbo Bag, Nefab, and Hoovers Container Solutions.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.