“Global Industrial Packaging Market to reach a market value of 83.3 Billion by 2031 growing at a CAGR of 4%”
The Global Industrial Packaging Market size is expected to reach $83.3 billion by 2031, rising at a market growth of 4.0% CAGR during the forecast period.
Drums provide strong protection for products, especially liquids and hazardous materials. Their durable construction helps prevent leaks, spills, and contamination, ensuring that goods are safely transported and stored. This is crucial for industries dealing with chemicals, pharmaceuticals, and oils. Drums are typically made from sturdy materials like steel, plastic, or fiberboard, offering long-lasting durability. Their reusability further drives demand as businesses seek sustainable and cost-effective packaging solutions. Reusable drums can be cleaned and refilled, reducing waste and lowering packaging costs. Thus, the drum segment acquired 18% revenue share in the market 2023.
Bulk packaging allows for more efficient use of materials and reduces per-unit packaging costs, making it a cost-effective solution for manufacturers. By reducing the number of packages to handle and process, bulk packaging facilitates more efficient supply chain logistics. This can lead to faster processing times, reduced transportation costs, and better inventory management.
Additionally, as demand increases for temperature-sensitive products such as pharmaceuticals, biologics, and perishable foods, specialized packaging solutions that maintain the required temperature throughout the supply chain are needed. Hence, rising cold chain logistics is propelling the market’s growth.
However, the prices of essential raw materials like plastics, metals, paper, and cardboard have been rising due to various factors, including supply chain disruptions, geopolitical tensions, and fluctuating oil prices (which affect plastic production). These increased costs directly translate into higher production expenses for industrial packaging manufacturers.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
Based on product type, the market is divided into drums, IBCs, sacks, pails, crates & totes. In 2023, the sacks segment garnered 26% revenue share in the market. Sacks are often more affordable compared to rigid containers or other packaging solutions. Their lower production and material costs make them a cost-effective option for industries dealing with bulk materials.
On the basis of material, the market is segmented into paperboard, plastic, metal, wood, and fiber. In 2023, the metal segment attained 19% revenue share in the market. Metal packaging, such as steel and aluminum, offers exceptional durability and strength. It provides robust protection against physical damage, environmental factors, and contamination.
By application, the market is divided into chemical & pharmaceuticals, building & construction, food & beverages, oil & lubricants, agriculture & horticulture, and others. In 2023, the chemical & pharmaceuticals segment registered 30% revenue share in the market. Many chemicals and pharmaceuticals are classified as hazardous materials.
Free Valuable Insights: Global Industrial Packaging Market size to reach USD 83.3 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the North America region generated 30% revenue share in the market. North America has a strong and diversified manufacturing sector, including industries such as automotive, aerospace, electronics, and consumer goods.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 61.6 Billion |
| Market size forecast in 2031 | USD 83.3 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 4.0% from 2024 to 2031 |
| Number of Pages | 270 |
| Number of Tables | 420 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product Type, Material, Application, Region |
| Country scope |
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| Companies Included | Nefab Group, Grief, Inc., Mondi Plc, Amcor Plc, Sigma Plastics Group, The International Paper Company, WestRock Company, Berry Global Group, Inc., Sealed Air Corporation and Brambles Limited |
By Product Type
By Material
By Application
By Geography
This Market size is expected to reach $83.3 Billion by 2031.
Increased demand for bulk packaging solutions are driving the Market in coming years, however, High costs of raw materials restraints the growth of the Market.
Nefab Group, Grief, Inc., Mondi Plc, Amcor Plc, Sigma Plastics Group, The International Paper Company, WestRock Company, Berry Global Group, Inc., Sealed Air Corporation and Brambles Limited
The expected CAGR of this Market is 4% from 2024 to 2031.
The Plastic Segment is leading the Market by Material in 2023; thereby, achieving a market value of $36.6 billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $33,187.7 million by 2031.
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