Industrial Packaging Market Information, Figures and Analytical Insights to 2024
Industrial Packaging Market size is likely to expand at a significant CAGR during the forecast period. Increased international trade demands for product safety and robust packaging option to overcome damage occurred by environmental factors and transportation will drive the global industrial packaging market. This enables the manufacturers to provide easier distribution and reduce transportation losses occurred by the damage through the protective wrapping.
The industrial packaging market can be segmented by product into drums, intermediate bulk container (IBC), crates, sacks, pails, tubes, and bulk boxes. IBC type is extensively used for the covering. Plastic sacks are replacing paper & jute sacks owing to its benefits such as low cost, light weight, durability etc.
Indian industrial packaging market size exceeded USD 30 billion in 2015 and is estimated to grow over 15% CAGR. The Indian region accounts for 4% of global packaging industry. Growing packaging machinery market in Asia, Africa will further increase the demand for this industry. Enhanced automation, integrated systems and shorter turnaround time are some of the growth factors for industry growth in this region.