Market Size of Industrial Packaging Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 66.27 Billion |
Market Size (2029) | USD 93.45 Billion |
CAGR (2024 - 2029) | 7.12 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | Asia-Pacific |
Major Players*Disclaimer: Major Players sorted in no particular order |
Industrial Packaging Market Analysis
The Industrial Packaging Market size is estimated at USD 66.27 billion in 2024, and is expected to reach USD 93.45 billion by 2029, growing at a CAGR of 7.12% during the forecast period (2024-2029).
- Industrial packaging is the umbrella term used to describe heavy-duty, specialized, and customized packaging solutions to provide added value protection for the customer's products to get from point A to point B or sit in storage. This type of packaging is usually used on hazardous or sensitive products or components sensitive to each other.
- The increasing volume of resources and products being transported across various regions is one of the primary factors that led to the growth of bulk industrial packaging. The industrial packaging market highly depends on global import and export activities. While products such as drums and pails experience huge demand from heavy manufacturing industries, other products, such as material handling containers and intermediate bulk containers (IBCs), include applications in logistics and the short-distance transportation of goods.
- Rigid plastic IBCs are used in various industries, such as food and beverage, pharmaceuticals, chemicals, and paints, inks, and lubricants. The Rigid Intermediate Bulk Container Association (RIBCA) of North America fosters the interests of people, firms, and corporations engaged in manufacturing or assembling rigid intermediate bulk containers.
- Industrial packaging has received scant attention over the past few decades compared to consumer packaging. Governments and organizations worldwide have recently realized the importance of safe and sustainable industrial packaging. The market also observed an increased focus on downgauging/material reduction. An instance of this is the introduction of multi-walled paper sacks. This helped reduce the weight of traditional sacks without sacrificing strength and performance.
- Companies are launching innovative products in line with the changing demand for sustainable and recyclable industrial packaging. In May 2023, FlexSack launched FlexSack-eco, large-sized bulk sacks with 30% post-consumer resin (PCR) content. According to the firm, this kind of innovation is the first of its kind in North America.
- Factors like the greater need to cut down on logistics costs and bills of materials and enhance overall efficiency across supply chains are expected to drive investments and innovation among industrial packaging manufacturers during the forecast period. These factors are buoyed by companies and governments focusing on claiming necessary measures to reduce packaging wastage. These trends are anticipated to drive the industrial packaging market during the forecast period.
Industrial Packaging Industry Segmentation
Industrial packaging protects, ships, and stores a wide range of goods. Typically, industrial packaging is done at the production site right after production, although it can be used at any point in the supply chain. This type of packaging is usually done for sensitive products that heavily rely on stability or are hazardous or bulky or for products with components that are sensitive to each other.
The industrial packaging market is segmented by product (intermediate bulk containers (IBCS), sacks, drums, pails, and other products), end-user industries (automotive, food and beverage, chemicals and pharmaceuticals, oil, gas, and petrochemical, building and construction, and other end-user industries), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
By Product | |
Intermediate Bulk Containers (IBCs) | |
Sacks | |
Drums | |
Pails | |
Other Products |
By End-user Industry | |
Automotive | |
Food and Beverage | |
Chemicals and Pharmaceuticals | |
Oil and Gas and Petrochemicals | |
Building and Construction | |
Other End-user Industries |
By Geography*** | ||||||
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Latin America | ||||||
Middle East and Africa |
Industrial Packaging Market Size Summary
The industrial packaging market is poised for significant growth, driven by the increasing demand for robust and specialized packaging solutions that ensure the safe transport and storage of goods. This sector encompasses a wide range of products, including drums, intermediate bulk containers (IBCs), and corrugated boxes, which are essential for industries such as food and beverage, pharmaceuticals, and chemicals. The market's expansion is closely tied to global trade activities, with a notable emphasis on sustainable and recyclable packaging solutions. Innovations like multi-walled paper sacks and bulk sacks with post-consumer resin content highlight the industry's shift towards eco-friendly practices. The focus on reducing logistics costs and enhancing supply chain efficiency further propels investments in industrial packaging, as companies and governments strive to minimize packaging waste.
In the Asia-Pacific region, the industrial packaging market is experiencing robust growth due to the rapid development of the manufacturing sector, particularly in countries like China, India, and Indonesia. China's stronghold in the production of fiber drums and its status as a leading exporter bolster the demand for bulk packaging solutions. The chemical packaging segment is also witnessing increased demand, driven by the rising export of chemicals from countries like India. The market is characterized by intense competition among numerous international, regional, and local vendors, with companies like Greif Inc. and Mondi investing in innovative and sustainable packaging technologies. These developments underscore the industry's commitment to meeting evolving customer demands and regulatory standards, ensuring the continued growth and diversification of industrial packaging solutions.
Industrial Packaging Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Value Chain Analysis
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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1.4 Impact of Geopolitical Scenarios on the Market
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2. MARKET SEGMENTATION
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2.1 By Product
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2.1.1 Intermediate Bulk Containers (IBCs)
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2.1.2 Sacks
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2.1.3 Drums
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2.1.4 Pails
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2.1.5 Other Products
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2.2 By End-user Industry
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2.2.1 Automotive
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2.2.2 Food and Beverage
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2.2.3 Chemicals and Pharmaceuticals
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2.2.4 Oil and Gas and Petrochemicals
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2.2.5 Building and Construction
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2.2.6 Other End-user Industries
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2.3 By Geography***
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Russia
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia and New Zealand
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2.3.4 Latin America
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2.3.5 Middle East and Africa
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Industrial Packaging Market Size FAQs
How big is the Industrial Packaging Market?
The Industrial Packaging Market size is expected to reach USD 66.27 billion in 2024 and grow at a CAGR of 7.12% to reach USD 93.45 billion by 2029.
What is the current Industrial Packaging Market size?
In 2024, the Industrial Packaging Market size is expected to reach USD 66.27 billion.