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Covid19 Impact on Industrial Packaging Market

The global industrial packaging market size is projected to grow from USD 58.8 billion in 2020 to USD 72.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 4.3% during the forecast year.

Browse 141 market data tables and 46 figures spread through 197 pages and in-depth TOC on "Industrial Packaging Market by Product type, Material (Paperboard, Plastic, Wood, Metal), Application (Food & Beverage, Building & Construction, Pharmaceutical, Chemical, Automotive, Oil & Lubricant) and Region - Global Forecast to 2025"

According to the European Industrial Packaging Association (EIPA), “Industrial Packaging is, first and foremost, designed and manufactured to offer protection to the products during each phase of production operations such as storage and transport of spare parts, semi-finished and finished products. It is manufactured for numerous industries, such as chemical, automotive and food industries. Industrial packaging is especially suited for heavy, bulky or large goods and hazardous materials.”

The industrial packaging market has thousands of companies which thrive in their domestic market. A few of the major players are, Greif Inc. (US), Amcor (Australia), Berry Global Inc. (US), Mondi (South Africa) and Sonoco (US). These players have adopted various growth strategies, such as acquisitions, expansions & investments, new product developments, and agreements to increase their market shares and enhance their product portfolios.

Expansions and investments accounted for the largest share of all the strategic developments that took place in the industrial packaging market between 2016 and 2020. Key players such as Greif Inc. (US), and Mauser Packaging Solutions (Germany) adopted these strategies to enhance their market presence and strengthen their manufacturing and distribution capabilities in the industrial packaging market.

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Food & beverage is estimated to be the largest segment in the industrial packaging market in 2019.

Food & beverage, by application, accounted for the largest demand for industrial packaging  in 2019, in terms of value and volume. This dominant market position is attributed to the boost in the demand for industrial packaging solution across the food & beverage industry. People are resorting to panic-buying and bulk stocking due to the fear of lockdowns, in COVID-19 pandemic. More people are ordering daily staples and fresh food through online channels, which leads to an increase in the demand for bulk industrial packaging solutions.

The APAC region is projected to account for the largest share in the industrial packaging market during the forecast period.

The APAC region region is projected to lead the industrial packaging market, in terms of both value and volume from 2020 to 2025. Higher domestic demand, along with the availability of low-cost labor, makes this region the most attractive market for industrial packaging producers. Hence, the market players are focusing on this region to gain a larger share and increase their profitability. Factors such as improving global economy, expanding working population, and rising domestic demand for food and pharmaceutical products  are expected to boost the market for industrial packaging.

Read More Information At https://www.marketsandmarkets.com/ResearchInsight/industrial-packaging-market.asp

 

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on March 9 at 7:56

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