Industrial Packaging Market Trends

Growth Drivers

• Growing Manufacturing and Development of Medicines– The medications necessitate packaging that is chemically and corrosion resistant. There is a need to protect the medicines from being physically damaged while being transported from the location of manufacturing to the retail store. Moreover, the capacity of flexible plastic packaging coatings to protect medications from external environmental conditions is expected to increase its demand during the analysis period. The entire spending on medications in 2021 is expected to be around USD 1.5 trillion across the globe.
• Rising E-Commerce Industry – There has been an increase in the number of people ordering fresh food, FMCG, and other products through e-commerce channels, which increases the demand for industrial packaging. Therefore, it is anticipated to boost the growth of the Industrial packaging market in the upcoming years. For instance, global retail sales of e-commerce are projected to reach more than USD 8.0 trillion by the end of 2026.
• Increasing Sale in Automotive Industry– The industrial packaging is used to ship the automotive parts and components. Moreover, the increasing demand for automobiles in the automotive sector is surging the need for the transportation of more components to the manufacturing units. Hence, it is projected to surge the growth of the global industrial packaging market over the forecast period. As per the reported data, the car sales across the globe have increased to more than 65 Million in the year 2022.
• Growing Use of Packaging in Chemical Industry– Chemicals are packed in order to protect them from exposure to moisture, and allow the users to use them without any hazards. Therefore, it is predicted to surge the Industrial packaging market’s growth by the end of 2035. According to the estimates, the production volume of chemicals around India was more than 11 million metric tons in the fiscal year 2021.

Challenges

• Environmental Concern Related to the Industrial Packaging – Industrial packaging is one of the major concerns for the environment, as it generates air emissions. Moreover, the packaging waste is dumped into the soil, and ocean, which is degrading the environment.  In addition, the underdeveloped method for the recyclability of the packaging is creating a problem in the industrial packaging market. Thus, it is estimated to hamper the growth of the market in the upcoming years.
• Fluctuations in the Prices of the Raw Materials
• High Cost of the Industrial Packaging