The global industrial packaging market is estimated to grow at a CAGR of nearly 4.8% during the forecast period. The market is significantly driven by factors such as rising industrialization and increasing global trade. These factors have emerged the demand for protection, storage, and shipping of products associated with manufacturing industries. This, in turn, has led the adoption of industrial packaging to store bulk products and protect them from being contaminated, while offering a barrier, security and containment. Owing to its emerging applications across end-user industries such as pharmaceutical, food and beverage, and chemical industry, the market players are focusing on expanding their market share. As a result, they are adopting some useful strategies as a move to strengthen its position in the market.
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In March 2020, Tank Holding acquired the IBC manufacturing assets from Hoover Ferguson. It will further reinforce Tank’s position, as one of the key manufacturers of returnable and reusable IBCs in North America. Hoover Ferguson offers material handling container solutions for general industrial, energy, and petrochemical applications, which includes services of IBC products. With this acquisition, Tank is increasing its IBC production capacity and footprint. The company will look forward to serve the customers of Hoover Ferguson with the complete range of its IBC product portfolio.
In January 2020, Sealed Air Corp. revealed a new version of BUBBLE WRAP brand packaging material produced with minimum 90% recycled content. The company’s portfolio of major packaging solutions includes BUBBLE WRAP brand packaging, CRYOVAC brand food packaging, and SEALED AIR brand protective packaging, which together supports a more efficient, safer, food supply chain and protects valuable goods shipped across the globe. In 2018, the company generated $4.7 billion in sales and has nearly 15,500 employees serving customers in 123 countries. The newest edition of BUBBLE WRAP brand packaging is produced from recycled content obtained from post-industrial materials. In line with its commitment, the future product developments of the company will also integrate post-consumer recycled content.
In March 2018, Constantia Flexibles Group declared that it has acquired a majority shareholding in the Creative Polypack Ltd., Indian film-based laminates manufacturer. Creative Polypack is the fourth largest flexible packaging group in India that manufactures home & personal care (HPC) and film-based flexible packaging for the food and industries, and paper-based soap wrappers. The company provides service to the domestic and global consumer goods firms in India. With this acquisition, Constantia will become the third-largest flexible packaging company in the country, driven by the rising urbanization and the expansion of the retail sector. This will enable the company to cover most of the Indian subcontinent with their increasing production footprint. These strategies have a significant impact on the increasing availability of more effective products for applications in a wide range of industries, which, in turn, will offer an opportunity for the global industrial packaging market.
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Global Industrial Packaging Market- Segmentation
By Product
· Intermediate Bulk Containers (IBCs)
· Drums
· Sacks
· Pails
· Crates
· Others
By Material
· Plastic
· Metal
· Wood
· Paperboard
· Others
By End-User Vertical
· Food and Beverage
· Chemical and Pharmaceutical
· Building and Construction
· Automotive
· Oil and Gas
· Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
