Asia Pacific Industrial Packaging Market 2024: Current Trends, Opportunities and Future Growth Challenges for 2036
The Asia Pacific industrial packaging market is to generate the highest revenue by the end of 2035. This growth is anticipated by growing e-commerce in nations such as China and India, followed by a rise in population. The market in the region is also predicted to increase as a result of the rising demand for industrial packaging from a variety of industries, including electronics, automotive, and others. Furthermore, the market in the Asia-Pacific region is expected to expand due to an increase in the number of working people, leading to higher consumption of ready-to-eat food products. In addition, manufacturing activity has increased in emerging nations to meet consumer demand. Therefore, by the end of 2035, all of these factors are anticipated to boost the expansion of the industrial packaging industry. As of 2022, China’s retail sales accounted for approximately 29 percent of all e-commerce sales worldwide, according to recent reports.
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Growing E-Commerce Sector to Promote Global Market Share of Industrial Packaging
The global industrial packaging market is estimated to grow majorly on account of the increasing e-commerce industry. For instance, the count of individuals purchasing FMCG, other items, and fresh food through e-commerce platforms has increased, which raised the need for industrial packaging. Consequently, it is predicted to accelerate market expansion in the future years. It is anticipated that worldwide retail e-commerce sales would surpass USD 8 Trillion by the end of 2026.
The global industrial packaging market is estimated to grow majorly on account of the growing sale in the automotive sector. The vehicle parts and components are shipped in industrial packaging. There is a greater requirement for the transportation of more components to the manufacturing facilities owing to the rising demand for cars in the automotive industry. Thus, during the course of the forecast period, this factor is anticipated to boost the growth of the global industrial packaging market. According to the estimates, there will be more than 65 million cars sold worldwide in 2022.
Some of the major growth factors and challenges that are associated with the growth of the global industrial packaging market are:
Growth Drivers:
· Surge in Usage of Packaging in the Food and Beverage Industries
· Rising Usage of Packaging in the Chemical Industry
Challenges:
The environmental issues associated with industrial packaging, and the volatility in the prices of raw materials are some of the major factors anticipated to hamper the global market size of industrial packaging. Owing to the generation of air emissions, industrial packaging is one of the biggest environmental challenges. In addition, packaging waste is thrown into the ocean and soil, harming the ecosystem. The market is also being affected by the inadequate way for the packaging’s capacity to be recycled. It is predicted that this will impede market expansion in the years to come.
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By end user, the global industrial packaging market is segmented into automotive, food & beverages, building & construction, pharmaceuticals, chemical, oil & gas, and others. The food & beverages segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The reason behind the growth is owing to a rise in the demand for food & beverages. The packaging complies with the regulatory organizations’ criteria for food safety. Additionally, while being transported from the producers to the merchants, food, and beverage products are kept fresh using industrial packaging. Therefore, these characteristics are expected to spur the segment expansion Over 4% of the world’s consumption of packaged foods is being consumed in the Middle East, where the business is expanding significantly. By 2026, this expanding demand is anticipated to have increased by over 20%.
This report also provides the existing competitive scenario of some of the key players of the global industrial packaging market which includes company profiling of Greif, Inc., Mondi plc, Global-Pak, MAUSER Corporate GmbH, International Paper, Orora Packaging Australia Pty Ltd, Sigma Plastics Group, Amcor plc, Berry Global, Inc., and others.
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