Global Rigid Industrial Packaging Market - 2021-2028
発行: DataM Intelligence
ページ情報: 英文 180 Pages
Rigid Industrial Packaging Market Overview
The rigid industrial packaging market size was worth US$ XX billion in 2020 and is estimated to reach US$ XX billion by 2028, growing at a CAGR of XX % during the forecast period (2021-2028).
The rigid industrial packaging is used to store and transport various products for chemicals & solvents, agriculture & horticulture, construction, food & beverages, oil & lubricants, pharmaceuticals and other industries. The rigid industrial packaging solutions available in the market include various types of drums, pails, rigid IBCs, bulk boxes and others. These products are manufactured from plastic, metal, paper, wood or fibre material.
The rigid industrial packaging is vital for the storage of hazardous products, such as oils & lubricants, chemicals, and pharmaceuticals. The governmental regulations and guidelines associated with the storage and shipment of the products are unfolding new opportunities for the stakeholders in the market.
Rigid Industrial Packaging Market Dynamics
The global rigid industrial packaging market is expected to drive with growing international trade, shifting to eco-friendly packaging solutions and demand for cost-effective solutions.
Growing international trade
The growing international trade is expected to drive the global rigid industrial packaging market in the forecast period. The trade growth between the countries has been influenced by several factors such as developing technology, governments decisions, industrial activities, increasing competition, new trade agreements, etc. The growing food & beverages, petroleum and chemical trade among the countries create the massive need for rigid industrial packaging. For instance, the European chemical surplus grew from EUR 88 billion (2010) to EUR 178 billion (2020), equivalent to average annual growth of 7.3 %. The U.S was the leading chemical importer with EUR 243 billion and exporting value of EUR 201 billion. In comparison, China import and export of chemicals accounted for EUR 196 billion and EUR 145 billion.
The companies have been forming various strategies and making new developments in the field with increasing scope and competition in the market. For instance, in 2018, Four packaging firms Mauser Group, BWAY, National Container Group, and Industrial Container Services, created a new sustainability-focused firm, Mauser Packaging Solutions. The company will now offer packaging solutions in various industries such as food, beverage, pharmaceuticals, chemicals, petrochemicals, agrochemicals, etc.
Shortage of industrial containers
The shortage of industrial packaging is responsible for restraining the growth of the rigid industrial packaging market in the forecast period. The shortage resulted due to delay of a large number of containers by several weeks or the containers are stuck in the wrong ports along with hindered IBC production capacity due to staff absenteeism, creating shortages of rigid industrial packaging globally.
Moreover, there has been a continual increase in steel and polymer prices, affecting the production of rigid industrial packaging in the present scenario. Various countries have been reducing trade or increasing taxes on trade, affecting the market growth. For example, China has increased export tax rebates on propylene, ethylene, and ethylene glycol.
COVID-19 Impact Analysis
Due to the pandemic, stakeholders across the rigid industrial packaging industry have seen a notable impact as all the production work, factories and other activities were closed. As a result, production was hindered by halts and supply chain disruption globally. In 2019, the world's top nine of the top ten importing countries reported negative growth rates for exports and imports. Shipping rates of containers are a significant component of trade costs, so the new hike in the prices poses an additional challenge to the world economy. As a result, it struggles to recover from the global crisis. The shipping industry based on circularity and COVID-19 has caused huge disturbances in the supply chain, resulting in a shortage of container shortage in the industry.
After the pandemic, the governments still impose various restrictions, such as working with half the workforce and fewer operating hours hindering the production cycle of the market. The downfall in international trade and the closing of ports for a long time have directly impacted the growth of rigid industrial packaging. However, the market is expected to recover after the pandemic, with sectors aiming to work with higher production rates to recover from the incorporated losses.
Rigid Industrial Packaging Market Segment Analysis
By product type, the rigid industrial packaging market is broadly classified into intermediate bulk container (IBC), drums, pails, bulk boxes and others.
The intermediate bulk container is expected to grow at the fastest CAGR during the forecast period (2021-2028)
The intermediate bulk container is expected to hold the largest market for the rigid industrial packaging market and are expected to continue their dominance in the forecast period. IBCs are used to transport and store solvents, chemicals, pharmaceuticals, liquid, food ingredients, grains, etc. The end-users emphasize IBC's rental business due to its potential benefits efficient use of space, less labour cost, freight and storage costs and elimination of disposal. The containers are available in various types of materials such as plastic, steel and composites. Moreover, the intermediate bulk containers are also offered on a rental basis, offering cost-effective solutions to the consumers.
The companies have been extending their rental IBC business in the region with the growing demand. For instance, in 2020- Schoeller Allibert, the market leader in recyclable, reusable and returnable plastic packaging solutions, has launched ChemiFlow, a U.N. approved Intermediate Bulk Container designed to transport hazardous and highly corrosive chemicals. Moreover, Thielman IBC has extended its service offerings to rentals, rent-to-own and leasing options for the Intermediate Bulk Containers with continuously increasing demand.
Rigid Industrial Packaging Market Geographical Analysis
Asia Pacific region holds the largest market for the global rigid industrial packaging globally
Asia Pacific region holds the largest market share for the rigid industrial packaging market globally and is expected to continue its dominance in the forecast period. The region requires effective industrial packaging solutions with evolving industrial actives. With expanding food & beverages industry in the countries like China and India, trade activities are also expected to increase in the sector. For instance, China is now the largest agricultural importer, surpassing both the European Union and the U.S in 2019, with imports totaling $133 billion. Also, China is the largest country in terms of export among all the nations globally, creating demand for effective rigid industrial packaging solutions for effective transportation.
Europe also holds a significant market share for the rigid industrial packaging market. The transportation regulations and the increasing trade activities from various end-users create demand for efficient industrial packaging solutions that have created a demand for rental rigid industrial packaging in the region. Moreover, the stringent rules associated with the transportation of hazardous chemicals have been a vital factor in shaping the rigid industrial packaging business in Europe.
Rigid Industrial Packaging Competitive Landscape
The rigid industrial packaging market is moderately competitive with the local player's presence, followed by the global companies, contributing to the major share in the market growth. In addition, some of the key players contributing to the growth of the market are Greif Inc, Amcor plc, Berry Global Inc., Sonoco Products Company, Silgan Holdings Inc., Plastipak Holdings Inc., Sirap Group, Holmen Group, Mauser Group B.V, Time Technoplast Ltd and others. The major players are adopting various new strategies to dominate the market, such as product launches, expansions, acquisitions and collaborations, contributing to the growth of the Graphene battery market globally.
Overview: Greif, Inc. is a leading American manufacturing company based in Ohio. The company is focused on producing industrial packaging and containers. The company has 246 facilities located in 41 countries globally.
Product Portfolio: The Company is engaged in offering steel drums, plastic drums, fibre drums, intermediate bulk containers, jerrycans, land management, corrugated specialty products and corrugated sheets for industrial packaging.
Key Development: In 2020- Greif Inc has announced incorporating post-consumer resin (PCR) into their industrial packaging products and increasing production capabilities for PCR products.
The global rigid industrial packaging market report would provide access to an approx: 61 market data table, 61 figures and 225 pages
LIST NOT EXHAUSTIVE