Rigid Industrial Packaging Market is projected to reach US$ 42.5 Bn by 2029, at a CAGR of 4.6%
Growing industrialization is anticipated to boost the growth of the rigid industrial packaging market. The demand for chemicals and pharmaceuticals is increasing at a good pace and positively influencing the growth of the rigid industrial packaging market. Rigid industrial container manufacturers can capitalize on intercontinental trade for petrochemical, oil, and gas industries.
Rigid industrial packaging sold ~1.85 billion units in 2018, equivalent to a value of $31.1 billion. Rigid industrial packaging is gaining increasing momentum in several commercial sectors due to improved protection against harsh environmental factors. According to FMI’s research, rapid industrialization and growing demand for chemicals and pharmaceuticals continue to influence the growth prospects of the rigid industrial packaging market .
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This study tracks the growth of the global Rigid Industrial Packaging market from 2022 to 2029. FMI forecasts that global rigid industrial packaging will rise steadily at a CAGR of 4.6% over the forecast period.
Manufacturers seize opportunities in the chemical industry.
According to this study, one of the important growth drivers is the increase in intercontinental trade activity, which requires the use of robust industrial packaging formats in new industries such as biochemicals, food grade ingredients and processed foods. Additionally, the market is highly dependent on four major end-use industries including Chemicals and Solvents, Food and Beverage, Oils and Lubricants, and Automotive.
Despite the swirling clouds surrounding plastic’s adverse effects, manufacturers continue to use plastics as a convenient material for rigid industrial packaging because of their technological and operational advantages and lower cost over metal. Sales of rigid containers made of plastics, accounting for ~50% of sales in 2018, will witness significant growth going forward, driven by their lightweight properties and advances in polymer processing technology. However, the low degradability of plastics remains a major concern for manufacturers and end users.
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key segment-
By product type:
drum
iron drum
plastic drum
composite drum
hard IBC
pail
bulk box
Etc
material type:
plastic
metal
paper and wood
fiber
end use:
Chemicals and solvents
oils and lubricants
agriculture and horticulture
car
building and construction
food and beverage
Pharmaceutical and medical devices
Etc
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Report Objectives
- To analyze and forecast the global Rigid Industrial Packaging market size in terms of value and volume
- To analyze the opportunities in the market for stakeholders and provide a competitive landscape for market leaders
- To define, describe, and forecast the market by type, material, and application
- To forecast the market size with respect to five main regions: Asia Pacific (APAC), the Middle East & Africa, Europe, North America, and South America
- To strategically analyze the micromarkets1 with respect to individual growth trends, prospects, and their contribution to the overall market
- To provide detailed information about the key factors (drivers, restraints, opportunities, and challenges) influencing market growth
- To strategically profile the key players and comprehensively analyze their market shares and core competencies
- To analyze competitive developments in the market, such as investments & expansions, new product developments, partnerships & collaborations, and mergers & acquisitions
