Making packages more recyclable, lighter, shapelier, and safer will be the principal drivers for the industrial packaging market through to 2020.
By Smithers Pira Published: August 1, 2016 The global market for industrial packaging, estimated at $48.6 billion in 2013, is forecast to reach $61 billion by 2020—an annual growth of 3.4%—according to a recent market study by Smithers Pira.
Data in The Future of Industrial Packaging to 2020 shows the largest share of this market (31%) has now shifted to Asia, placing it ahead of Western Europe, and North America.
Asia will continue to see the highest growth in demand across the study period (2015-2020), increasing its total share to 34% of the world market at its end. In contrast, Western Europe is expected to drop to a 28% market share in 2020 as overall growth falters and some key national markets decline.
The industrial packaging sector is dependent on four key user industries:
- Chemicals and pharmaceuticals
- Bulk food and beverages
- Building and construction
These industries are still exhibiting inconsistent recovery from the global economic downturn of 2008, which is influencing overall growth in the segment.