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 $26 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 .
This study tracks the growth of the global Rigid Industrial Packaging market from 2019 to 2029. FMI forecasts that global rigid industrial packaging will rise steadily at a CAGR of 4.5% over the forecast period.
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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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By product type
- iron drum
- plastic drum
- composite drum
- hard IBC
- bulk box
- paper and wood
- Chemicals and solvents
- oils and lubricants
- agriculture and horticulture
- building and construction
- food and beverage
- Pharmaceutical and medical devices
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Research shows that container reuse is gaining ground in the rigid industrial packaging space, and to keep up with the current trend, manufacturers are focusing more on R&D activities and innovation to increase the efficiency of their products and maximize repeat use. As manufacturers lean toward offering products that meet the specific needs of end users, a trend towards customization has also emerged prominently in the market.
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services serving clients in more than 150 countries. FMI is headquartered in Dubai, the global financial capital, with shipping centers in the United States and India. FMI’s latest market research reports and industry analyzes help companies navigate issues and make important decisions with confidence and clarity in the face of fierce competition. Customized and syndicated market research reports provide actionable insights that drive sustainable growth. FMI’s team of expert-led analysts constantly track new trends and events across a wide range of industries to prepare customers for the evolving needs of consumers.
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