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 .
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.
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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.
What Is the Impact of COVID-19 Pandemic on the Global Rigid Industrial Packaging Market?
The rigid industrial packaging market was severely impacted due to the outbreak of the COVID-19 pandemic. The strong negative impact of the pandemic on the import and export activities of several end-use industries of the rigid industrial packaging market resulted in disrupting demand for target products during the year 2020.
Furthermore, the demand for rigid industrial packaging from the industries like building & construction, chemical & solvents and automotive was also severely dampened as a result of the pandemic. However, rigid industrial packaging market growth bounced back after the first quarter of 2021 as a result of a decline in the number of restrictions imposed by national governments of several countries on trade activities.
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Industrial packaging products if not frequently, consistently require improvement in product design to serve value creation for the end-user. Consequently, the adoption of these packaging solutions has also increased among industrial users, resulting in a spur in demand. From MS barrels with old designs to improved MS barrels and time design drums, the industrial bulk packaging sector is again witnessing a transition where not only the buyers from developed markets but also from high potential developing markets are posting demand for bulk containers. Since the global trade of industrial products has also increased significantly over the past decade, it necessitated non-traditional industries to use these containers.
Some of these industries include biochemical manufacturers, food-grade ingredient manufacturers, processed sweetener manufacturers, etc. The intercontinental trade is expected to witness a positive growth rate and it will propel the demand for industrial packaging products across the globe, especially in the eastern part. The demand is also anticipated to be driven by widened use of larger, higher-valued industrial containers, which ensure increased performance, and are also economic in terms of cost when compared to smaller containers, which generally have shorter service lives.
Rigid Industrial Packaging Market by Category
By Product Type:
- Drums
- Steel Drums
- Plastic Drums
- Composite Drums
- Rigid IBCs
- Pails
- Bulk Boxes
- Others
By Material Tpe:
- Plastic
- Metal
- Paper & Wood
- Fiber
By End Use:
- Chemicals & Solvent
- Oil & Lubricants
- Agriculture & Horticulture
- Automotive
- Building & Construction
- Food & Beverage
- Pharmaceuticals & Medical Devices
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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