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Chemical & Pharmaceutical segment is projected to grow at the highest rate in Industrial Packaging Market till 2026

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Rohna Patnakar
Chemical & Pharmaceutical segment is projected to grow at the highest rate in Industrial Packaging Market till 2026

The market for industrial packaging is projected to grow from USD 54.94 Billion in 2016 to reach USD 93.28 Billion by 2026, at a CAGR of 5.4%.

Browse 111 market data tables and 48 figures spread through 168 pages and in-depth TOC on “Industrial Packaging Market by Pack Type (Drums, Containers, Pails, Sacks, Crates), Material (Metal, Paperboard, Wood, Plastic), Application (Automotive, Food & Beverages, Building & Construction, Chemical), and Region - Global Forecast to 2026”.

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The global market for industrial packaging is dominated by large players such as Grief Inc. (U.S.), Mondi Plc (South Africa), Amcor Limited (Australia), WestRock Company (U.S.), International Paper (U.S.), Bemis Company Inc. (U.S.), Orora Group (Australia), Mauser Group (Germany), Sigma Plastics Group (U.S.), and Wuxi Sifang Drums Limited Company (China).

These players have emphasized and adopted various strategies to expand their global presence and increase their market share. Expansions & divestments, mergers & acquisitions, agreements, and new product launches are some of the major strategies adopted by market players to achieve growth in the Industrial labels market.

The growth of the industrial packaging market was largely influenced by mergers & acquisitions in the last few years. The year 2014 experienced many strategies adopted by top players in the market. Agreements, mergers & acquisitions, expansions & investments and new product launches formed an essential part of their strategies, which led to the flow of considerable income within the company. To maintain a competitive advantage on the competitors, top players emphasized on mergers & acquisitions.

Companies adopted strategies such as mergers & acquisitions to increase the reach of their offerings, improve their production capacity, and focus on core operations. Companies aim to serve the market efficiently by investing in manufacturing facilities and acquiring distribution centers in the fast-growing regions. As a result of the same, Mondi Plc (South Africa), Amcor Limited (Australia), WestRock Company (U.S.), International Paper (U.S.), Bemis Company (U.S.), and Mauser Group (Germany) were the major companies that adopted these strategies.

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Asia-Pacific to play a key role in the market for industrial packaging

On the basis of key regions, the market for industrial packaging is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). The low labor costs, excellent industrialization, a huge scope for FDI, emerging economic conditions, stable government scenarios, and an excellent hold on industries such as construction, automotive, and chemical have played a crucial role in the growth of the market for industrial packaging in the Asia-Pacific region.

 

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