According to the research report titled ‘Global Industrial Packaging Market Size study with COVID-19 Impact, by Type (Drums, IBCS, Sacks, Pails, Crates and Others), by Material (Paperboard, Plastic, Metal and Wood), by Application (Chemical & Pharmaceuticals, Building & Construction, Food & Beverages, Oil & Lubricants, Automotive and Others) and Regional Forecasts 2020-2026’, available with Market Study Report, global industrial packaging market was valued at USD 64.3 billion in 2019 and is expected to grow with a CAGR of 5.4% during 2020-2026.
 

Collective inclination for packaging in major Asian markets like China and India, ease of optimization in pack size, safety regulations, and robust demand from food & beverage industry are driving the growth of global industrial packaging market. Also, launch of innovative products and strategic alliance among various companies will augment the market outlook. For example, in November 2018, Greif Inc. announced set-up of new high-speed production line for small steel drums in Netherland. However, strict standardization is poised to hamper the growth of global industrial packaging market to some extent.
 

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Meanwhile, the isolation rules, as a result of COVID-19 outbreak have reduced manufacturing and production activities, causing event cancellation & short supply across the globe. The pandemic has led to sharp decline in demand for certain types of packaging. Although, constant rise in e-commerce shipments across the globe will foster the market growth. Notably, industrial packaging is bulky and insensitive to external atmosphere, hence they conserve the contents for longer time during transportation and storage.
 

Based on type, global industrial packaging market is segmented into sacks, crates, drums, IBCS, pails, and others. With respect to material terrain, the industry is divided into metal, wood, paperboard, and plastic. While as per application spectrum, the industry is classified into chemical & pharmaceuticals, automotive, oil & lubricants, food & beverage, building & construction. and others.
 

With regards to the regional analysis, Asia Pacific industrial packaging market is slated to grow at rapid pace during 2020-2026, owing to rising export activities in emerging economies such as China and India.
 

Leading companies in global industrial packaging market are Sigma Plastics Group, Amcor Limited, WestRock Company, Mondi PLC, Greif Inc., The International Paper Company, Orora Limited, Bemis Company Inc., Wuxi Sifang Drums Limited Company, and Mauser Group N.V.