The plastic segment of the returnable packaging market is projected to grow at the highest CAGR by 2023
The returnable
packaging market is projected to grow from
USD 37.9 billion in 2018 to USD 51.2 billion by 2023, at a Compound Annual
Growth Rate (CAGR) of 6.2% from 2018 to 2023. The rising
demand for returnable packaging from
various end-use industries such as automotive, consumer durables, and food
& beverages is expected to drive the growth of the returnable packaging market across
the globe during the forecast period.
Based on material, the plastic segment of the returnable packaging market is
projected to grow at the highest CAGR during the forecast period, in terms of
value. It is projected to be closely followed by the wood segment. The growth
of the plastic segment of the market can be attributed to the increasing use of
plastic for producing returnable packaging. Plastic packaging comprises a wide
range of synthetic and semi-synthetic materials that can be molded into various
shapes and sizes.
Due to its low cost, versatility, and
easy availability, plastic packaging is employed in numerous industries such as
food & beverages, automotive, and consumer durables. Properties such as
durability, safety, hygiene, and lightweight of plastic packaging have
contributed to its popularity among
consumers.
Based on product type, the pallets
segment is projected to lead the returnable packaging market from 2018 to 2023,
in terms of value and volume. Pallets not
only offer protection to shipped goods from mechanical ruptures but also result
in their easy handling.
The reusable and recyclable nature of
pallets results in less packaging waste. This has resulted in an increased
demand for returnable pallets from various industries such as food &
beverages, automotive, agriculture, building & construction, clothing,
freight forwarding, logistics, electronics, and pharmaceuticals.
The returnable packaging market has
been studied for 5 regions, namely, North America, Asia Pacific, Europe, the
Middle East & Africa, and South America. In terms of value, the European
region is projected to lead the returnable packaging market during the forecast
period.
The market in the Asia Pacific region is projected to grow at the
highest CAGR from 2018 to 2023, in terms of value. Rising demand for
sustainable packaging and a strong industrial base in the European region
are expected to drive the growth of the returnable packaging market in the
region.
Key factors such as ongoing
industrialization, rising disposable income of the middle-class population,
growing conversion of single-use packaging into multi-use packaging solutions,
and increasing consumer focus on reducing packaging waste are expected to lead
to the growth of the Asia Pacific returnable packaging market during the
forecast period.
The rising demand for returnable packaging from emerging
economies such as India and Brazil and increasing R&D investments for the
development of environment-friendly and sustainable packaging solutions are
creating growth opportunities for returnable packaging across the globe.
Manufacturers across the globe are
focusing on the development of sustainable
and green packaging products, which can be recycled and reused. These
manufacturers are investing in R&D activities and technologies to develop
sustainable packaging solutions that are not only environment-friendly and
cost-effective but also ensure that the required protection is offered to
packaged products against damages.
Brambles
(Australia), Schoeller Allibert (Netherlands), Menasha Corporation (US), DS
Smith (UK), Myers Industries (US), Nefab Group (Sweden), Rehrig Pacific Company
(US), IPL Plastics (Ireland), Schutz GmbH & Co. KGaA (Germany), and Vetropack
Holding (Switzerland) are the leading players operating in the returnable
packaging market.
Brambles is one of the key players in the returnable
packaging market. It offers products and services through 4 business segments,
namely, CHEP Americas, CHEP EMEA, CHEP Asia Pacific, and IFCO. The company has
a wide range of supply chain platforms comprising Reusable Plastic Crates (RPCs), pallets (plastic, timber, and display),
specialized containers, bins, and safe handling equipment.
Schoeller
Allibert is a global packaging
manufacturer, which offers returnable transit packaging. The company offers a
wide range of tailor-made and standard returnable packaging solutions through
its key product segments, namely, foldable small
containers, foldable large containers, rigid pallet containers, stackable and
stack/nest handheld boxes, beverage crates and trays, UN pails, pallets and
dollies, and foldable Intermediate Bulk Containers (IBCs).
Reference:
For more Info Visit Blog: https://chemicalsresearchmarket.wordpress.com/blog/
Comments
Post a Comment