Industrial packaging is the art, science and technological process of protecting or packaging goods for sale, distribution, storage and use in a manufacturing or industrial setting. The term 'packaging' itself is derived from the Latin 'castus' which translates into 'to package'. Packaging refers to the method of creating, evaluating, developing, and designing packaging materials for the purpose of packaging products in an appropriate manner. The term 'packaging' can be broadly defined as the procedure in which goods are assembled in a suitable manner with the help of containers, bags, containers, or cases.
Industrial packaging refers to a number of processes that involve the use of packaging materials for the production of goods and other industrial needs. The primary purpose of industrial packaging is the safeguarding and preservation of the products that are to be distributed in the market. It is used as a tool for improving the efficiency and effectiveness of the production and distribution of goods. In the present scenario, packaging has become a very important part of our lives.
Market Dynamics
Significant growth in the fast moving consumer goods (FMCG) sector is expected to aid in growth of the industrial packaging market. For instance, according to India Brand Equity Foundation, FMCG market in India is expected to grow at a CAGR of 27.86 per cent and is expected to reach US$ 103.70 billion by 2020 from US$ 52.75 billion in FY18.
Decrease in sales of passenger cars is expected to decline demand for industrial packaging in the automotive sector, thereby hindering growth of the industrial packaging market. For instance, according to the Society of Motor Manufacturers and Traders, the new car registrations in the U.K. decreased by 44% in March 2020 compared that in March 2019.
Among categories, the chemicals & pharmaceuticals segment is expected to witness significant growth in the industrial packaging market, owing to increasing investment in the pharmaceutical sector. For instance, according to The European Federation of Pharmaceutical Industries and Associations’ Key Data 2019, the pharmaceutical sector in Europe invested US$ 19, 509 million in 2000, which increased to US$ 39,895 million (est.) in 2018.
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