Industrial Packaging Market Trends, Statistics, Growth, and Forecasts

The sustainable and recyclable packaging solutions are finding increasing applications in industrial packaging due to the low environmental impact, growing focus on recyclability and sustainability, government emphasis on efficient packaging management, and an increasing ban on plastic. Greater awareness among consumers due to the availability of information forced the packaging manufacturers and suppliers to deliver more environmentally viable packaging right through the supply chain.

While the ban of few packaging materials, such as polystyrene, plastic bags, and single-use plastic, might not impact industrial packaging to a greater extent, the theme and direction in the overall packaging market clearly signify a concerted effort to demonstrate responsible action. Failing to put up with the developments in the industry could lead to the negative impact of heavy-handed regulations that will eventually ban some forms of packaging. With the increasing packaging waste generated across the world, governments across the globe are adapting to alternative sources, such as biodegradable packaging.

According to an article in the Guardian in July 2019, the United States accounting for only 4% of the world's population, generate 2% of global Municipality Solid Waste (MSW). Also, it is stated that the United States produces about 106.2 kg of plastic waste per person per year. Amid the factors driving the market, the market growth is expected to be hindered due to dynamic changes in regulatory standards due to increasing environmental concerns. Regulatory considerations and revalidation tests require the packaging suppliers to manage change in materials or critical supplies. This process has become very dynamic, owing to constant changes in regulatory standards. The year 2019 has brought about a flurry of standards pertaining to regulatory activities to ensure sustainability. Governments of different nations have made directives or regulations pertaining to the ban of single-use plastics and brought in Extended Producer Responsibility (EPR) bills.