Global Returnable Packaging Market Analysis 2022
The Global Returnable Packaging Market is expected to reach $162.84 billion by 2028 growing at a CAGR of 7.2% from 2021 to 2028. Returnable packaging refers to a type of packaging system which can be used repeatedly for packaging of the product. It can also know as reusable packaging because it can be used multiple times without affecting the quality of packaging. It is made up of materials such as plastic, wood, and metal. Applications in various industries could be the advantage for returnable packaging. The safety of the product inside the packaging is ensured because the material used for returnable packages are sturdy in nature.
Factors such as benefits of returnable packaging, growing urban population, and strong demand for returnable packaging from end-use industries are driving the growth of the market. However, volatility in raw material prices and varying environmental mandates across regions are restraining the growth of the market.
Based on end user, the automotive segment is going to have a lucrative growth during the forecast period which can be attributed to the growing middle-class population, especially in the Asia Pacific region. Automotive manufacturers primarily use returnable packaging products for the transportation of their semi-finished and finished auto components, such as body parts, from the vendors to the assembly units. Frequent and short-distance transportation of heavy and high-volume auto parts generates demand for sturdy, effective, and durable packaging products, such as pallets, racks, and dunnage. The steady expansion of the global automotive industry is expected to have a positive impact on the growth of the automotive segment over the forecast period.
The key vendors mentioned are Amatech Inc, Brambles, Celina Industries, CHEP, DS Smith, Integra Packaging, Lamar Packaging Systems, Menasha Corporation, Myers Industries, Nefab Group, Orbis Corporation, Plastic Packaging Solutions Midlands & East Ltd., Returnable Packaging Resource Inc., Schoeller Allibert, Tri-Pack Plastics Ltd, and UBEECO Packaging Solutions.
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