Global Transit Packaging market will register a CAGR of over 3.3% during the period from 2020 to 2026.
The global Transit Packaging market will register a CAGR of over 3.3% during the period from 2020 to 2026. The report offers assessment and analysis of the Transit Packaging market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Packaging is necessary for the goods in transit during their export or import. The need for effective packaging solutions will steer the demand for transit packaging in the coming years. The flourishing end-use sectors like automotive, food & beverages, and chemical industries will create lucrative avenues for the transit packaging industry over the forecast timeframe. The surging trade activities will further add towards the expansion of transit packaging industry over the forecast timeline.
Market Growth Dynamics
The growing need for safety of products during transportation has driven the use of corrugated boxes for product packaging during the product transit. Apart from this, the corrugated packaging not only protects the product from damage but is recyclable & can sustain tough climatic conditions. All these factors will unlock new growth opportunities for transit packaging market over the forthcoming years. Additionally, thriving ecommerce activities will influence the popularity of transit packaging products over the forecast period. Growing urbanization, rise in the global trade activities, and industrialization across the globe will impel the expansion of the industry over the forthcoming years.
Asia Pacific Market To Witness Rapid Growth Over Forecast Timeline
The expansion of the market in the region over the forecast timeline is due to rise in the manufacturing activities in the countries like India and China. In addition to this, large-scale production of horticulture items as well as flourishing food & beverage industry will propel the business growth in the region during the timespan from 2020 to 2026. Furthermore, rise in the transportation activities in countries like Japan, Australia, and Indonesia will proliferate the business growth over the forecast timeline.
Key players profiled in the report include Svenska Cellulosa AB SCA, Sonoco Products Company, ZOTEFOAMS INC., Smurfit Kappa Group, Mondi, Packaging Corporation of America, Greif, Inc., Pratt Industries, Inc., and BillerudKorsnas AB.
The global transit packaging market is segmented as follows:
By product types:
Thriving ecommerce activities will influence the popularity of transit packaging products, thereby driving the market growth over the forecast period.
The CAGR of the industry is expected to be nearly approximately 3.3% during the forecast timeline.
Asia Pacific will contribute remarkably towards the global market share over the estimated timeline.
The key market players include Sonoco Products Company, Mondi, Packaging Corporation of America, Greif, Inc., Pratt Industries, Inc., ZOTEFOAMS INC., Smurfit Kappa Group, Svenska Cellulosa AB SCA, and BillerudKorsnas AB.