The Latin American region has long been a powerhouse in various industries, and as we move into the new decade, it’s poised for yet another surge in growth. Among the sectors that are set to make a significant impact, the rigid industrial packaging market stands out prominently. With forecasts predicting a steady climb, let’s delve into the details of this flourishing industry’s journey from 2023 to 2033.
To understand where the Latin America rigid industrial packaging market is headed, it’s essential to know where it started. As of the end of 2022, the market was valued at US$ 706.7 million. This figure, already impressive, laid the foundation for the decade ahead. The stage was set for further growth, and the market did not disappoint.
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Over the course of the next decade, from 2023 to 2033, the Latin America rigid industrial packaging market is projected to surge at a Compound Annual Growth Rate (CAGR) of 3.5%. This steady ascent is expected to drive the market value from US$ 731.0 million in 2023 to an impressive US$ 1,026.7 million by 2033. Such substantial growth is indicative of the market’s robust potential and its ability to adapt to evolving needs.
In the short term, the market is anticipated to exhibit Year-on-Year (Y-o-Y) growth of 1.7% from 2022 to 2023. This incremental increase sets the tone for the broader growth trajectory, showcasing consistent expansion year after year. It reflects the market’s resilience and adaptability, even in the face of changing economic and industrial landscapes.
Key Manufacturing Companies:
- Grief Inc.
- Unipac Embalagens Ltda.
- Mausar Packaging Solutions
- ALPLA Group
- Kautex Textron GmbH & Co. KG
- Berry Global Group, Inc.
- Schutz Container Systems, Inc.
- Plásticos Novel
- Schoeller Allibert
- Dolav Plastic Products
- Textron Inc.
Key Trends
- Reclaimed IBC undergoes processes such as decanting, washing, and furnace oxidation, which makes reusing IBCs much more environmentally friendly than scrapping.
- Growing environmental concerns about recycling and dismantling of packaging have introduced new regulations and policies that lay down rules for firms to reuse their packaging goods.
- Concerns of cross-contamination arise from recycling and regulatory mandate to reuse rigid packaging solutions, which have led to leading manufacturers offering remanufacturing services.
- Industrial packaging manufacturers are benefiting from a recovery in the chemical industry, a key end-user of large industrial packaging, and are leveraging their in-house research & development capabilities to meet niche needs of the sector.
Key Factors Driving Growth in Latin America rigid industrial packaging market
The Latin America rigid industrial packaging market is on a path of steady growth from 2023 to 2033, driven by several key factors that are shaping the industry landscape in the region. These factors include:
- Increasing Industrialization: Latin America is witnessing rapid industrialization, with a growing number of manufacturing and production facilities. As industries expand, the demand for robust and reliable packaging solutions to protect and transport their products rises, boosting the rigid industrial packaging market.
- Growth in E-commerce: The e-commerce sector is experiencing significant growth in Latin America, accelerated by changing consumer preferences and increased internet penetration. Rigid industrial packaging, especially for products shipped through online retail channels, is in high demand to ensure safe and secure delivery.
- Global Supply Chain Dynamics: Latin America is an integral part of the global supply chain, with goods being imported and exported across the region. Rigid industrial packaging plays a critical role in safeguarding products during transit, making it indispensable for businesses involved in international trade.
- Environmental Concerns: Sustainable packaging practices are gaining traction worldwide, including in Latin America. Companies are increasingly adopting eco-friendly packaging solutions that reduce waste and environmental impact. This includes recyclable and reusable rigid industrial packaging options, which cater to growing environmental awareness.
- Safety and Compliance: Stringent safety regulations and quality standards are prevalent in industries such as chemicals, pharmaceuticals, and food. Rigid industrial packaging ensures compliance with these regulations by providing a secure and standardized means of storing and transporting sensitive or hazardous materials.
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Segmentation Latin America Rigid Industrial Packaging Market are:
By Material:
- High-Density Polyethylene (HDPE)
- Polypropylene (PP)
- Polyethylene Terephthalate (PET)
- Polyvinyl Chloride (PVC)
By Product Type:
- Drums
- Jerry Cans
- RIBC
- Pails
- Crates
- Pallets
By End Use:
- Agriculture
- Automotive
- Food & Beverage
- Chemical
- Building & Construction
- Pharmaceutical
By Country:
- Brazil
- Mexico
- Rest of Latin America
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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