According to a new market study by Future Market Insights (FMI), the returnable transport packaging market is forecasted to witness healthy growth between 2018 and 2028.
Returnable transport packaging (RTP) is considered highly safe and efficient, which bolsters adoption in numerous end-use industries such as food & beverages, building & construction, and chemicals, among others. Furthermore, these packaging solutions can be reused and recycled which mutually benefits the manufacturers and end-users.
In the recent past, there has been an uptick in the number of trade activities – both domestic and international – thus further sprouting the demand for RTP solutions. Likewise, the growing adoption of RTP among industrial users coupled with advancements of designs will continue to fuel the growth of the market.
Along similar lines, wide-scale availability of different RTP products, each for different applications, such as IBCs, FIBC bags, pallets, drums, layer pads, plastic crates, and dunnage bags of different capacities are complementing the market growth. For instance, smart technology-based flexible intermediate bulk containers (FIBC) bags are gradually replacing corrugated boxes in the transport of organic products in developing regions.
“Market players are focusing on overcoming challenges caused by lack of infrastructure and weaker supply chain capabilities to widen their profit margins”, opines FMI analyst.
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Returnable Transport Packaging Market – Key Takeaways
- The global returnable transport packaging market was valued at US$ 21 Bn in 2017 and is forecasted to attain a valuation of US$ 34 Bn by 2028, progressing at a CAGR of 4.7%.
- Plastic-based RTP products are expected to be the most material type owing to ease availability, low operational cost, and early penetration.
- Based on the end-use, food & beverage and building & construction sectors are channel majority of revenue backed by the need for safe transportation mediums.
Returnable Transport Packaging Market – Key Trends
- The penetration of smart technologies into the packaging industry is expected to emerge as a lucrative trend in the RTP market.
- Smart pallets and crates which have radio frequency identification (RFID) microchips imbibed in them are offering advanced features such as package tracking, asset tracking, and inventory management, which fuelling growth of the market.
Returnable Transport Packaging Market – Regional Analysis
- East Asia and North America are anticipated to account for more than half of global value, with the former being the largest regional market.
- East Asia is forecasted to progress at a CAGR of 5.7% owing to the surging number of trading activities in the region cooped with the expansion of the construction sector.
Returnable Transport Packaging Market – Competitive Landscape
Some of the key players operating in the market include Greif, Inc., Brambles Limited, Mauser Packaging Solutions, Schoeller Allibert Services B.V, DS Smith Plc, Time Technoplast Ltd., Berry Global, Inc, Cordstrap B.V, Schuetz GmbH & Co. KGaA, Supreme Industries Limited, and PalletOne, Inc, among others. Market players are focusing on expanding their geographical footprint and in mergers and acquisitions to achieve the same.
- Craemer Holding GmbH acquired Telford Factory in the U.K. to increase the production of pallets.
- Mauser Packaging Solutions announced the acquisition of Engineered Recycling Company, LLC (ERC), a plastic manufacturer
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Returnable Transport Packaging Market – Taxonomy
Product type:
1 – IBC
- Rigid
- Flexible
2 – Pallets
- Wood
- Plastic
- Metal
3 – Plastic Crates
4 – Layer Pads
5 – Drums
- Plastic
- Metal
- Fiber
6 – Dunnage Bags
Material type:
- Metals
- Plastics
- Papers
- Wood
End-use industry:
- Building & Construction
- Food & Beverages
- Chemicals
- Retail
- Industrial
- Logistics
Region:
North America
- U.S.
- Canada
Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
Europe
- Germany
- Italy
- France
- Spain
- U.K.
- Benelux
- Nordic
- Russia
- Poland
- Rest of Europe
South Asia
- India
- Thailand
- Indonesia
- Malaysia
- Rest of South Africa
East Asia
- China
- India
- South Korea
- Rest of East Asia
Oceania
- Australia
- New Zealand
MEA
- GCC
- Turkey
- Northern Africa
- South Africa
- Rest of MEA
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The post Returnable Transport Packaging (RTP) Market expected to reach US$ 34,666.6 Mn & 4.7% CAGR through 2021-2028 appeared first on Industry News Analsis.