The market is also benefited by the expansion of the e-commerce sector across different parts of the globe.
NEW YORK, NEW YORK, UNITED STATES, March 7, 2022 /
EINPresswire.com/ -- According to a new report by Reports and Data, the
returnable packaging market is forecast to reach USD 59.24 Billion by 2026. Integration of various market factors is supporting the growth of the market. The expansion of transportation & logistics industry and packaging sector has played a pivotal role in increasing the demand for this type of packaging. The underlying reason being, in these industries, the effective disperse of the packaged goods, without it being damaged is essential. The market is also benefited by the expansion of the e-commerce sector across different parts of the globe. For the operation of this sector, protection of the packaged good from being tampered or damaged is crucial, which increases the relevance of this packaging in the industry.
Optimization of pack size, the increasing focus on reusing materials, expansion of different end-user industries and associated increasing demand for returnable packaging have resulted in boosting the returnable packaging market.
In addition to that, the availability of this type of packaging in different materials for varying handling and transportation purposes acts as a major attraction for end-user industries. Usually, this packaging is foldable in nature that helps in minimizing return shipments costs. The packaging also has the scope of customizing inner packaging for reaffirming protection of the packaged goods.
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Further key findings from the report suggest:
-The returnable packaging market held a market share of USD 37.00 Billion in the year 2018. It is projected to witness a growth rate of 5.9% during the forecast period.
-In regards to Raw Material, the Plastic segment is leading the market that yielded the highest revenue of USD 13.32 Billion in 2018 with the fastest CAGR of 6.6% during the forecast period. Its traits like water-resistance, easy availability, reusability and chemical resistance, which has resulted in making it an ideal choice as a raw material for the packaging are contributing to the revenue generated by the Plastic segment.
-In regards to Type, Pallets generated the highest revenue of USD 9.99 Billion in 2018 with a growth rate of 6.2% during the forecast period. Ease of handling of goods packed in it, along with effective protection of these goods from mechanical rupture while shipping it, and the resultant high preference among end-user industries are some of the factors contributing to the revenue generated by the Pallets
-In context to End-user, the automotive segment occupies the largest market share of 38.0% in 2018 with the fastest growth rate of 6.7% during the forecast period. The automotive industry is seen to use this packaging extensively due to its utility in the transportation of different automotive parts to its suppliers.
-In regards to region, Asia Pacific is projected to witness the fastest growth rate of 7.1% during the forecast period which is expected to occupy the third-largest market share of 23.0% by 2026. Factors like the rising application of the packaging in expanding end-user industries like the healthcare sector, food & beverages industry, and rising demand for partial sustainable packaging are spurring the growth of the market in this region.
-Key participants include Menasha Corporation, Brambles, Schoeller Allibert, Myers Industries, DS Smith, Rehrig Pacific Company, Nefab Group, IPL Plastics, Vetropack Holding, Schütz GmbH & Co. KGaA.
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For the purpose of this report, Reports and Data have segmented the global returnable packaging market according to Raw Materials, Type, End-user, and Region:
Raw Materials Type Outlook (Volume, Thousand Units; Revenue, USD Billion; 2016-2026)
Metal
Plastic
Glass
Wood
Foam
Type Outlook (Volume, Thousand Units; Revenue, USD Billion; 2016-2026)
Crates
Pallets
Dunnage
Intermediate Bulk Containers (IBC)
Bottles
Drums & Barrels
Others
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End-user Type Outlook (Volume, Thousand Units; Revenue, USD Billion; 2016-2026)
Food & Beverages
Automotive
Healthcare
Consumer Durables
Others
Regional Outlook (Volume, Thousand Units; Revenue, USD Billion; 2016-2026)
North America
U.S.
Europe
U.K.
France
Asia Pacific
China
India
Japan
MEA
Latin America
Brazil
Key Benefits of Buying the Global Returnable Packaging Report:
-Comprehensive analysis of the changing competitive landscape
-Assists in decision making processes for the businesses along with detailed strategic planning methodologies
-The report offers an 8-year forecast and assessment of the Global Returnable Packaging Market
-Helps in understanding the key product segments and their estimated growth rate
-In-depth analysis of market drivers, restraints, trends, and opportunities
-Comprehensive regional analysis of the Global Returnable Packaging Market
-Extensive profiling of the key stakeholders of the business sphere
-Detailed analysis of the factors influencing the growth of the Global Returnable Packaging Market
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Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.
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