The Smithers’ report on the status of the industrial packaging industry and its future possibilities depicts a positive outcome in the course of next five years. Growing at a CAGR of 3.3 percent, the market valuation is projected to reach $66 Billion from current $56.2 Billion by the year of 2024.
In wide sense, change in consumer patterns drives severe change in this industry. The packaging companies all around the world are investing more and more on R&D and develop products that will fit the customers’ needs. However, some trends that might impact the industrial packaging industry this year have been observed by industry experts. These trends will also help shape a better future for this industry.