The Returnable Packaging Market is projected to grow from USD 37.9 billion in 2018 to reach USD 51.2 billion by 2023, at a CAGR of 6.2% from 2018 to 2023.
Browse 78 market data Tables and 38 Figures spread through 135 Pages and in-depth TOC on "Returnable Packaging Market by Product Type (Pallets, Crates, Intermediate Bulk Containers, Drums & Barrels, Bottles, Dunnage), Material (Plastic, Metal, Wood, Glass, Foam), End-use Industry, Region - Global Forecast to 2023".
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The rising demand for returnable packaging from various end-use industries such as food & beverages, automotive, and consumer durables, is driving the growth of the returnable packaging market across the globe. In addition, factors such as rapid urbanization across the globe and the cost-effectiveness of returnable packaging are also expected to contribute to the growth of the returnable packaging market during the forecast period.
In terms of value and volume, the pallets segment is projected to lead the returnable packaging market from 2018 to 2023.
Based on product type, the pallets segment is projected to lead the returnable packaging market, in terms of value and volume, from 2018 to 2023. Pallets not only offer protection to shipped goods from mechanical ruptures but also result in their easy handling. The reusable and recyclable nature of pallets results in less packaging waste. This has resulted in an increased demand for returnable pallets from various industries such as food & beverages, automotive, agriculture, building & construction, clothing, freight forwarding, logistics, electronics, and pharmaceuticals.
In terms of value, the plastic segment of the returnable packaging market is projected to grow at the highest CAGR during the forecast period.
Based on material, the plastic segment of the returnable packaging market is projected to grow at the highest CAGR, in terms of value, during the forecast period. The growth of this segment can be attributed to the numerous benefits offered by plastic returnable packaging that include resistance to temperature, water, and chemicals. Moreover, the plastic returnable packaging is lightweight and can be molded into a variety of shapes and appearances.
The wood segment is projected to grow at the second-highest CAGR, in terms of value during the forecast period. Apart from being an ecological material, wood also has other excellent features such as high electrical resistance, durability, and versatility. These features make wood products preferable for decoration, construction, and packaging applications.
The Asia Pacific returnable packaging market is projected to grow at the highest CAGR from 2018 to 2023, in terms of value. The growth of the market in the Asia Pacific region can be attributed to the increased demand for returnable packaging from highly populated countries such as India and China as this packaging ensures cost savings, partial sustainability, and safety of packaged products.
Moreover, the increasing application of returnable packaging in the automotive, food & beverages, healthcare, consumer durables, aerospace, and construction industries is expected to fuel the growth of the returnable packaging market in the Asia Pacific region. The European region is projected to lead the market, in terms of both value and volume during the forecast period. The growth of the Europe returnable packaging market can be attributed to the strong industrial base, rise in demand for sustainable packaging from various end-use industries, and the presence of key manufacturers of returnable packaging in the region.
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Brambles (Australia), Schoeller Allibert (Netherlands), Menasha Corporation (US), DS Smith (UK), Myers Industries (US), Nefab Group (Sweden), Rehrig Pacific Company (US), IPL Plastics (Ireland), Schutz GmbH & Co. KGaA (Germany), and Vetropack Holding (Switzerland) are the key players operating in the returnable packaging market.
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Returnable packaging market is also termed as reusable packaging or returnable transport packaging, which have durable handheld and bulk containers, pallets, shipping racks, dunnage, and other related items projected to be reused many times.
These packaging is made by using long-lasting materials such as plastic, wood, metal, glass and paperboards, and designed for repeated reuse to encourage ease of use, durability, cleaning, and repair.The returnable packaging market is rising in demand owing to rapidly rising demand for sustainable and durable packaging products from various end-use industries.
Also, the various benefits of returnable packaging are also highly impacting the growth of the returnable packaging in the forecast period of 2021 to 2028.
Returnable packaging market size is valued at USD 69.48 billion by 2028 and is expected to grow at a compound annual growth rate of 6.00% for the forecast period of 2021 to 2028.
Data Bridge Market Research report on returnable packaging market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth.To Get This Report at 80% Discount, Click Here https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-returnable-packaging-marketMarket Drivers and Restraints:On the basis of product type, the returnable packaging market is segmented into pallets, crates, intermediate bulk containers (IBCs), drums and barrels, bottles, dunnage and others.
Others have further been segmented into racks, sacks, and carts and dollies.Based on material type, the returnable packaging market is segmented into plastic, metal, wood, glass and foam.The end user segment of the returnable packaging market is segmented into automotive, food and beverages, consumer durables, healthcare and others.The major players covered in the Returnable Packaging Market The major players covered in the returnable packaging market report are DS Smith, Akro-Mils / Myers Industries Inc., Brambles Ltd, Schoeller Allibert, Menasha Packaging Company LLC, NEFAB GROUP, Rehrig Pacific Company, IPL, inc., SCHÜTZ GmbH & Co. KGaA, Vetropack, Amatech Inc., Monoflo International, MJSolpac Ltd, CABKA Group, UFP Technologies, Inc., Ckdpack, Multipac Pty.
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