The global tertiary packaging market is expected to witness strong growth during the forecast period between 2021 and 2031.
Tertiary packaging refers to packaging solutions used to store different manufactured products. Tertiary packaging solutions are deployed to quicken the process of transporting goods and have proven beneficial in ensuring products do not suffer any damage.
Also known as outer packaging, some of the components involved in tertiary packaging include pallets, slip sheets, strapping labels, and stretch wrap which has witnessed high demand from transportation and shipping industries.
Tertiary packaging solutions have witnessed massive demand from distributors, freight companies, and warehouse firms and some of the factors considered before packaging include product type, storage services, and transportation mode.
Increasing demand for logistics and warehousing activities is the key growth driver for global tertiary packaging market.
Also, growing demand from pharmaceutical industry to ship products in large quantities is expected to help create revenue-generating opportunities for leading market players, in the coming years.
Another factor that could stimulate the growth in tertiary packaging market in years to come is the increasing demand for sustainable packaging solutions across various end-use industries.
In addition to this, advancements to existing tertiary packaging solutions could trigger demand and assist in market growth, in the years ahead.
Other factors such as rapid industrialization, especially in developing economies and growing environmental concerns could also contribute to growth in overall market, in future.
Primary product segment is expected to make largest contribution, in terms of revenue, to overall market because of increasing demand for plastic bottles, pouches, and caps and closures across various end-use industries worldwide.
Pharmaceutical end-use industry is anticipated to emerge as largest revenue contributor to overall tertiary packaging market in future owing to increasing demand for containers and barrels in pharmaceutical industry.
Competition in global tertiary packaging market is intense because of presence of several prominent players. Many of these players have held a large share in overall market for the last several years and are expected to account for a large share in future, too.
Growth strategies such as new product launches which are cost-effective could help create revenue-generating opportunities for well-established tertiary packaging market players and help gain a competitive edge over other players.
Research and development activities to produce improved quality of products could be key, revenue-generating growth strategy for well-established market players, in the years ahead.
Some of the well-established tertiary packaging market players include Amcor PLC, Dickenson and Co., Becton, Schott AG, and SGD Pharma.
The global tertiary packaging market is classified into five regions, namely, North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.
Asia Pacific is expected to emerge as maximum revenue-generating region in global tertiary packaging market because of growing warehousing activities as well as increasing demand from logistics industry in countries such as India and China.
Leading players could establish production units in Asia Pacific countries owing to ease of availability of key resources in countries such as India, which could assist market growth in the region.
Europe is expected to witness significant growth in overall tertiary packaging market owing to growing demand for eco-friendly packaging solutions in countries such as UK and Germany.
North America is projected to witness strong growth in tertiary packaging market due to increasing demand from different end-use industries such as the U.S. and Canada.
Other regions of the world such as Middle East and Africa and Latin America are anticipated moderate growth in overall tertiary packaging market, in the coming years.
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Tertiary Packaging Market
