Email Us

[Industry Outlook] In 2021, The Global Packaging Demand Will Break The 1 Trillion Mark, And China Will Still Be The Fastest Growing Country in The Next Five Years

After a slowdown in 2020, the global packaging market returned to steady growth in 2021 as COVID-19 disrupted several end-use industries. According to smithers's latest study, The Future of Global Packaging to 2026, the total value will hit an all-time milestone of $1.01 trillion in 2021.


Smithers forecasts a return to a stable compound annual growth rate (CAGR) of 3.9% in 2021-2026, after achieving 4.8% growth in 2020-2021. At constant prices, this would produce a total market value of $1.22 trillion in 2026.


This expansion depends on responding to new demand, consumer demand and changes in the distribution channels for packaged goods. Smithers's new study tracks eight regions and 57 leading national markets in detail.


Meanwhile, China remains the world's largest market, worth just $256 billion in 2021, according to the data. It will also be the fastest growing country by 2026, further consolidating its dominance. That surpasses the US ($197.2 billion), Japan ($53.2 billion), India ($48.2 billion) and Germany ($39.3 billion) in 2021.


North America will expand at the slowest rate over the next five years, while a rapid recovery in China's economy and consumption will make Asia a major contributor to world growth.

In 2021, The Global Packaging Demand Will Break The 1 Trillion Mark, And China Will Still Be The Fastest Growing Country in The Next Five Years

Worldwide, sales of cardboard packaging, corrugated, folded cartons and liquid packaging boards are expected to grow at the fastest rate over the next five years. This can be attributed to several factors, starting with a growing preference for fibre packaging, which is in line with brand owners' sustainable development goals and legislation focusing on the transition to a circular economy model. Cardboard packaging, especially corrugated, has benefited from a surge in e-commerce sales during the pandemic.


Meanwhile, the use of folding cartons will increase in four areas - luxury goods, pharmaceuticals, beverages and retail food.


The second fastest growing material will be rigid and flexible plastics. While these packages are generally regarded as the most unsustainable types of packaging, they will all benefit from design innovations and a host of new recycling technologies, both mechanical and chemical, over the five-year period Smithers forecasts. They will also continue to be popular in developing markets, where they offer convenient, efficient and low-cost solutions as consumers shift to buying more packaged goods.


Growth rates for glass, metals, other packaging and soft paper are expected to be below the global average. Consumption of flexible foils is expected to decline as forms such as multi-layer boards are replaced by single-material barrier plastics.


Industrial/transportation was the largest packaging end-use application, accounting for 41.6 percent of global sales in 2020, followed by food (29.6 percent) and beverages (13.9 percent). The healthcare sector is expected to see the fastest growth in package sales, followed by food and then beverages. In the industrial sector, IBC sales are expected to grow the fastest due to the durability and reusability of plastic and steel drums.


Short comments: Since the drum plug on the steel and plastic drums are consumables, clients can purchase plugs for reconditioned drums for aim of protecting environment.

Popular Drum Barrel Fittings

Related Drum Accessories and Fittings News & Blog

  • Why Must Lubricants Have Good Thermal Oxidation Stability?Why Must Lubricants Have Good Thermal Oxidation Stability?July 1, 2022Because the hydrocarbons in the lubricating oil react with air, NO, NO2 and SO2 at high temperature, alcohols, aldehydes, ketones and acids contain oxygen compounds.The high temperature cooling of the...view
  • Why Do Steel Drum Bung Use R-Type Plug Barrel?Why Do Steel Drum Bung Use R-Type Plug Barrel?April 10, 2023Standard steel barrels have a plug barrel made of steel. A gasket is designed at the cylindrical neck of the plug, just under the edge. Due to these designs, when the plug is tightened, the gasket may...view
  • 55-Gallon Steel Drum55-Gallon Steel DrumMay 12, 2023In life, we often hear the term "55-gallon drum". So where does this number come from? In fact, the 55-gallon drum is a commonly used liquid storage container with a capacity of 55 American ...view
  • What Types Of Motor Oil Are There?What Types Of Motor Oil Are There?July 1, 2022What are the commonly used lubricating oil additives?With the progress of machinery and the development of automobile internal combustion engine, higher requirements are put forward on the load, speed...view
  • Notice On Further Strengthening Enterprise Self-discipline Issued By China Association For Environmental ProtectionNotice On Further Strengthening Enterprise Self-discipline Issued By China Association For Environmental ProtectionJuly 1, 2022To whom it may concern:Since April this year, the Ministry of ecology and environment, together with the Supreme People's Procuratorate and the Ministry of public security, has launched a nationwi...view
  • Crimping toolCrimping toolApril 21, 2023After the product is loaded into the metal packaging container, the packaging container needs to be sealed, and the quality of the sealing plays an important role in the packaging function. Liquid spi...view
Tel
86-18268043242
Address
No.58 Qinjian Road, Hengshan Industrial Park, Shouchang Town, Jiande City, Zhejiang Province, China