Demand for industrial packaging in the Middle East and Africa is likely to remain robust owing to the improving situation of international trade. In addition, global trade of industrial products has grown three-fold over the past decade. Bio-chemical products and food-grade ingredients are amongst few of the most traded items around the world.
In the MENA region, the focus has recently shifted towards non-oil based industrial activities as the long-term dependency on crude oil business is gradually abating. Moreover, it is important to develop new business verticals in order to stay unaffected from the ongoing dwindles in the region’s oil and gas industry.
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As compared to other regions, non-oil goods and services have a significantly low contribution to the economy of the MENA region. Yet exports, especially non-oil exports are expected to be crucial in the further development of the robust and all-inclusive growth model to secure the future of the region.
End-use industry such as electronics, automotive, plastics & rubber, and agriculture in MENA are expected to witness a healthy growth over the medium term. This, in turn, is expected to support the growth of industrial packaging market in the region.
Future Market Insights (FMI) in its latest report reveals that the industrial packaging market in the MENA region stood at US$ 3,372.5 Mn in 2016 and is estimated to reach a valuation of US$ 5,053.0 Mn by 2024-end. Revenue from the sale of industrial packaging products in the region is expected to increase at a CAGR of 5.2% during the forecast period (2016–2024).
GCC and North Africa are identified as the key markets that account for more than 60% of MENA’s industrial packaging market. Further, the market in GCC is projected to expand at a relatively higher CAGR over the forecast period and present lucrative opportunities for industrial packaging product manufacturers in the region.
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Plastic Remains the Top Material for Manufacturing Industrial Packaging Products
In 2016, plastic based industrial packaging products accounted for more than 50% of the revenue share of the market in the region. Plastic packaging is used across several industrial verticals owing to its durability and cost efficiency. However, demand for paper & paperboard-based packaging material is expected to gain a healthy traction over the forecast period.
Based on product type, intermediate bulk containers (IBCs) packaging accounted for more than 30% revenue share of the market in 2016. IBCs are reusable industrial containers classified in 2 types: Flexible IBCs & Rigid IBCs. IBCs are commonly used for the transportation and storage of liquid and granulated substances such as food ingredients, chemicals, solvents, and pharmaceuticals.
By end-use, nearly US$ 1104.9 Mn worth of industrial packaging is expected to be consumed by the chemicals & pharmaceuticals sector over the forecast period. In addition, chemicals and pharmaceuticals sector is the most significant end-user for industrial packaging in the MENA region.
The key manufacturers operating in MENA industrial packaging market are trying to focus on increasing their production capacity to meet the increasing demand for industrial packaging market. Moreover, the key players are increasing their product portfolio to cater for the growing MENA industrial packaging market.
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MENA Industrial Packaging Market By Category
By End-Use Industry:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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