Global Reconditioned Packaging Market: Overview
Introduction of sustainable, recyclable, and reusable packaging solutions for various products is likely to work in favor of the global reconditioned packaging market over the timeframe of analysis, from 2019 to 2029. Global reconditioned packaging market is gaining traction due to its capability to help companies in the renovation of their packaging solutions so as to prolong life expectancy of those products. The growth of the global reconditioned packaging market is expected to observe high demand from several end use sectors, such as food and beverages, automotive, petroleum and chemical, pharmaceuticals, and transportation.
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Growing popularity of recyclable and reusable packaging for several products is likely to act as a growth factor for the market in the years to come. The demand for this kind of packaging services is rising due to its ability to reduce carbon emission, thereby diminishing the use of energy through repeated reconditioning. This type of packaging is regarded as an alternative to green packaging solutions. In addition, it plays an important role in the making of new product. As such, reusability of the product is estimated to be another important growth factor for the market over the tenure of analysis, from 2019 to 2029.
End use and region are the two key parameters based on which the global reconditioned packaging market has been divided. The objective of such segmentation is to offer a clearer, 360-degree view of the market.
Global Reconditioned Packaging Market: Notable Developments
The global reconditioned packaging market has come across some prominent developments in the recent years. One of such important developments that played an important role in influencing the course of the market is mentioned below:
- In August 2018, The US based prominent manufacturer of metal containers, North Coast Container Corporation has been acquired by another American company, General Steel Drum LLC. The latter is looking for way to improve its services and capacity in terms of IBCs, reconditioned drum, and new steel drum.
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Some of the key players in the global reconditioned packaging market comprise the below-mentioned:
- Mauser Packaging Solution
- North Coast Container Corporation
- Ebullient Packaging Pvt. Ltd
- Industrial Container Services, Inc.
- The Metal Drum Company Ltd
- Balmer Lawrie & Co. Ltd.
Global Reconditioned Packaging Market: Key Trends
The following drivers, restraints, and opportunities characterize global reconditioned packaging market over the assessment period, from 2019 to 2029.
Ability to Reduce Environmental Pollution to Shoot Up Demand in the Market
The global reconditioned packaging market is likely to rise in the back of availability of several growth factors for the market. Reconditioned packaging solutions are gaining momentum through their ability to save energy as well as reduce the amount of carbon emission in the environment through constant reconditioning. Besides, most of the leading companies across the globe are looking forward to reconditioned packaging as a green and sustainable solution. This factor is estimated to support development of the global reconditioned packaging market over the tenure of analysis, from 2019 to 2027.
Reconditioned plastic drum, reconditioned steel drum, and reconditioned intermediate bulk containers (IBCS) are a few of the products found in the global reconditioned packaging market. This type of packaging is helpful in lessening landfills of waste material. Augmented demand for environment-friendly packaging solutions is likely to emerge as another growth factor for the global reconditioned packaging market in the years to come.
Global Reconditioned Packaging Market: Geographical Analysis
North America is one of the leading markets in the global reconditioned packaging market and is anticipated to remain a dominant force throughout the period of forecast. Presence of several leading packaging players in the US is expected to shoot up demand for the product in the region.
Driven by the flourishing business of the packaging industry in India and China, Asia Pacific is forecasted to exhibit considerable growth.
The global reconditioned packaging market is segmented as:
- Chemical and Petroleum
- Food and Beverages
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