Global Returnable Transport Packaging Market - Forecast(2024 - 2030)
Divya Paidimalla
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Global Returnable Transport Packaging Market Overview
The global returnable transport packaging market size is forecast to reach US$10,891.2 million by 2027, after growing at a CAGR of 4.9% during 2022-2027. Returnable transport packaging (RTP) is a form of reverse logistics transport solution where packages can be reused again to transport goods and products between customers and vendors. Some common forms of RTP are plastic crates, pallets, and thermoplastic containers made of plastic resins. Returnable transport packaging is becoming increasingly popular as many industries are investing in sustainable technology to eliminate packaging waste and promote reusability in their facilities The increasing demand for cleaner and more sustainable packaging as well as an increasing importance of packaging in the pharmaceutical sector are driving the demand for the global returnable transport packaging market.
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COVID-19 Impact on Global Returnable Transport Packaging Market
During the COVID-19 pandemic, many industries had suffered a tumultuous time, and it was no different for the global returnable transport packaging market. Many governments across the globe implemented lockdown regulations and factories & production facilities in many sectors came to a halt. The supply chain was greatly disrupted as many businesses followed lockdown protocols. This heavily impacted the demand for returnable transport packaging as many of the industry verticals, such as the automotive industry, fast-moving consumer goods, and mail & parcel sectors, saw a decline in demand. For instance, according to the Organisation Internationale des Constructeurs d’Automobiles (OICA), the production of passenger vehicles decreased by 16.9% from 2019 to 2020. The first part of 2020 saw new car registrations drop about one-third from the preceding year as well. However, as the pandemic has subsided, many governments have lifted lockdown protocols and resumed production in facilities. As such, the demand for the global returnable transport packaging market is estimated to rise substantially within the forecast period of 2022-2027.?
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Report Coverage
The report: “Global Returnable Transport Packaging Market Report – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the global returnable transport packaging industry.
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By Material Type: Plastic (Rigid Plastic, Flexible Plastic, Others), Wood, Metal, Foam, Composite, Woven, and Others. By Product: Reusable Load Carriers (Pallets, Racks, Cages, Containers, Tubs, and Others), and Reusable Durable Secondary Packaging (Bags, Bins, Crates, Totes, Kegs, Drums, Intermediate Bulk Containers (IBC), and Others). By End-Use Industry: Automotive (Light Commercial Vehicles, and Heavy Commercial Vehicles), Food & Beverage, Fast-moving Consumer Goods (FMCG), Industrial, Medical & Health Care, Mail & Parcel, and Others. By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa).?
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Key Takeaways
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Figure: North America Global Returnable Transport Packaging Market 2021-2027 (US$ Million)
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Global Returnable Transport Packaging Market Analysis – By Material Type
Plastic segment held the largest share with 23% in the global returnable transport packaging market in 2021. Plastic is the most common form of material that is used in the production of containers, pallets, tubs, bags, and others. This is because plastic resins possess thermoplastic properties which makes them versatile and as such, they can be moulded into various shapes and sizes. Plastic also offers excellent durability, and come with superior properties such as lightweight frame, impact resistance, sustainability, and cost effectiveness. Plastic crates are widely preferred in the food & beverage industry as it doesn’t affect the food product and helps to keep food fresh as well. It is also widely preferred in void-fill cushioning in automotive parts and industrial products.
Global Returnable Transport Packaging Market Analysis – By End-Use Industry
The automotive sector held the largest share with 29% in the global returnable transport packaging market in 2021. Returnable transport packaging, such as heavy-duty returnable racks, metal shipping containers, pallets and so on, are essential in transporting fenders, engines, hoods, and other parts from suppliers to factories and they also play a key role in logistics during assembly. The increasing demand for the automotive industry proves to be a great driver for returnable transport packaging. For instance, according to the Organisation Internationale des Cosntructeurs d’Automobiles (OICA), the total production of vehicles increased to 57.3 million in 2021 which was an 8.9% increase from the production values of 2020. Thus, the inclining demand for the automotive industry is propelling the demand for the global returnable transport packaging market within the forecast period of 2022-2027.
Global Returnable Transport Packaging Market Analysis – By Geography
The North America region held the largest share with 38% in the global returnable transport packaging market in 2021. Plastic containers, such as plastic crates, totes, trays, and bulk containers, provide excellent protection for health care and pharmaceutical goods in transit. They showcase excellent resistance to moisture, dust, and other contamination, while also being durable and reusable. Since North America dominates the pharmaceutical and health care sector the demand for returnable transport packaging has seen a steady increase in the region. According to the Commonwealth Fund, the United States spends more than US$ 10,000 per capita in the healthcare & pharmaceutical sector. This is more than two times higher than in countries such as Australia, France, U.K., or Canada. Additionally, according to the European Federation of Pharmaceutical Industries and Associations (EFPIA), North America accounted for 49% of the world pharmaceutical sales in 2020. Furthermore, the demand for the food & beverage sector, as well as the automotive sector, have seen significant increase as well. As such, these factors make North America the dominant region the global returnable transport packaging market.
Global Returnable Transport Packaging Market Drivers
Increasing adoption of cleaner & sustainable solutions in packaging:
The increase in plastic waste has led to a drastic increase in environmental degradation and global warming. As such, the need for reusing and recycling plastic has become paramount. Returnable transport packaging greatly helps in reducing packaging waste, especially waste generated by plastic containers and so on. Furthermore, returnable transport packaging proves to be an excellent alternative to paper packaging, which is one of the greatest contributors to environmental waste production. As such, the progressing trend towards cleaner and sustainable solutions is one of the key driving factors for the global returnable transport packaging market.
Incline in demand for the health care & pharmaceutical sector:
Packaging forms an essential component in the global health care and pharmaceutical sector as they provide excellent protection and preservation of health care and pharmaceutical goods in transit. With an inclining demand for the health care and pharmaceutical sector, the demand for returnable transport packaging has also seen a significant rise. For instance, according to the 2020 annual report of GlaxoSmithKline plc., (GSK), a leading pharmaceutical company, the global pharmaceutical sales went up by 4% year-on-year in September 2020, being valued at US$ 968 billion. Thus, the growing trend of the health care and pharmaceutical sector is one of the key factors propelling the global returnable transport packaging market.
Global Returnable Transport Packaging Market Challenges
High cost of transportation, especially for automotive parts:
While returnable transport packaging is excellent in terms of service, the cost of transportation proves to be fairly high, especially for automotive products. Automotive such as vehicle engines, hoods, fenders and so on, tend to be expensive and require sturdy protection while transportation. In addition, transportation of automotive parts also tends to have higher customs, especially when it comes to more premium automotive offerings. Due to this, returnable transport packaging tends to be more expensive for the automotive sector in comparison. This is one of the primary challenges for the growth of the global returnable transport packaging market within the forecast period of 2022-2027.
Global Returnable Transport Packaging Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the global returnable transport packaging market. Global returnable transport packaging top 10 companies include: