North America Shipping Supplies Market to Grow by 4.2% CAGR between 2023-2032 Driven by Trade of Crude and Refined Petroleum – Future Market Insights, Inc.
Future Market Insights, Inc.
7 min read
NEWARK, DE / ACCESSWIRE / December 27, 2022 / The North America shipping supplies market is likely to witness moderate growth at a CAGR of 4.2% in the assessment time frame from 2023 to 2032.
The U.S. is considered to be the leading economy in terms of GDP, and in terms of export, it is set to be in number two in the world. Leading exports of the U.S. include refined petroleum, crude petroleum, integrated circuits, cars, and petroleum gas.
The U.S. was one of the biggest exporters of petroleum gas, refined oil, medical instruments, aircraft parts, and gas turbines in 2020. It exported around US$ 180 billion worth of trade in August 2022.
Exports of the U.S. increased by 21.7% between August 2021 and August 2022. Also, the country trades goods mainly to Mexico, Canada, China, Japan, and the Netherlands. Increased export of various high-value goods is projected to augment sales of multiple packaging supplies such as drums, cartons, boxes, straps, tapes, and others.
These products need to be shipped and delivered in good condition, which is projected to drive the demand for advanced shipping supplies across North America. In addition, government regulations associated with the packaging and labelling of products during shipment would bolster the demand for shipping supplies. Thus, owing to rapid expansion of the logistics industry in the U.S., North America is expected to witness high growth in the field of shipping supplies by 2032.
Key Takeaways from North America Shipping Supplies Market
Based on material, the paper segment is expected to cover 44% of the North America shipping supplies market share by the end of 2023.
By packaging format, the corrugated boxes segment is projected to create a growth opportunity of US$ 4.6 Bn during the forecast period.
In terms of end use, the e-commerce companies sub-segment under the commercial segment is estimated to grow 1.5times the current market value during the evaluation period.
Mexico shipping supplies market is expected to grow 1.8 times the current value during the projected time frame.
During the historical period (2017-2022), the North America shipping supplies market witnessed a CAGR of 2.5% and reached a valuation of US$ 25.2 Bn in 2022.
"Significantly growing national and international trade activities, better trading relationships, and relaxation of trade laws are some of the major growth drivers for the North America shipping supplies market." - Says an FMI analyst.
Expansion of Manufacturing Industries in Mexico to Drive Growth in the North America Shipping Supplies Market
Manufacturing in Mexico is continuously growing in both size and sophistication across many industries. Mexico is the twelfth biggest exporter in the world. The government in this country has updated various rules and regulations for allowing the easy setup of manufacturing units and their operations.
Agreements of free trades and preferential tariffs are expected to provide the suitable production cost with a structured infrastructure for shipping numerous goods with less or zero tariffs. Large & variegated labor pool and its propinquity to the U.S. would also accompany the transportation and wage intensification in China, thereby leading the way for industrial growth in Mexico.
Major manufacturing industries situated in Mexico are automobile, aviation, medical device, apparel & textile, and consumer products. Thus, ongoing expansion of manufacturing industries in Mexico is expected to increase sales in the North America shipping supplies market in the estimated time frame.
Competitive Landscape: North America Shipping Supplies Market
DS Smith Plc, Mondi Group, Amcor Plc, Sonoco Products Company, WestRock Company, Sealed Air Corporation, and International Paper Company are the key players operating in the North America shipping supplies market. Also, some of the other noticeable players in the market are Pregis LLC, ProAmpac LLC, Ferguson Box Company, and others.
Get More Insights into the North America Shipping Supplies Market Report
Future Market Insights, in its new report, offers an unbiased and thorough analysis of the North America shipping supplies market, analysing historical demand from 2017-2022 and forecast statistics for 2023-2032. The study reveals market growth projections for North America shipping supplies market based on the material (plastic (Polyethylene (PE), Polypropylene (PP), Polyethylene Terephthalate (PET), Polyvinyl Chloride (PVC), and others), paper & paperboard, metal, and wood), packaging format (corrugated boxes, folding cartons, bags, crates, drums & barrels, straps, IBCs, mailers & envelopes, wraps, labels, and tapes), and end use (commercial (e-commerce companies and courier service companies) and institutional (financial institutions, academic institutions, and government organizations)) across seven regions.
North America Shipping Supplies Market Outlook by Category
About the Packaging Division at Future Market Insights
The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analysed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
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