Chemical, one of the segments analyzed in the report, is projected to grow at a 3.9% CAGR to reach $8.9 billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the construction segment is readjusted to a revised 4.7% CAGR for the next 7-year period. This segment currently accounts for a 34.4% share of the global Flexible Industrial Packaging market.
The Flexible Industrial Packaging market in the US is estimated at $4.6 billion this year. The country currently accounts for a 29.44% share in the global market. China, the world's second-largest economy, is forecast to reach an estimated market size of $3.8 billion in the year 2027, trailing a CAGR of 4.3% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3% and 3.6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.8% CAGR while the Rest of Europe market (as defined in the study) will reach $3.8 billion by 2027.
More info: Flexible Industrial Packaging - Global Market Trajectory & Analytics