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1542891

全球可回收包裝市場 - 2024-2031

Global Returnable Packaging Market - 2024-2031

出版日期: 2024年08月26日 | 出版商:

DataM Intelligence | 英文 211 Pages | 商品交期: 最快1-2個工作天內

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簡介目錄

市場規模

2023年，全球可回收包裝市場規模為1,123.6億美元，預計到2031年將達到1,610.3億美元，在預測期間（2024-2031年）複合年成長率為4.6%。

可回收包裝，也稱為可重複使用包裝或可回收運輸包裝，包括堅固的手持式散裝容器、托盤、運輸架、墊料和其他可多次重複使用的相關產品。包裝由塑膠、木材、金屬、玻璃和紙板等耐用材料製成，可重複使用，以提高易用性、耐用性、清潔和維修性。

這些產品可用於多次旅行，並且經過精心設計，可承受整個供應鏈中的嚴格處理。與消耗性包裝相比，此類產品的初始支出要高得多。儘管如此，隨著旅行次數的增加，每次旅行的成本會降低，從而確保快速獲得投資回報，滿足各種企業對永續和持久包裝日益成長的需求。

可回收包裝市場動態

在預測期內，全球城市化進程不斷加快以及可回收包裝的成本效益等因素可能會促進可回收包裝市場的成長。然而，可回收包裝的市場擴張預計將因儲存空間短缺和材料損失的可能性而受到阻礙。

新興經濟體物流機會不斷增加

巴西、印度和中國等新興經濟體為工業包裝散裝產品物流提供了巨大潛力。此外，這些國家還有大量可回收包裝市場的原料供應。食品飲料、汽車、化學材料、醫療保健等製造業受益於中國和印度強勁的經濟成長。

預計可回收包裝市場將受益於新興經濟體製造業的崛起以及對永續和具有成本效益的包裝解決方案的需求。此外，未來幾年，城市人口的成長、網際網路普及率的提高以及電子商務行業的擴張預計將為可回收包裝市場的蓬勃發展提供巨大的機會。

包裝尺寸高度最佳化

包裝的設計經過最佳化，可在不影響產品保護的情況下幫助節省運輸空間，是推動可回收包裝成長的主要因素之一。公司正在投資研發，以生產新穎且高效能的包裝解決方案。可回收包裝系統重量輕且可堆疊，因此可以節省運輸成本，這意味著不會浪費空間。

可回收包裝產業成長最快的趨勢之一是物流鏈中的立方體包裝。另一方面，圓柱形鋼桶和塑膠桶易於單人使用和搬運，無需任何機械搬運設備。大公司也使用矩形中型散裝容器 (IBC)，因為它們可以將容器放置得更近，容器之間的空隙區域更小。由於這些優勢，可回收包裝系統的市場在未來幾年可能會成長。

儲存空間要求和材料損失的風險

一旦收到可回收包裝，在哪裡儲存它的問題就出現了——由於設計和強度的原因，儲存空的可重複使用包裝比一次性包裝解決方案佔用更多的空間。可退回的包裝必須歸還，遺憾的是，這次回程不是免費的。因此，此類成本已計入運輸和運輸預算中。

對於可回收包裝，依賴客戶在收到貨物後寄回包裝物品已成為一種依賴。如果客戶未能這樣做，供應商將負責那些未退回材料的費用。與通常前期費用較低的單向包裝不同，可回收包裝的前期費用通常較高。然而，長期節省預計將是巨大的。

COVID-19 影響分析

由於許多國家政府實施封鎖，製造業和食品業等許多行業的需求減少，2020年可回收包裝的需求下降。由於全球製造業停頓以及對奢侈品和非必需服務的需求大幅下降，COVID-19 問題對可回收包裝業務產生了負面影響。 COVID-19 對包裝業務產生了複雜的影響，主要是由於全球實體零售店的關閉。

2020 年前兩個季度，非必需品需求導致工業、運輸和散裝包裝急劇減少。 COVID-19 事件後，消費者對購買奢侈品、度假和使用飯店服務持謹慎態度，這限制了包裝產業的成長。

然而，線上零售的可用性減輕了關閉的嚴重影響。對電子商務專用包裝的需求預計將保持強勁，而電子商務企業將必須專注於產品安全和包裝消毒。此外，由於對食品雜貨和新鮮食品等關鍵產品的高需求（主要來自當地電子商務網站），食品業的包裝處於全球包裝市場的前沿。

可回收包裝市場細分分析

依最終用戶分類，可回收包裝市場分為食品和飲料、汽車、耐用消費品、醫療保健等。

汽車產業複雜的供應鏈與網路

汽車產業預計將成為可回收包裝市場的最大部分。全球汽車產業的特點是供應鏈和網路複雜，需要整合許多流程以促進可回收包裝的入庫和出庫流動。如今，多家原始設備製造商正在使用可回收包裝，透過最大限度地縮短將產品退回製造商和供應商所需的時間來提高營運效率。

汽車製造商經常使用可回收容器將汽車零件的各個部分轉移給零件供應商。之後，零件被轉移到組裝廠進行組裝。塑膠和鋼材用於汽車行業的可回收包裝，因為它們耐用且防篡改。由於原始設備製造商面臨降低成本以跟上市場競爭的壓力，汽車產業對可回收包裝的需求正在穩步成長。

全球可回收包裝市場地域佔有率

亞太地區不斷成長的汽車工業和不斷湧現的政府舉措

隨著中國、印度、越南等發展中國家工業化的快速發展和製造業的崛起，亞太地區已成為可回收包裝的主要地區，發展潛力巨大。汽車製造商主要使用可回收包裝物品將半成品和成品汽車零件（例如車身零件）從供應商運送到組裝單位。

由於重型和大容量汽車零件的頻繁和短途運輸，托盤、貨架和墊料是需求量很大的包裝產品。由於中產階級人口不斷成長，特別是在亞太地區，全球汽車工業的持續崛起預計將在預測期內推動汽車產業的成長。

俄羅斯-烏克蘭戰爭影響：

對包裝產業的長期影響仍不確定，但企業撤出該地區和全球製裁等行動預計將產生持久的後果。已經實施的製裁，包括美國禁止進口俄羅斯石油和天然氣以及歐盟禁止所有煤炭進口的計劃，可能會對各行業產生持久影響。隨著西歐努力減少對俄羅斯的能源依賴，能源價格可能會繼續上漲。

作為回應，俄羅斯禁止出口 200 多種產品，包括醫療、農產品和木材產品。俄羅斯和中國是全球最大的鋁生產國，其中俄羅斯產量佔全球產量的6%。俄羅斯、中國和西方之間的緊張關係預計將影響全球大宗商品價格，一些專家預測這可能會導致回收工作的增加。

據基輔經濟學院稱，烏克蘭基礎設施估計遭受了 630 億美元的損失，基輔、哈爾科夫、扎波羅熱和第聶伯羅等城市（PACK TECHNOLOGY 烏克蘭的許多供應商所在地）都遭受了猛烈砲擊。基礎設施的破壞可能會導致許多企業永久或長期關閉，這需要為那些能夠繼續營運的企業重建供應鏈。

按產品分類

托盤

鼓和桶

板條箱

其他

按材質

塑膠

金屬

木頭

玻璃

泡棉

按最終用戶

食品和飲料

汽車

耐久性消費品

衛生保健

其他

按地區

北美洲

我們

加拿大

墨西哥

歐洲

德國

英國

法國

義大利

俄羅斯

歐洲其他地區

南美洲

巴西

阿根廷

南美洲其他地區

亞太

中國

印度

日本

澳洲

亞太其他地區

中東和非洲

為什麼購買報告？

按產品、材料、最終用戶和地區可視化可回收包裝市場細分的組成，突出顯示關鍵的商業資產和參與者。

透過分析趨勢和共同開發交易來確定可回收包裝市場的商業機會。

Excel資料表包含數千個可回收包裝市場級 4/5 細分點。

經過詳盡的質性訪談和深入的市場研究後，PDF 報告中包含最相關的分析。

Excel 中所有主要市場參與者的關鍵產品的產品映射

全球可回收包裝市場報告將提供約61個市場資料表，57張圖，211頁。

2024 年目標受眾

可回收包裝服務提供者/買家

產業投資者/投資銀行家

教育及科研機構

新興公司

可回收包裝製造商

Returnable packaging, also known as reusable packaging or returnable transport packaging, comprises sturdy hand-held and bulk containers, pallets, shipping racks, dunnage and other associated products intended to be reused multiple times. The packaging is constructed of long-lasting materials, including plastic, wood, metal, glass and paperboards and is designed to be reused repeatedly to promote ease of use, durability, cleaning and repair.

These are intended for several trips and are engineered to endure rigorous handling throughout the supply chain. Compared to expendable packaging, the initial expenditure for such products is significantly more. Still, as the number of travels increases, the cost per trip decreases, ensuring a speedy return on investment, catering to an increasing need for sustainable and long-lasting packaging from a variety of businesses.

Returnable Packaging Market Dynamics

During the forecast period, factors such as rising urbanization around the world and thus the cost-effectiveness of returnable packing is likely to contribute to the growth of the returnable packaging market. However, returnable packaging's market expansion is projected to be hampered by a shortage of storage space and the possibility of material loss.

Rising opportunities for logistics in emerging economies

Emerging economies like Brazil, India and China provide enormous potential for industrial packaged bulk product logistics. In addition, the countries have a large supply of raw materials for the returnable packaging market. The manufacturing industries such as food & beverage, automotive, chemical & materials and healthcare have benefited from China and India's strong economic growth.

The returnable packaging market is predicted to benefit from the rising manufacturing sectors in emerging economies and the demand for sustainable and cost-effective packaging solutions. Furthermore, in the upcoming years, the growing urban population, rising internet penetration rate and expansion of the e-commerce industry are expected to provide enormous chances for the returnable packaging market to flourish.

High optimization in a pack size

The pack's design, optimized to help conserve shipping space without compromising the product's protection, is one of the primary elements driving the growth of returnable packaging. Companies are investing in research and development to produce novel and high-performing packaging solutions. Returnable packaging systems save money on transportation as they are lightweight and stackable, which means there is no wasted space.

One of the fastest-growing trends in the returnable packaging sector is cube-shaped packaging in logistics chains. On the other hand, cylindrical steel and plastic drums are easy to use and handle by a single person without any mechanical handling equipment. Large firms also utilize rectangular-shaped Intermediate Bulk Containers (IBCs) because they allow containers to be placed closer together with less void area in between. The market for returnable packaging systems is likely to rise in the coming years due to these advantages.

Storage space requirements and the risk of material loss

Once the returnable package is received, the issue of where to store it arises-because of the design and strength, storing empty reusable packaging takes up more room than one-time packaging solutions. Returnable packing must be returned and this return trip is regrettably not free. As a result, such cost is factored into the shipping and transportation budget.

With returnable packing, relying on the client to send back packaging items once the goods have been received becomes a dependency. If the customer fails to do so, the vendor is responsible for the cost of those unreturned materials. Unlike one-way packing, which is typically less expensive upfront, returnable packaging is typically more expensive upfront. However, long-term savings are projected to be significant.

COVID-19 Impact Analysis

Due to the government-imposed lockdown in many countries, the demand for returnable packaging saw a decline in 2020 due to less demand from many industries such as manufacturing and the food industry. As a result of halted manufacturing and a large drop in the demand for luxury and non-essential services worldwide, the COVID-19 issue impacted the returnable packaging business negatively. COVID-19 had a mixed influence on the packaging business, primarily due to the global closure of physical retail outlets.

Demand for non-essential goods led to a sharp reduction in industrial, transportation and bulk packaging during the first two quarters of 2020. Due to the general wider public lower disposable income and lower sales for packaging from industrial goods, the packaging industry came under great pressure to reduce wholesale and retail costs. Consumers were cautious about purchasing luxury items, vacationing and using hospitality services after the COVID-19 event, which limited the packaging industry's growth.

However, the high impact of the shutdown has been mitigated by the availability of online retailing. The demand for eCommerce-specific packaging is projected to stay robust, while eCommerce businesses will have to focus on product safety and package sanitization. Furthermore, the packaging in the food business is at the forefront of the global packaging market, owing to the high demand for critical products such as groceries and fresh food, mostly from local e-commerce sites.

Returnable Packaging Market Segment Analysis

By end-user, the returnable packaging market is segmented into food & beverages, automotive, consumer durables, healthcare and others.

Complex supply chains & networks in the automotive industry

The automotive sector is expected to be the largest segment in the returnable packaging market. The worldwide automobile sector is characterized by complex supply chains and networks, which necessitate integrating many processes to facilitate the inbound and outward flow of returnable packaging. Returnable packaging is being used by several OEMs today to improve the efficiency of their operations by minimizing the time it takes to return products to manufacturers and suppliers.

Automobile manufacturers frequently employ returnable containers to transfer various sections of automobile components to component suppliers. After that, the components are transferred to assembly plants to be assembled. Plastics and steel are utilized for returnable packaging in the automotive industry because they are durable and tamper-resistant. The demand for returnable packaging is steadily expanding in the automobile industry, owing to the pressure on OEMs to reduce costs to keep up with the market competition.

Global Returnable Packaging Market Geographical Share

Growing automotive industry and the rising government initiatives in Asia-Pacific

Owing to the rapid industrialization and rising manufacturing industries in developing nations such as China, India and Vietnam, Asia-Pacific has emerged as the main region for returnable packaging with great development potential. Returnable packaging goods are largely used by automotive manufacturers to convey semi-finished and finished vehicle components, such as body parts, from vendors to assembly units.

Pallets, racks and dunnage are among the packing products in great demand due to the frequent and short-distance transportation of heavy and high-volume car components. The constant rise of the worldwide automotive industry, owing to a growing middle-class population, particularly in Asia-Pacific, is predicted to boost the automotive segment's growth over the forecast period.

Russia-Ukraine War Impact:

The long-term impact on the packaging industry remains uncertain, but actions such as companies withdrawing from the region and worldwide sanctions are expected to have enduring consequences. Sanctions already imposed, including the US ban on importing Russian oil and gas and the EU's plans to ban all coal imports, could have lasting effects across various industries. The increase in energy prices is likely to remain elevated as Western Europe strives to reduce its energy dependence on Russia.

In response, Russia has banned the export of over 200 products, including medical, agricultural, and timber goods. Russia and China are among the world's largest aluminum producers, with Russia contributing 6% of global production. Tensions between Russia, China, and the West are expected to impact global commodity prices, and some experts predict this could lead to an increase in recycling efforts.

According to the Kyiv School of Economics, an estimated $63 billion in damage has been inflicted on Ukraine's infrastructure, with cities such as Kyiv, Kharkiv, Zaporozhye, and Dnipro-where many of PACK TECHNOLOGY Ukraine's suppliers are located-suffering heavy shelling. The destruction of infrastructure is likely to shutter many businesses permanently or for the long term, necessitating a rebuild of supply chains for those able to continue operations.

By Product

Pallets

Drums & Barrel

Crates

Others

By Material

Plastic

Metal

Wood

Glass

Foam

By End-user

Food and Beverages

Automotive

Consumer Durables

Healthcare

Others

By Region

North America

U.S.

Canada

Mexico

Europe

Germany

France

Italy

Russia

Rest of Europe

South America

Brazil

Argentina

Rest of South America

Asia-Pacific

China

India

Japan

Australia

Rest of Asia-Pacific

Middle East and Africa

Recent Developments

In April 2024, Uber Eats will address carbon emissions and packaging waste by offering takeaway food in reusable, returnable packaging. They are extending their partnership to Los Angeles, San Francisco, and other areas on the West Coast of the United States.

In March 2024, Brau Union Austria introduced an innovative sustainable bottle for the brewing industry. In collaboration with Vetropack Group, Brau Union Austria unveiled a 0.33-liter returnable bottle for the Austrian brewing industry. This bottle will allow for more crates per pallet, offering economic and ecological benefits such as reduced logistics costs, shorter transport routes, and decreased CO2 emissions.

In March 2024, the French beauty brand Yves Rocher announced the launch of its Bain de Nature eco refill packs, which contain bath and shower gels made from 90% recycled plastic. This initiative includes packaging that uses four times less plastic than conventional 400ml bottles, addressing consumer demand for more sustainable alternatives and complying with national and European regulations on plastic use.

In February 2024, Glow Recipe, a popular brand known for its skincare products, introduced a refillable unit of its Watermelon Glow Pink Juice Oil-Free Moisturizer. The new packaging is made with 95% post-consumer recycled plastic, resulting in approximately 59% less carbon emissions and 51% less waste compared to its single-use counterparts.

In April 2023, Brambles announced the completion of a merger between CHEP China, a returnable packaging manufacturer, and LOSCAM China, a pooling and returnable packaging solutions provider for supply chains. This merger will help Brambles meet the increasing demand for returnable packaging solutions with an effective supply chain.

Returnable Packaging Market Competitive Landscape

Product launches, approvals and other organic growth tactics such as patents & events are being prioritized by several companies. Acquisitions, partnerships and collaborations were seen as inorganic growth tactics. The efforts have paved the road for market players to expand their business and client base. With the increased demand for returnable packaging worldwide, market payers in the returnable packaging market are expected to benefit from attractive growth prospects.

Major global returnable packaging market companies include Returnable Packaging Resource Inc., Nefab Group, Plastic Packaging Solutions Midlands & East Ltd., Tri-Pack Plastics Ltd., Amatech Inc., Celina Industries, CHEP, Integra Packaging, ORBIS Corporation and Menasha Corporation.

Why Purchase the Report?

Visualize the composition of the returnable packaging market segmentation by product, material, end-user and region, highlighting the critical commercial assets and players.

Identify commercial opportunities in the returnable packaging market by analyzing trends and co-development deals.

Excel data sheet with thousands of returnable packaging market-level 4/5 segmentation points.

Pdf report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

Product mapping in excel for the key product of all major market players

The global returnable packaging market report would provide access to an approx. 61 market data table, 57 figures and 211 pages.

Target Audience 2024

Returnable Packaging Service Providers/ Buyers

Industry Investors/Investment Bankers

Education & Research Institutes

Emerging Companies

Returnable Packaging Manufacturers

1. Global Returnable Packaging Market Methodology and Scope

1.1. Research Methodology
1.2. Research Objective and Scope of the Report

2. Global Returnable Packaging Market - Market Definition and Overview

3. Global Returnable Packaging Market - Executive Summary

3.1. Market Snippet By Product
3.2. Market Snippet By Material
3.3. Market Snippet By End-User
3.4. Market Snippet By Region

4. Global Returnable Packaging Market-Market Dynamics

4.1. Market Impacting Factors
- 4.1.1. Drivers
  - 4.1.1.1. Rising opportunities for logistics in emerging economies
  - 4.1.1.2. High optimization in a pack size
- 4.1.2. Restraints
  - 4.1.2.1. Storage space requirements and the risk of material loss
- 4.1.3. Opportunity
- 4.1.4. Impact Analysis

5. Global Returnable Packaging Market - Industry Analysis

5.1. Porter's Five Forces Analysis
5.2. Supply Chain Analysis
5.3. Pricing Analysis
5.4. Regulatory Analysis

6. Global Returnable Packaging Market - COVID-19 Analysis

6.1. Analysis of COVID-19 on the Market
- 6.1.1. Before COVID-19 Market Scenario
- 6.1.2. Present COVID-19 Market Scenario
- 6.1.3. After COVID-19 or Future Scenario
6.2. Pricing Dynamics Amid COVID-19
6.3. Demand-Supply Spectrum
6.4. Government Initiatives Related to the Market During Pandemic
6.5. Manufacturers Strategic Initiatives
6.6. Conclusion

7. Global Returnable Packaging Market - By Product

7.1. Introduction
- 7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
- 7.1.2. Market Attractiveness Index, By Product
7.2. Pallets*
- 7.2.1. Introduction
- 7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
7.3. Drums & Barrel
7.4. Crates
7.5. Others

8. Global Returnable Packaging Market - By Material

8.1. Introduction
- 8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Material
- 8.1.2. Market Attractiveness Index, By Material
8.2. Plastic*
- 8.2.1. Introduction
- 8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
8.3. Metal
8.4. Wood
8.5. Glass
8.6. Foam

9. Global Returnable Packaging Market - By End-User

9.1. Introduction
- 9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User.
- 9.1.2. Market Attractiveness Index, By End-User
9.2. Food & Beverage*
- 9.2.1. Introduction
- 9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
9.3. Automotive
9.4. Consumer Durables
9.5. Healthcare
9.6. Others

10. Global Returnable Packaging Market - By Region

10.1. Introduction
10.2. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
10.3. Market Attractiveness Index, By Region
10.4. North America
- 10.4.1. Introduction
- 10.4.2. Key Region-Specific Dynamics
- 10.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
- 10.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Material
- 10.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 10.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
  - 10.4.6.1. U.S.
  - 10.4.6.2. Canada
  - 10.4.6.3. Mexico
10.5. Europe
- 10.5.1. Introduction
- 10.5.2. Key Region-Specific Dynamics
- 10.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
- 10.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Material
- 10.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 10.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
  - 10.5.6.1. Germany
  - 10.5.6.2. UK
  - 10.5.6.3. France
  - 10.5.6.4. Italy
  - 10.5.6.5. Spain
  - 10.5.6.6. Rest of Europe
10.6. South America
- 10.6.1. Introduction
- 10.6.2. Key Region-Specific Dynamics
- 10.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
- 10.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Material
- 10.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 10.6.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
  - 10.6.6.1. Brazil
  - 10.6.6.2. Argentina
  - 10.6.6.3. Rest of South America
10.7. Asia-Pacific
- 10.7.1. Introduction
- 10.7.2. Key Region-Specific Dynamics
- 10.7.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
- 10.7.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Material
- 10.7.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 10.7.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
  - 10.7.6.1. China
  - 10.7.6.2. India
  - 10.7.6.3. Japan
  - 10.7.6.4. Australia
  - 10.7.6.5. Rest of Asia-Pacific
10.8. The Middle East and Africa
- 10.8.1. Introduction
- 10.8.2. Key Region-Specific Dynamics
- 10.8.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product
- 10.8.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Material
- 10.8.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User

11. Global Returnable Packaging Market - Competitive Landscape

11.1. Competitive Scenario
11.2. Market Positioning/Share Analysis
11.3. Mergers and Acquisitions Analysis

12. Global Returnable Packaging Market - Company Profiles

12.1. Returnable Packaging Resource Inc.
- 12.1.1. Company Overview
- 12.1.2. Product Portfolio and Description
- 12.1.3. Key Highlights
- 12.1.4. Financial Overview
12.2. Nefab Group
12.3. Plastic Packaging Solutions Midlands & East Ltd.
12.4. Tri-Pack Plastics Ltd.
12.5. Amatech Inc.
12.6. Celina Industries
12.7. CHEP
12.8. Integra Packaging
12.9. ORBIS Corporation
12.10. Menasha Corporation (*LIST NOT EXHAUSTIVE)