"Overview of IBC Market"
Demand For IBC Market Was Estimated At US$ 19 Bn In 2018. It Is Projected To Witness A CAGR Of 7.3% During The Forecast Period (2019-2027).
Over the years, intermediate bulk containers (IBCs) have been used across multiple industrial domains for an array of applications. Market players operating in the packaging industry are in the process of developing sustainable and cost-effective packaging solutions for shipping a range of goods. Further, IBCs have gained recognition as one of the preferred choices for safe packaging and transportation of various goods in different industries such as chemicals, cosmetics, and others.
Now a days, major market players in the IBC market are concentrating on developing cost-effective, reliable and sustainable packaging solutions. Further, to penetrate the market in emerging countries, inorganic strategies such as acquisitions and mergers are likely to grow in the coming years. These factors are expected to boost the growth of the market in the future.
Environmental concerns over recycling as well as safe disposal of plastic containers will play a vital role in boosting the growth of the market. The government of various countries in Asia Pacific have many ongoing projects that aim to principally double the volume of the current trade-in the forecast period. This is ultimately expected to boost the demand of IBC in the future.
In the U.S., One-third of the agricultural land is meant mainly for exports, that increases the adoption of IBCs and drives the necessity for bulk packaging. IBCs offer various advantages such as reusability and toughness that boosts the inclination of end-users towards it.
Chemical sector had accounted for a significant share of xx% in 2018 and is expected to remain dominant during the forecast period.
For the market players operating in the chemical industry, storage and transportation of dangerous chemical compounds is a comparatively complex task. Thus, to solve these problems, intermediate bulk containers are widely used in this industry. Further, with advancements in technology, state-of-the-art IBCs are used for safe transportation within the chemical industry. In addition to this, the surge in transportation activities for hazardous materials, chemicals, fuels, and liquids among others has boosted the demand for IBCs in recent years.
The growing adoption of IBCs in the chemical sector has accelerated transportation, especially for small-volume shipments. Owing to its versatility, robustness, and reusable properties, IBCs have gained attention and acceptance in the chemical industry. Other factors that contribute towards the growing demand for IBCs from the chemical sector include its cost-effectiveness and long-term value.
By Product Type, FIBC Is Expected To Witness High Demand during the Forecast Period
FIBC accounted for a significant share of xx% of the global IBC market in 2018 and is expected to remain dominant during the forecast period.
Flexible intermediate bulk containers (FIBCs) are also known as bulk bags or jumbo bags. These bags are made of flexible woven material like polypropylene (PP) and possess the capacity to hold 500 kg to 2,000 kg of weight ultimately boosting its adoption in various end use industries. They are commonly used by various industries to store flowable and dry products such as grains, salts, chemicals, sands, cement, clays, and others. FIBC majorly finds application in various end-use industries including food, chemical, building & construction, mining, pharmaceutical, and others.
Asia Pacific had accounted for a significant share of xx% in 2018 and is expected to remain dominant in future.
In Asia, China is foreseen to remain prominent and is expected to hold 3/4th fo the market share during the forecast period. China is home for various small to medium scale end-use industries, growing industrial output with a strong focus on exports are among the factors likely to create a significant growth opportunity for the IBCs market during the forecast period.
Presence of emerging economies, high growth of end-use industries, and increasing demand for industrial packaging solutions are likely to create significant demand for IBCs in the South Asia region. The growing import and export volume among Asian countries is expected to fuel the growth of the Asia market during the forecast period. Overall, the global outlook for the IBCs market is likely to remain optimistic throughout the forecast period (2019-2027).
The major competitors of global IBC market are TPS Rental Systems Ltd IBC Containers, HOYER GmbH, Arlington Packaging (Rental) Limited, CHEP, Berry Global Inc., Greif, Plastipak Holdings, Inc., SYSPAL Ltd., DS Smith, Bulk Lift International, LLC, Conitex Sonoco, INC, Plymouth Industries, Pensteel Ltd., SIA FLEXITANKS.
IBC Market Segmentation:
Global IBC Market by Application
- Food & Beverage
- Oil and Gas
- Inks & Dyes
- Building & Construction
Global IBC Market by Product Type
Global IBC Market by Material Type
Global IBC Market by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa