Dublin, Aug. 05, 2021 (GLOBE NEWSWIRE) -- The "Intermediate Bulk Container Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Intermediate Bulk Container (IBC) Market is expected to register a CAGR of 4% over the forecast period (2021 - 2026). The variability of the containers' designs and sizes at a variety of price points, makes the Intermediate Bulk Containers a widely popular shipping and storage container option in a number of industries. The COVID-19 pandemic led to lowering of GDP and the level of industrial activity in most of the countries which led to a reduction in packaging demand. However, few industrial customers started stockpiling purchases of intermediate bulk containers which led to a spike in the demand of IBCs.
The rise in the need for the reduction of the weight of bulk packaging across the globe and expansion of manufacturing and construction sectors, especially in the developing regions, are some of the factors driving the intermediate bulk container market.
The increasing industrial output by Chemical Industry, Food Industry, Pharmaceutical Industry, Others, and other industries is driving the growth of the FIBC (Flexible Intermediate Bulk Container) in across the globe. Moreover, increasing government initiatives that promote easier trade and transaction of goods affects the market positively.
However, the increasing popularity of reconditioned and rebottled intermediate bulk containers poses a challenge to the demand of newly manufactured IBCs.
Growing investments in various industries, but predominantly the chemical industry, prove to be a major factor, which is increasing the demand for IBCs. For instance, according to an analysis by the American Chemistry Council (ACC), the US chemical industry's main trade association, the chemical industry in the US is experiencing a recovery post an unusually deep but short recession caused by the COVID-19 pandemic.
Key Market Trends
The Growth Of Chemical Industry Is Expected to Boost IBC Market
- The positive outlook of the chemical sector is expected to provide significant support to the IBC packaging. The demand is estimated to be driven by China, which is the most abundant chemical market.
- Moreover, the aggressive growth of the food industry in North America has directly affected the increased use of safe agrochemicals for the production and growth of crops. This has driven the ancillary demand for agrochemical packaging by large industrial producers who are largely dependent on Intermediate Bulk Containers.
- The use of rigid IBCs is increasing to carry hazardous and precious chemicals across long stretches of land and water without leakage. These IBCs can also be easily reinforced, which prevents fumes from escaping.
- While transporting hazardous chemicals, strict regulations declared by the United Nations (UN) are effective globally. In the case of hazardous chemicals, IBCs are often put under a lot of pressure. That is why it is important to use safe and durable packaging when handling chemicals. This leads to an increase in demand for single-use IBC.
Asia Pacific Is Expected To Experience Fastest Growth
- Asia-Pacific is expected to register the highest growth rate among the other regions during the forecasted period. Therefore, the intermediate bulk container market in APAC is expected to garner significant business opportunities for the vendors.
- China was the world's leading chemical exporting country in 2019, with exports amounting to a value of USD 74 billion in 2019. According to Fuchs Petrolub, China's lubricants market amounted to some 7.3 million tons, making it the world's largest lubricant-demanding country in 2019.
- Moreover, Japan is the world's 4th largest importer & exporter of goods, and foreign trade accounts for 36.8% of the country's GDP. The country mainly exports motor vehicles (13.9%), auto parts and accessories (4.6%), electronic integrated circuits and microassemblies (3.9%), ships and boats (1.9%), and petroleum oils (1.6%). The country's main partners are China, the US, South Korea, Australia, Hong Kong, Saudi Arabia, and Thailand. The growth of such industries and booming trade have driven the demand for IBC's.
- The governments of China and India imposed strict lockdowns during the height of the COVID-19 outbreak. This eliminated production for nearly 3 months and created a significant backlog of orders. However, with conditions improving, the economy is under-recovery, and production has increased in most APAC countries. This has provided a market opportunity for the IBC players to provide on-demand IBCs.
Competitive Landscape
The market for intermediate bulk containers is competitive and fragmented with North America occupying a major share in the global market. Moreover, the market players are anticipating lucrative growth opportunities in the future with the rising demand for the intermediate bulk container in the global market.
- November 2020- Schoeller Allibert, a European player in the production of recyclable, reusable and returnable plastic packaging solutions, launch of ChemiFlow, a UN approved Intermediate Bulk Container (IBC) designed to safely transport hazardous and highly corrosive chemicals. This has affirmed the company's commitment to the chemical manufacturing and distribution market.
- September 2020- Greif launched real time tracking technology, GCube Connect, for composite Intermediate Bulk Containers (IBCs) in its drive to help customers increase performance, reduce costs and improve their carbon footprint. GCUBE Connect helps improve visibility across the entire supply chain with the help of Internet of Things and allows customers to receive live data about their product allowing them to increase sales, reduce freight costs, optimize production planning and automate procurement and sales processes
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.4 Market Drivers
4.4.1 Growing Export of Intermediate Bulk Container Packed Products
4.4.2 Growing Production of Chemical and Pharmaceutical Industries
4.5 Market Restraints
4.5.1 Increasing Adoption Of Reconditioned And Rebottled Intermediate Bulk Containers
4.5.2 Growing Environmental Concerns over the Use of Plastic
4.6 Assessment on the impact of COVID-19
5 MARKET SEGMENTATION
5.1 By Type
5.2 By End User
5.3 By Region
6 COMPETITIVE LANDSCAPE
6.1 Berry Global Group Inc.
6.2 Greif Inc.
6.3 Bulk Lift International LLC
6.4 DS Smith Plc
6.5 Global-Pak LLC
6.6 FlexiTuff Ventures International Ltd.
6.7 LC Packaging International BV
6.8 Plymouth Industries LLC
6.9 Mauser Packaging Solutions
6.10 Schoeller Allibert
6.11 Schutz Packaging Systems
7 INVESTMENT ANALYSIS
8 FUTURE OUTLOOK OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/vy5vr9