Chicago, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The global Corrugated Bulk Bins Market size is projected to grow from USD 11.6 billion in 2020 to USD 15.4 billion by 2025, at a CAGR of 4.2% during the forecast period, as per the recent study by MarketsandMarkets™. According to DS Smith, a packaging manufacturer, corrugated bulk bins refers to the packaging solutions, which provide protection during each phase of manufacture, such as storage and transport of spare parts, semi-finished and finished products. It is manufactured for numerous industries, such as chemical, automotive, pharmaceuticals, and food industries. Corrugated bulk bins is especially suited for heavy, bulky, or large goods and hazardous materials. The growth of this market is attributed to the increase in the demand for bulk packaging products globally due to the surge in demand for foodstuffs and pharmaceutical goods during the COVID-19 pandemic. The growth in the end-use industries (such as chemical, food & beverage, and pharmaceutical) has generated new opportunities for the corrugated bulk bins market. However, factors such as volatility in the raw material prices and stringent packaging regulations may inhibit the growth of the market.
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111 - Market Data Tables
50 - Figures
210 - Pages
List of Key Players in Corrugated Bulk Bins Market:
- Greif Inc. (US)
- WestRock Company (US)
- International Paper Company (US)
- Mondi (Austria)
- Sonoco (US)
Drivers, Opportunities and Challenges in Corrugated Bulk Bins Market
- Drivers: Recyclability of corrugated bulk bins
- Restraint: Availability of low-cost alternatives
- Opportunity: Rising demand for corrugated bulk bins from APAC region
- Challenge: Pricing pressures for small manufacturers
Key Findings of the Study:
- In terms of value & volume, Pallets are estimated to lead the corrugated bulk bins market in 2019.
- Food is estimated to be the largest segment in the corrugated bulk bins market in 2019.
- The APAC region is projected to account for the largest share of the corrugated bulk bins market during the forecast period.
The market for corrugated bulk bins is segmented, on the basis of type, into pallet packs, hinged, totes, and others (include crates, skid boxes, and cargo boxes). Pallet pack is projected to dominate the market for corrugated bulk bins by 2025. The corrugated bulk bins market has witnessed a significant increase in the demand for corrugated boxes for the supply of goods to the grocery stores, retailers, pharmacies, and hospitals, during the COVID-19 pandemic. Furthermore, the increasing opportunities in e-commerce and offline retail sectors have resulted in accelerating demand for corrugated bulk bins in packaging applications.
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On the basis of application, food & beverage is projected to be the largest segment in the corrugated bulk bins market during the forecast period. The increase in exports of food from Southeast Asia and Europe is expected to boost the demand for corrugated bulk bins, by 2025. Distributors of food prefer totes over other types of corrugated bulk bins products, due to their low cost and higher operational efficiency are widely used for the transportation and storage of goods.
The corrugated bulk bins market is studied for five regions, namely, North America, APAC, Europe, Middle East & Africa, and South America. The APAC region accounted for the largest market share in 2019, in terms of both value and volume. Furthermore, the market for corrugated bulk bins in the APAC region is projected to grow at the highest CAGR from 2020 to 2025, in terms of both value and volume.
The growth of the corrugated bulk bins market is attributed to the increase in demand from various end-use applications. Consumers are resorting to panic-buying and bulk stocking due to the fear of lockdowns during the COVID-19 pandemic. Increasing number of people are ordering daily staples and fresh food through online channels, which leads to an increase in the demand for corrugated bins solutions.
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The key players in the corrugated bulk bins market are dominated by a few globally established players, such as Greif Inc. (US), WestRock Company (US), International Paper Company (US), Mondi (Austria), and Sonoco (US) among many others.
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