COVID-19 Pandemic Impacts Market Synopsis of Global Plastic Rigid IBC Market Deeply
The pressing demand for plastic rigid IBC across expanding economies, such as food & beverage industries as the need for storage and transportation of bulk food products rise can cause the expansion of the world plastic rigid IBC market 2020 across the review period. MRFR studied the impact of COVID-19 pandemic on the world market of plastic rigid IBC.
A detailed analysis of COVID-19 pandemic on the world market of plastic rigid IBC is provided with the report detailing the long-term and short-term impact on the market. The increase in utility of plastic rigid IBC in beverages and manufacturing units can create numerous growth opportunities on the market, thus can support the expansion of the market in the years to come. The utility of Plastic rigid IBC in store and transportation of lubricants, chemicals, and oils can support the expansion of the market. The need for cost effective and flexible, bulk packaging solutions can generate high annual turnover for the plastic rigid IBC market. On the other side, strict regulations and standards regarding packaging can hinder the rise of the Plastic rigid IBC market in the years to come.
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The global plastic rigid IBC market segment study is based on end use, material, and capacity. The material based segments of the plastic rigid IBC market are LLDPE, HDPE, LDPE, and PVC among others. The HDPE material segment can wind in high revenue in the years to come. The growing utility of HDPE IBC containers due to high flexibility and affordability can promote the expansion of the market.
The capacity based segments of the plastic rigid IBC market are 500 to 1000 liters, up to 500 liters, 1500 to 2000 liters, 1000 to 1500 liters, and above 2000 liters. The 500 to 1000 liters Plastic rigid IBC containers are widely used. Hence, the 500 to 1000 liters plastic rigid IBC market segment can rise at a high pace across the review period.
The end-use based segments of the plastic rigid IBC market are pharmaceuticals, food & beverages, industrial chemicals, paints inks dyes, petroleum & lubricants, and others. The Food & beverages segment can gain high traction across the review period.
North America, Asia-Pacific, Europe, and the rest of the world are major plastic rigid IBC market regional segment. The growing utility of plastic rigid IBC in the Asia Pacific region can promote the plastic rigid IBC market can rise in the near future. In Middle East & Africa, followed by North America, the plastic rigid IBC market is expected to gain high revenue through the review period. Other important factors that can promote the expansion of the regional market are technological developments and quick industrialization developments. In regions, such as China and India the expansion of the plastic rigid IBC market can be due to the presence of major contributors in the region as the GDP growth in these powerful economies surge. The rapidly rise in manufacturing activities and high paced expansion of the industrial sector can drive the expansion of APAC plastic rigid IBC market.
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