Global Industrial Bulk Packaging Market
Industrial bulk packaging is carried out with the help of intermediate bulk containers such as pallet tank, IBC tote, and IBC tank. Intermediate bulk containers are re-usable & it can handle a huge mass. Industrial bulk containers are used during transportation of many products and for liquid storage. The growing industrial activities and a prominent bulge in the shipping of goods will accelerate the market growth during this forecast timeline.
The expansion of the pharmaceutical industry has been driving the demand for bulk packaging products across the globe. Industrial bulk packaging products are majorly utilized in pharmaceutical industry due to their enhanced material storage capacity. IBCs, drums, and pails most widely used packaging products in the pharmaceutical industry. The increase in demand for plastic-based products like drums, and pails over metal-based has helped in is expected to support the business growth.
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Also, the increasing use of recyclable plastics as raw materials helps meet the requirements of many industries owing to its favorable features such as reliability, durability, and lightweightedness will further create opportunities for the global industrial bulk packaging market growth over the ensuring years. Furthermore, the growing consumption of plastic drums for industrial bulk packaging has been accelerating growth of the drums segment. Manufactures are expected to focus on the adoption of biodegradable plastic materials to manufacture industrial bulk packaging products during the forecast period.
Stringent rules and regulations on the use of plastic expected to hamper the global industrial bulk packaging market growth. Also, volatility of raw material prices may hinder the growth of global industrial bulk packaging market.
The Asia Pacific is expected to hold the largest market share for industrial bulk packaging in India, China, and Japan are among the major markets in this region. The increase in industrial spending has been prominent factor driving the growth of the regional market. The Asia Pacific also encourages the entry of small and medium sized industries due to various factors like availability of land, cheap and labor.
Europe is expected to hold the second largest market share for industrial bulk packaging due to expansion of the pharmaceutical industry in this region. Also, the presence of the geriatric population in this region is anticipated to provide attractive growth opportunities for the industrial bulk packaging market due to the increase in production & consumption of pharmaceutical products.
Various key players are discussed in this report such as Myers Container, Composite Containers LLC, Eagle Manufacturing Company, Grief, Peninsula Drums, Cleveland Steel Container, BWAY Corporation, International Paper, Time Technoplast Ltd., and Hoover Ferguson Group, Inc.
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