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Market Overview
As per an Extensive Research Report by Market Research Future (MRFR), Stainless Steel IBC’s Market Information By Capacity, End-User, and Region – Forecast till 2032” The stainless-steel IBC’s industry will rise from USD 2,956.58 million in 2023 to USD 4,431.3 million by 2032, with a CAGR of 4.60% from 2023 to 2032.
Standard bulk packaging or shipping containers for the transportation of industrial and non-industrial goods include IBCs and steel drums. These solutions are made to properly transport and store vast amounts of solid, liquid, and semi-liquid goods, both hazardous and non-hazardous.
End users can successfully secure their products during storage and shipment by using steel drums and IBCs while saving money on transportation.
Intermediate bulk containers (IBCs), often referred to as IBC totes, are one type of bulk packaging that is becoming more and more popular because of their capacity to offer packed goods a perfect hygienic environment, increase their shelf life, and lessen the likelihood of spillage.
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Market Competitive Landscape:
Market USP Covered:
Market Drivers:
Strong industry growth in sectors including chemicals, petroleum, food and beverage, etc. will increase demand for stainless steel IBCs. The use of steel drums and IBCs will be encouraged by the surging understanding of how packaging options affect product life span.
Sales of stainless steel IBCs will be fostered by rising import and export activity around the world. The industry will grow as new technologies like RFID are integrated into intermediate bulk containers and steel drums. Market expansion will be elevated by rising demand for specialized bulk packaging solutions.
The market will grow stronger with time as more critical goods, including chemicals, medicines, food and drinks, petroleum, etc., are transported in big quantities across a variety of industries.
The market would be boosted by an increase in utilization across numerous industries for moving big quantities of important commodities including chemicals, medicines, food & drinks, petroleum, etc.
Since IBCs may be reused, they are seen as environmentally benign. In the chemical and food and beverage industries, IBCs like rigid intermediate bulk containers (RIBCs) and flexible intermediate bulk containers (FIBCs) are frequently employed.
During the evaluation period, the expansion of international trade as a result of free trade policies will be crucial in increasing market size. The increased demand for sustainable and environmentally friendly packaging solutions is another important aspect that can boost the market.
Pharmaceutical companies frequently employ industrial steel barrels. In these containers, raw materials and finished pharmaceutical products are stored and delivered. Many pharmaceutical products contain hazardous components that need special handling and storage. Industrial steel drums are the ideal container for storing such compounds because they are designed to withstand their corrosion.
Because the pharmaceutical sector is heavily regulated, pharmaceutical businesses use industrial steel barrels to help them meet regulatory requirements. For some pharmaceutical items, the requirements for airtight storage can be satisfied by using industrial steel barrels. Pharmaceutical products that need to be protected from contamination require a barrier against external contamination, which industrial steel barrels provide. Since the drums are airtight, pollutants like moisture, dust, and others cannot enter.
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Market Restraints:
The development of pressure inside the IBC during storage or transit is one problem that may occur with stainless steel IBCs. Changes in temperature or the off-gassing of specific materials may be to blame for this pressure. This could be a major flaw in the product and could reduce demand in the upcoming years, slowing the growth of the market as a whole.
Market Segmentation
Capacity-wise, the key segments are Up to 1,000 Liters, 1,001 to 1,500 Liters, 1,501 to 2,000 Liters, and above 2,000 Liters.
Major end users of stainless-steel IBCs are Industrial Chemicals, Petroleum and Lubricants, Food and Beverages, Construction, Pharmaceuticals, and more.
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Regional Insights
With a value of USD 991.59 million in 2022, North America held the biggest market share of 35%; over the conjectured period. It is likely that the regional market will acquire a CAGR of 4.34% in subsequent years. The risk involved with transporting liquid products is reduced by stainless steel IBCs that adhere to United Nations standards or U.S. Department of Transportation certification. Sales of stainless-steel IBC in numerous industries increased exponentially as a result.
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
