Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Industrial Bulk Packaging market.
Trusted Business Insights presents an updated and Latest Study on Industrial Bulk Packaging Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Industrial Bulk Packaging market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: Industrial Bulk Packaging Market
The global industrial bulk packaging market size was estimated at USD 21.8 billion in 2018, escalating at a CAGR of 3.8% over the forecast period. Growth of the pharmaceutical industry has been driving the demand for bulk packaging products around the world. Industrial bulk packaging products are increasingly being utilized in the pharmaceutical industry owing to their enhanced material storage capacity. Drums, pails, and IBCs are among the most widely used packaging products in the pharmaceuticals industry.
Escalating demand for plastic-based packaging products such as pails and drums over metal-based products is a trend that has gripped the industrial bulk packaging market over the years. From a manufacturing standpoint, the employment of plastic-based materials helps achieve economies of scale. Furthermore, the use of plastics as raw materials helps meet the requirements of most industries owing to their favorable properties including light weight, reliability, and durability.
Increasing consumption of plastic drums for industrial packaging application has been contributing to the growth of drums segment. The use of plastic helps manufacturers offer various color options to clients, thereby enhancing the marketability of their products. Market players are expected to focus on the adoption of biodegradable materials (plastics) to manufacture industrial bulk packaging products over the forecast period to offset the hazards associated with production and consumption of plastic-based packaging products.
Another trend gaining traction in the industry is increasing popularity of flexible intermediate bulk containers (IBCs). The concept of light weight has been encouraging manufacturers to increase the production of IBCs. North America was the largest market for IBCs in 2018. This region houses dominant players including ABC Polymer Industries, AmeriGlobe, and Alpine FIBC.
Cross border trade & logistics are likely to present remunerative opportunities for the industrial bulk packaging industry over the forecast period. This forecast is in reaction to increasing spending on infrastructure projects across the globe. Latin America, for instance, has been contributing to the demand for industrial bulk packaging products owing to various initiatives being undertaken in the region.
The pails segment is expected to grow at a healthy rate over the forecast period. These products are principally used for the packing of liquids across industries. The employment of these products facilitates the function of stackability, thereby aiding manufacturers to reduce storage and logistics costs.
Product Insights of Industrial Bulk Packaging Market
In terms of product, drums segment dominated the industrial packing market in 2018 with a share of 40.6%. This segment is expected to retain its prominent position over the forecast period. Drums are preferred for the packaging and transportation of liquids and other products in large quantities. These products find widespread application in the chemicals & petrochemicals industry.
IBC segment is anticipated to witness the fastest growth rate over the forecast period. Rising demand for smaller formats of industrial bulk packing products, predominantly in the pharmaceuticals industry, is expected to fuel the growth of this segment over the forecast period. Pails are among the other most preferred products across various industries. The demand for pails is driven by advancements in pail manufacturing technology paired with product innovation.
Application Insights of Industrial Bulk Packaging Market
The chemicals & petrochemicals segment emerged as the largest application segment in 2018. This segment is expected to claim a market share of 36.9% by 2025 to retain its pole position. Drums and IBCs are among the most widely used packaging products in the chemicals & petrochemicals industry. These products are considered ideal for the transportation and storage of petrochemicals and hazardous chemicals.
The pharmaceuticals segment is anticipated to grow at the fastest rate over the forecast period. Rising need for hygiene in the pharmaceutical industry has been necessitating the employment of industrial bulk packaging products over the years. Noticing a rising demand for these products from the pharmaceuticals industry, market participants are increasingly focusing on offering bespoke packaging solutions to their clients such as nestable drums.
Regional Insights of Industrial Bulk Packaging Market
Asia Pacific emerged as the largest market for industrial bulk packaging in 2018 with a share of 33.2%. Japan, China, and India are among the major markets in this region. Rising industrial spending has been the key factor driving growth of the regional market. The region also encourages the entry of small- and medium-sized industries owing to various factors such as the availability of cheap land and labor. Such factors have further strengthened market growth in APAC.
Europe was the second-largest market for industrial bulk packaging in 2018. The region is driven by the healthy growth of the pharmaceutical industry. Furthermore, the presence of geriatric population in this region is expected to offer attractive growth opportunities for the bulk packaging market owing to increasing production and consumption of pharmaceutical products.
Market Share Insights of Industrial Bulk Packaging Market
The bulk packaging market is characterized by the presence of both domestic and international market players. Grief, Cleveland Steel Container, Composite Containers LLC, International Paper, BWAY Corporation, Eagle Manufacturing Company, Myers Container, Time Technoplast Ltd., Peninsula Drums, and Hoover Ferguson Group, Inc. are some of the prominent market participants.
Product differentiation and innovation were observed to be the preferred strategies in the industry over the years. Most market players offer custom and personalized solutions to their clients to remain competitive in the industry. In addition, a sizable number of players offer printing and product designing services to clients as per their requirements.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Industrial Bulk Packaging Market Research Report
This report forecasts revenue growth at a regional & country level and provides an analysis of the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global industrial bulk packaging market report based on product, application, and region:
Product Outlook (Revenue, USD Million, 2019 – 2030)
Application Outlook (Revenue, USD Million, 2019 – 2030)
Chemicals & Petrochemicals
Food & Beverages
Quick Read Table of Contents of this Report @ Industrial Bulk Packaging Market Size, Global Market Research and Industry Forecast Report, 2025 (Includes Business Impact of COVID-19)
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