Rigid Bulk Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Posted April 30, 2021 by statzyreports

The rigid bulk packaging market is expected to register a CAGR of 4.9% during the forecast period 2021-2026.

 Over the last few decades, global bulk packaging has received very scant attention compared to consumer packaging. However, recently, governments and organizations across the world have come to realize the importance of safe and sustainable industrial packaging.

- Some of the major drivers contributing to the growth of this market include the emergence of sustainable and recycling packaging materials, steady growth in construction activity and increased demand for food and packaging transport materials across the globe.

- Further, the greater need to improve logistics costs, bill of materials, and enhance overall efficiency across the supply chain, is expected to drive investments in innovation among the industrial packaging manufacturers over the forecast period.

- On the other hand, the market has been buoyed by companies and governments focused on claiming the necessary measures to reduce packaging wastage.

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Key Market Trends

Intermediate Bulk Containers to Witness the Fastest Growth

- IBCs are mainly used for the storage and handling of materials in the oil and gas, chemical, and petrochemical sectors. Furthermore, IBCs ensure product safety and cost-effective packaging solutions, as well as helps in downgauging the overall packaging cost owing to its features, like multiple usages, large storage capacity, and usability with different industrial products.

- The need for suitable corrosion resistant containers for the storage and handling of both hazardous and non-hazardous liquid applications has driven the usage of intermediate bulk containers in the chemicals, pharmaceutical, food and beverage, and oil and lubricants sectors.

- The export from the United Kingdom was dominated by fuel commodities in the year 2018. According to UK trade info, total exports of goods for April 2019 were EUR 29.9 billion. This was a decrease of EUR 3.8 billion (11%) compared with the previous month, and an increase of EUR 1.8 billion (6.5%) compared with April 2018.

- Furthermore, the increased demand for reusability and sustainable packaging has driven the adoption of returnable bulk containers, particularly for exports.

North America to Hold a Major Share

- The rigid bulk packaging market in the United States is bolstered by the presence of significant market players and strong manufacturing industries, such as chemicals, pharmaceutical, food & beverages, and automotive.

- The country is also the third largest exporter, after China and the European Union, as well as the second largest importer of goods in the world. These good mainly constitute of industrial machinery, medical equipment, petroleum products, and automotive parts and supplies. According to the World Bank, the exports of goods in 2016 accounted for 11.82% of the GDP and increased to 12.06% in 2017.

- The country’s focus on strengthening its trade relations during the forecast period is expected to aid market growth. This trend has been buoyed by the reserves of crude oil in the United States increased 19.5% (6.4 billion barrels) to 39.2 billion barrels at year-end 2017, setting a new US record for crude oil proved reserves, stated by EIA.

Competitive Landscape

The rigid bulk packaging market concentration is moderately consolidated with the presence of the fewer major player in the market. Additionally, the other major players in the packaging market are adopting acquisition and partnership strategies to enter the market to grow their market offerings.

- Mar 2019 - Amcor Limited acquired its rival Bemis Company, Inc. and aims to create a stronger value proposition for shareholders, customers, employees, and the environment.

- Mar 2019 - IFCO SYSTEMS, the leading global provider of reusable packaging solutions for fresh foods, announced the acquisition by Triton and Abu Dhabi Investment Authority (ADIA). This makes IFCO a fully independent company capable of acting agile and flexible, offering the industry’s most efficient and sustainable fresh foods packaging solutions.

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Issued By Statzy Market Research
Country India
Categories Miscellaneous
Tags rigid bulk packaging market , rigid bulk packaging market forecast , rigid bulk packaging market share , rigid bulk packaging market size
Last Updated April 30, 2021