LONDON--(BUSINESS WIRE)--The flexible intermediate bulk container (FIBC) market in North America is expected to grow at a CAGR of around 7% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the flexible intermediate bulk container market in North America by end-user that includes chemical, food, and pharmaceutical. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as US, Canada, and Mexico.
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Market driver: benefits over other packaging materials
FIBCs are used for storing, handling, or transporting of industrial products. Traditionally, corrugated cartons are used for packaging and transportation of industrial products. Corrugated cartons are multilayered and strong, but more expensive and bulky to handle. The four loop FIBC bags have substituted corrugated cartons due to their lightweight and durability. FIBC bags can be manufactured from woven polypropylene fabric in several different sizes. Though they have a single layer, they can be laminated for better protection. As FIBCs are foldable, they are easy to use before packaging as well as after discharging the products compared with RIBCs.
According to a senior analyst at Technavio for warehouse and storage research, “There are many risks associated with the use of FIBCs. To curb these risks, the polypropylene fabrics are first UV treated and made insulation proof. Therefore, the bags can be made shockproof while filling or discharging of products. Furthermore, the use of FIBCs enables cost reduction of around 45%-55% associated with packaging when compared with traditional corrugated cartons. The benefits of FIBCs over other kinds of packaging will create greater demand for FIBCs for industrial applications, which will drive the FIBC market in North America during the forecast period.”
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Market trend: innovative FIBCs available in the market
Vendors have started providing customized FIBCs to suit the customer requirements. Vendors are offering various FIBCs due to the increasing demand for FIBCs in several industries. These FIBCs are suitable for packaging different industrial products. The diversity of offerings by vendors has been increasing steadily by incorporating more innovative FIBC products, which have been catering to the needs of the end-user segments. Vendors provide bulk bags in various shapes, sizes, capacities, and properties. Vendors offer new innovative bulk bag solutions, which further cut down the packaging cost.
Market challenge: fluctuations in raw material prices
The instability in raw material prices is one of the key challenges faced by vendors in the FIBC market in North America. Polyethylene and polypropylene are usually derived from crude oil. But, the growing fluctuations in the crude oil prices have a drastic impact on the vendors manufacturing FIBCs. The supply and demand imbalance in the production of crude oil was the major factor leading to price fluctuations. The price fluctuations have a major impact on the cost of producing FIBCs.
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