LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global intermediate bulk container (IBC) market predicts a CAGR of above 6% during the period 2018-2022.
The report segments the global intermediate bulk container market by end-user, including the chemical industry, pharmaceutical industry, and food industry and by geography, including the Americas, EMEA, and APAC. It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global intermediate bulk container market, according to Technavio transportation and logistics researchers:
- Growing chemical and pharmaceutical industries driving 50% of the IBC market: a major market driver
- Increased demand for customization in IBCs: emerging market trend
- EMEA dominated the global intermediate bulk container market with 38% share in 2017
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Growing chemical and pharmaceutical industries driving 50% of the IBC market: a major market driver
Chemical and pharmaceutical industries are the major end-user industries of IBCs. In 2017, these two industries accounted for more than 50% share of the global IBC market. Different IBCs such as RIBCs and FIBCs are used for storage and packaging of products. Modern bulk packaging solutions such as FIBC and IBC liners are being adopted by these industries owing to flexibility and cost-effective features.
Growing investments in the chemical industry prove to be a major factor, which is increasing the demand for IBCs. For example, in the US, more than 270 new chemical projects have been announced since 2010. Additionally, in 2014, the revenue generated from the chemical industry in the US was approximately USD 750 to USD 850 billion. By 2022, this number is expected to cross USD 1 trillion. NAFTA countries such as Canada, Mexico, and the US are driving the chemical industry owing to the shale gas revolution.
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Increased demand for customization in IBCs: emerging market trend
The increase in industrial production is driving the demand for IBCs. FIBCs and RIBCs are the two types of IBCs used by industries. RIBCs are manufactured out of plastic, and stainless steel and are strong in nature. They can carry up to 800 gallons of heavy liquid and non-liquid goods such as flammable liquids and other chemicals. FIBCs are majorly used for packaging non-hazardous substances; and dry goods such as grains, cement, and other food products.
According to a senior analyst at Technavio for research on packaging, “RIBCs can carry up to 500-600 gallons of goods. Players in the market are introducing customized industrial packaging products to meet specific demands, owing to the increase in competition among industrial packaging players as well as various end-user industries. FIBC is more suitable for every industrial application when compared with RIBC. This is because FIBCs are not only available in different sizes but also can be easy during the lifting mechanism and filling and emptying modifications.”
Global market opportunities
In terms of regional dominance, EMEA led the global intermediate bulk container market, followed by APAC and the Americas in 2017. In EMEA, the IBC market is expected to witness a stable growth during the forecast period owing to stringent government regulations with respect to industrial packaging. However, the strict government regulations are encouraging IBC players to introduce innovative packaging products. This is expected to drive the growth of the IBC market in EMEA during the forecast period.
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