According to a report,"Industrial Bulk Packaging Market Size, Share & Trends Analysis Report By Product (IBC, Drums, Pails), By Application (Chemicals & Petrochemicals, Pharmaceuticals, Food & Beverages), By Region, And Segment Forecasts, 2019 - 2025", published by Grand View Research, Inc., The global industrial bulk packaging market size is projected to reach USD 28.4 billion by 2025, escalating at a CAGR of 3.8% over the forecast period,Bulk packaging products are expected to witness high penetration in the chemicals & petrochemicals sector over the forecast period. Industrial bulk packaging solutions have witnessed increased demand in the recent years owing to rising global industrial output, most notably in Asia Pacific.
The rising demand for reducing the cost of transportation and storage of industrial fluids across industries is another factor bolstering the consumption of industrial bulk packaging products. In this regard, products such as IBCs and pails are increasingly consumed to ensure optimal space utilization, thereby contributing favorably to industry growth. The industry is also driven by steps initiated by various governments around the world to increase domestic production of petrochemicals.
The Government of India (GoI) recently initiated a perspective planning concerning the petrochemical industry to boost domestic capacities (petrochemicals) as a part of its Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) policy. Such initiatives offer healthy prospects for industry growth. In terms of application, chemicals & petrochemicals segment emerged as the largest segment in 2018, holding a share of 40.1%
Pharmaceuticals segment is poised to register the fastest growth rate over the forecast period with the rising need for product safety (pharmaceuticals) coupled with advancements in scientific stacking methods (bulk packaging). Furthermore, increasing focus on the reduction of pharmaceutical wastage both during loading and unloading necessitates the employment of bulk packing products. The presence of aging population in Europe has been creating a substantial demand for industrial bulk packaging products in the pharmaceuticals space in the region.
North America emerged as one of the prominent regions for industrial bulk packaging. The U.S. was observed to be the most prominent market in North America and is characterized by the presence of leading international industry players. Furthermore, the North American market has been witnessing an increasing adoption of novel packaging products including flexible IBCs over the years. Such factors are expected to strengthen the regional market in the near future.
Key Takeaways from the report:
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In terms of product, the drums segment dominated the industrial bulk packaging market with a share of 40.6% in 2018; however, the segment is expected to lose share to segments such as IBCs and pails owing to the increasing demand for smaller formats of industrial bulk packing solutions
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Europe was the second-largest market for industrial bulk packaging in 2018
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The industry is characterized by intense competition with both domestic and international players trying to target prospective clients
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Product differentiation and innovation were some of the preferred strategies deployed by key market players.
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Regional Insights
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.
Industrial Bulk Packaging Market Share Insights
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.
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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