The Global Industrial Bulk Packaging Market generated revenue of around USD 20.23 billion in 2020 and is anticipated to grow at a CAGR of over 4.57% during the forecast period from 2021 to 2027 to reach around USD 30.42 billion in 2027. While, cumulative growth opportunity presented by the global Industrial Bulk Packaging is around USD 189 billion during 2021 to 2027.
Global Industrial Bulk Packaging Market, 2020 – 2027 (USD Million)
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Industrial bulk packaging protects and secures products and goods to store or ship to consumers. Bulk packaging is typically used at production plants for packaging goods right after they are produced but can be used at different supply chain points. Industrial bulk packaging is mostly used for products sensitive to external conditions or require highly stable and secure transport. This could mean products that could be hazardous, sensitive or products that contain components that are sensitive to each other.
Drums Hold the Largest Share
IBC, Drums, Pails, Totes/ Cracks and Others are some of the major forms of Industrial Bulk Packaging. Drums hold the largest share of the Industrial Bulk Packaging with over 25% share in total revenue generated in 2020. While IBC is likely to grow at a considerable rate during the forecast period. Drums are widely used in chemical and pharmaceutical shipments. Chemical industry has reached close to USD 4 trillion valuation. With ever increasing demand for chemicals and pharmaceuticals, the demand for Industrial Bulk Packaging will grow in the years to come.
Chemicals to Reign the Industrial Bulk Packaging Demand
Chemicals & Petrochemicals, Pharmaceuticals, Food & Beverages and others are some of the most prominent application markets for the global Industrial Bulk Packaging industry. Chemicals industry being the largest among all held the huge share of the Industrial Bulk Packaging consumption in 2020 with over 30% share in total revenue generation. Food & beverages and pharmaceutical industry is projected to grow at an attractive growth rate over the forecast period.
Focus on Sustainable Raw Materials
Cleveland Steel Container, Peninsula Drums, Hoover Ferguson Group, Inc., International Paper, Myers Container, Grief, Time Technoplast Ltd., BWAY Corporation, Composite Containers LLC and Eagle Manufacturing Company are important players operating in the global Industrial Bulk Packaging market. Crude oil derived raw materials has been remained major point of concern for the global Industrial Bulk Packaging industry owing frequent fluctuation in prices. Moreover, traditional raw materials also pose considerable threat to environment. To overcome this concerns, manufacturers of Industrial Bulk Packaging are focusing on use of bio-based raw materials. This is expected to offer huge growth opportunity for the manufacturers in the near future.
North America and Europe to Face Stagnant Growth
Industrial Bulk Packaging market has reached to maturity in North America and Europe. However, Asia Pacific, Latin America and Middle East are projected to develop tremendous growth opportunities for the Industrial Bulk Packaging manufacturers. Asia Pacific held largest share in global Industrial Bulk Packaging market closely followed by Europe.
Market Segmentation
Global Industrial Bulk Packaging Market by Type, 2015 – 2027
- Drums
- IBC
- Pails
- Totes/ Cracks
- Others
Global Industrial Bulk Packaging Market by Distribution Channel, 2015 – 2027
- Chemicals & Petrochemicals
- Food & Beverages
- Pharmaceuticals
- Others
Global Industrial Bulk Packaging Market by Company, 2015 – 2027
- Cleveland Steel Container
- Peninsula Drums
- Hoover Ferguson Group, Inc.
- International Paper
- Myers Container
- Grief
- Time Technoplast Ltd.
- BWAY Corporation
- Composite Containers LLC
- Eagle Manufacturing Company
- Others
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ToC: https://www.credenceresearch.com/toc/industrial-bulk-packaging-market/table-of-content
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