Future Market Insights
Growing need for a non-erroneous means of cross border transportation has led to the demand for composite IBC. Not only this, containerization has also led to significantly low costs for the shipping industry. Composite IBCs are lightweight as well as space saving containers due to which they are highly preferred by the end use customers. Composite IBCs ensure non spillage of the packaged product and ensure safe transit as compared to their traditional counterparts. Budding cross trade activities across the globe has also led to increasing demand for composite IBCs. The global composite IBC market is expected to expand at a healthy CAGR attributed to high demand from the industrial chemicals end use segment.
Global Composite IBCs Market: Dynamics
Large petroleum oil production and exports propels the need for bulk container packaging. Shipping costs have significantly reduced for the end users, as the number of labour personnel required for the loading and unloading process has also significantly reduced due to composite IBCs. Composite IBCs are non-corrosive in nature which makes them ideal for the transportation of almost all types of products, thus catering to a large base of end users which further spurs the demand of the global composite IBC market. Growing preference for the flexible intermediate bulk container is a major factor restraining the growth of the global composite IBC market. Moreover, escalation in the raw material prices has led to significantly high cost of composite IBCs, thus hampering the market growth. Use of composite IBCs for dry bulk shipping is likely to create new opportunities of growth for the global composite IBC market. Use of bio based raw materials for the production of composite IBC is a key trend prevailing in the global composite IBC market.
Global Composite IBCs Market: Segmentation
The global composite IBC market is segmented on the basis of material type, end use, technology, capacity, and region. On the basis of material type, the global composite IBC market is segmented into plastics, aluminium, carbon steel, and galvanized iron. Plastic accounts for a major market share in the global composite IBC market. On the basis of end use, the global composite IBC market is segmented into Industrial chemicals, paints, inks & dyes, food & beverages, building & construction, and pharmaceuticals. Industrial chemicals is the major end user of composite IBC for the safe transportation of hazardous chemicals. On the basis of technology, the global composite IBC market is segmented into aseptic and non-aseptic technology. On the basis of capacity, the global composite IBC market is segmented into 180-250 gallons, 250-300 gallons, 300-350 gallons, and above 350 gallons.
Global Composite IBCs Market: Regional Outlook
On the basis of geography, the global Composite IBC market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is currently leading the global composite IBC market due to high exports and imports in the region. Asia Pacific is expected to gain rapid traction during the forecast period due to rapid industrialization and rising cross border activities in the region. The European composite IBC market is expected to witness moderate growth during the forecast period due to hampered cross border trade in certain regions attributed to strict government regulations. Middle East & Africa composite IBC market is expected to grow due to burgeoning demand from the building & construction end use industry. Latin America composite IBC market is anticipated to witness sluggish growth during the forecast period.
Global Composite IBCs Market: Key Players
Some of the key players operating in the global composite IBC market are Greif Inc., Snyder Industries, Inc., Hoover Ferguson Group, Inc., Time Technoplast Ltd., Mauser Group B.V., Composite Containers, LLC, and Pacific Container Systems.
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