December 21, 2023 06:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
NEWARK, Del, Dec. 21, 2023 (GLOBE NEWSWIRE) -- The bulk container packaging market is slated to have a valuation of US$ 20.2 billion in 2024. The progress of the market is anticipated to record a significant growth of 6.2% from 2024 to 2034. By 2034, the valuation of the bulk container packaging industry is forecast to be US$ 37.2 billion. Bulk Mesh Produce Bags
The reinvigoration of the chemical, pharmaceutical, and other industries post-pandemic has given a new wind to the bulk container packaging market. Increasing industrial usage of bulk container packaging due to the safety and comfort associated with the packaging solution is seeing the market reach new heights. As trade in the industries increases worldwide, the market is in for rapid growth.
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Rigid intermediate bulk containers (RIBCs) remain as popular as ever. However, in conjunction with flexible intermediate bulk containers (FIBCs), they are also seeing increasing adaptation. The increasing twin demand for RIBCs and FIBCs is conducive to the growth of the bulk container packaging market.
Bulk container packaging overwhelmingly uses plastic as a material. With growing concerns about the impact of plastic use on the environment, plastic use is coming under stringent rules from regulatory bodies, which has the potential to affect the market negatively. However, plastic use is preferred by market players due to its cost-effectiveness.
Key Takeaways from the Bulk Container Packaging Market:
“Bulk container packaging’s capabilities are increasing. The development of new polymers is affording even more security to industrialists. The development of better tracking technology is also keeping the market up-to-date. Thus, there is scope for innovation in regards to material and technology in the market,” opines Ismail Sutaria, Principal Consultant at Future Market Insights
Bulk Container Packaging Market Overview:
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Competition Analysis of the Bulk Container Packaging Market:
Leading market players are looking to gain an even greater foothold in the market. Geographical expansion and acquisitions are some common strategies among higher-end players. However, small-scale players are equipping joint ventures and diversification, providing competition to multinational giants on a local level.
Recent Developments in the Bulk Container Packaging Market:
Key Companies in the Bulk Container Packaging Market:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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Rigid Packaging Containers Market Size: During the projected period, the global rigid packaging containers market is set to enjoy a market valuation of US$ 208.6 Billion in 2022, and register a CAGR of 4.0% to reach US$ 308.7 Billion by 2032.
Intermediate Bulk Container Market Share: The global intermediate bulk container (IBC) market is forecast to gain a valuation of US$ 23.8 billion in 2023. Overall intermediate bulk container sales are projected to exhibit a CAGR of 6.9% between 2023 and 2033, surpassing US$ 46.2 billion by 2033.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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