Industrial Bulk Packaging Market - Business Opportunities, Current Trends, Market Challenges

The Mexico market for industrial bulk packaging has been expanding steadily for the last few years. The rise in industrialization and the increased shipment of goods in this country have driven a significant demand for industrial bulk packaging here. Boosted by this, this market was expected to reach US$232.0 mn by 2016.

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Going forwards, the improving performance of the manufacturing sector and the rising industrial output are likely to reflect positively on the performance of the industrial bulk packaging market in Mexico over the forthcoming years. With a stable economic condition in the country, the market is anticipated to gain substantially from the rebounded performance of the chemicals sector, which is one of the prominent consumers of bulk industrial containers. Projected to rise at a CAGR of 5.50% between 2016 and 2024, the market is likely to reach a value of US$357 mn by the end of 2024.

The manufacturers of industrial bulk packaging materials are leveraging their in-house research and development capabilities to innovate products that suit specific requirements. Along with this, the players are also emphasizing on the technological advancements of their current offerings to meet the exact requirements of customers. However, this is a difficult marketplace, where customer-specific needs are rarely communicated to product developers, which, to an extent, hampers the market’s growth. Apart from this, the supply chain complexities are also creating manufacturing issues for producers, which is likely to hinder this market in the long run.

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Drums, intermediate bulk containers (IBCs), pails, and jerry cans are some of the key products available in the Mexico industrial bulk packaging market. Among these, the demand for drums has been significantly higher than other products and is expected to remain so, rising at a CAGR of 4.90% from 2016 to 2024. Plastic, steel, and fiber/paperboard are the main components of the drum segment. With players shifting towards the sustainable packaging solutions over plastic and steel materials, the fiber/paperboard sub-segment is likely to witness considerable rise over the next few years.

Among others, IBCs are also projected to exhibit a significant rise in their demand in the near future, thanks to the remarkable progress in the chemical industry in Mexico. On the other hand, the demand for pails is expected to grow at a moderate pace over the forthcoming years, driven by their usage in a broad range of mid-sized applications, such as paints and coatings. Similarly, Jerry cans are also anticipated to witness stable growth rate in the years to come.

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This release was published on openPR.