Industrial Bulk Packaging Market - Chemicals and Petrochemicals to Surface as Leading Application Area
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The market players are concentrating on utilizing their in-house research and development capabilities to the core in order to innovate products that meet customer-specific requirements. In the near future, these participants are likely to focus on the technological advancements of their current offerings too in a bid to strengthen their position among consumers, states the research report. As per TMR’s estimations, the opportunity in the Mexico industrial bulk packaging market was to touch US$232.0 mn by 2016. Expanding further at a CAGR of 5.50% during the period from 2016 to 2024, the market is likely to attain a value of US$357 mn by the end of the forecast period.
The report further presents a comprehensive analysis of the Mexico industrial bulk packaging market on the basis of the products available in this market, which includes drums, intermediate bulk containers (IBCs), pails, and jerry cans. Drums have been enjoying a greater demand from the end users as compared to other products, which is likely to be continued at a CAGR of 4.90% over the forecast period. As manufacturers are increasingly shifting towards sustainable packaging solutions against plastic and steel materials, the uptake of fiber/paperboard drums is anticipated to rise considerably in the near future.
IBCs and pails, among others, are also projected to witness a significant rise in their demand, over the next few years. The phenomenal progress in the country’s chemical industry is expected to boost the demand for IBCs in the years to come while the augmenting usage of pails in a wide range of mid-sized applications, such as paints and coatings. Jerry cans, however, are likely to experience a sluggish growth over the next few years, states the report.
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Demand from Chemicals and Petrochemicals Sector to Remain Strong
The application areas of the industrial bulk packaging in Mexico, i.e., the chemicals and petrochemicals, food and beverages, and the pharmaceuticals sectors, have also been thoroughly assessed in this market study. According to it, the chemicals and petrochemicals sector have been acquired the top position among application areas in this market and is expected to continue like this over the period of the forecast, advancing at a CAGR of 5.20%.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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