Press release
Industrial Bulk Packaging Market Research Report for Complete Analysis of Current Scenario
The industrial bulk packaging market is expected to witness major growth as demand for electronics, and rising growth of e-commerce continues to present new opportunities. The rising growth of the market is especially apparent in countries like Mexico, wherein the market reached US$232.0 mn in 2016. The market growth is expected to bulk up with more growth as the projected CAGR for market will likely touch 5.5% during 2018 and 2026.The improving performance of the manufacturing sector continues to drive growth of the bulk packaging market in the near future. Moreover, the rising demand for manufactured chemicals is expected to remain the most dominant segment, as demand for pharmaceutical and research and development drives demand for chemicals. Moreover, the stable growth in Mexico's economy is likely to remain a focal point for growth over the forecast period.
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Among regions, the industrial bulk packaging market promises the most notable growth in the Asia Pacific region. The growing base of manufacturing in the region, rising disposable incomes, and growing demand for a wide range of consumer goods in the region will drive notable growth in the region. Additionally, technological innovation and advancements in manufacturing like 3D printing promises new activities for players in the industrial bulk packaging market during the forecast period.
IBCs to Witness More Shipping Activity as Demand for Chemicals Rises
IBCs or Intermediate Bulk Containers have remained major drivers of growth conventionally in the industrial bulk packaging market. Moreover, the market is also expected to witness robust shipping activity in Asia Pacific region. The rising demand for chemicals will likely drive growth at 4.90% between 2016-24 period. The rising demand for various drum types including steel, fiber, plastic, and paperboard will remain a promising opportunity in the industrial bulk packaging market. Moreover, the demand for pail products in the market is also likely to remain significant as mid-sized applications like coatings, and paints continue to drive demand for these products. Furthermore, the jerry cans will witness stable growth during the forecast period.
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Petrochemicals, and Beverages to Remain Promising End-Products for Packaging
Rising demand for food products and increasing global convergence in trade between Asia and North America will drive growth for the industrial bulk packaging market. China continues to emerge as a major venue for agricultural products. On the other hand, large-scale commercialized agriculture in the US continues to make way for lucrative opportunities for the growth of the industrial bulk packaging market. The petrochemical segment is likely to grow at 5.20% during 2016-2024. Additionally, the growing demand for petrochemicals in a wide range of end products in manufacturing will promise new opportunities for growth for players in the industrial bulk packaging market.
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The study presented here is based on a report by Transparency Market Research (TMR), titled "Industrial Bulk Packaging Market (Product Type - Drums, IBC, Pails, and Jerry Cans; Application - Chemicals & Petrochemicals, Food & Beverages, and Pharmaceuticals) - Mexico Industry Analysis Size Share Growth Trends and Forecast 2016 - 2024."
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