Composite Intermediate Bulk Containers Market Drivers, Demand, and Insights 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Composite Intermediate Bulk Containers Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The composite intermediate bulk containers market size has grown steadily in recent years. It will grow from $1.95 billion in 2023 to $2.03 billion in 2024 at a compound annual growth rate (CAGR) of 4.2%. The growth in the historic period can be attributed to increased petroleum oil production, increasing environmental concerns, high demand in the food industry, growing demand for packaged food and beverages, and a growing e-commerce industry.

The composite intermediate bulk containers market size is expected to see steady growth in the next few years. It will grow to $2.41 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The growth in the forecast period can be attributed to rising demand for safe storage of potentially, growing global cross-trade activity, growing industrial production fueling rapid adoption, increasing demand for safe and efficient bulk packaging solutions, and rising demand for environmentally friendly packaging solutions. Major trends in the forecast period include technological advancements, innovative manufacturing methods, development to create advanced materials, automation integration, advanced packaging solutions, and integration of Internet of Things technologies.

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Market Drivers and Trends:

The growing manufacturing industry is expected to propel the growth of the composite intermediate bulk container market going forward. The manufacturing industry encompasses various activities producing goods from raw materials or components. The growth of the manufacturing industry is due to economic conditions, technological advancements, market demands, and regulatory environments. The composite intermediate bulk containers play a crucial role in the remanufacturing industry by providing reliable and sustainable solutions for storing, handling, and transporting materials essential for producing remanufactured goods. Their durability, chemical resistance, and environmental benefits make them a preferred choice for optimizing material logistics and supporting efficient manufacturing processes. For instance, in July 2023, according to the Office for National Statistics, a UK-based national statistical institute, the overall product sales of UK manufacturers in 2022 were £429.8 billion ($545.27 billion), an increase of £28.4 billion ($36.02 billion) (7%) from the £401.5 billion ($509.36 billion) in 2021. Therefore, growing industrial production is driving the growth of the composite intermediate bulk container market.

Major companies operating in the composite intermediate bulk containers market are focused on developing innovative products, such as shipping containers, to strengthen their position in the market. Shipping containers are large, standardized metal boxes crucial for global trade, providing secure, efficient, and versatile transport of goods over long distances by sea, rail, and road. For instance, in September 2021, Mauser Packaging Solutions, a US-based packaging company, introduced a new IBC (Intermediate Bulk Container) solution featuring a composite pallet to maximize volume and loading efficiency for 20-foot ISO shipping containers. This new pallet design allows for an 11% increase in the number of IBCs that can fit into a 20-foot container, from 18 to 20 units. The design improves loading efficiency by more than 50% by enabling IBCs to be loaded stacked two high, eliminating the two unused spaces near the container opening. The pallet features a lower stacking height, is modeled after Mauser's standard composite pallet design, is impact-resistant, and can withstand rugged handling with forklift accessibility from all four sides.

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Major Key Players of the Market:

Berry Global Inc., Conitex Sonoco, Grief Inc., Mauser Packaging Solutions, Schutz Gmbh and Co. KGaA, Time Technoplast Limited, Snyder Industries Inc., Hoover Ferguson, TPL Plastech Limited, Finncont Oy, Jielin Plastic Industry Co. Ltd., National Bulk Equipment Inc., Bulk Lift International, Custom Metalcraft, Transtainer Pty Ltd., Precision IBC Inc., Seaco Global Ltd., Pyramid Technoplast Pvt Ltd., RDA Bulk Packaging Ltd., Composite Containers LLC, Metano, Peninsula Drums, Pensteel Ltd., RPP Containers, CDF Corporation, Sotralentz Packaging, Thielmann

Composite Intermediate Bulk Containers Market 2024 Key Insights:

• The composite intermediate bulk containers market size is expected to see steady growth in the next few years. It will grow to $2.41 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%.
• Impact Of Growing Manufacturing Industry On The Composite Intermediate Bulk Container Market
• Innovative Composite IBC Solutions Drive Market Position For Major Companies
• Europe was the largest region in the composite intermediate bulk containers market in 2023

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