Rigid Bulk Packaging Market - Industrial applications witness fastest growth up to 2024
Rigid bulk packaging Market- Market Segmentation:
The global rigid bulk packaging market is segmented on the basis of product type, material, and end use. On the basis of product type, rigid bulk packaging market can be segmented into drums, pails, bulk boxes, material handling containers, and rigid intermediate containers (RIBCs). On the basis of material, rigid bulk packaging market can be segmented into plastic, steel, paper boards, and wood panels. On the basis of end use, rigid bulk packaging market can be segmented into chemical, pharmaceutical, paint & coating, detergent & cleaners, food & beverages and agricultural.
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Rigid bulk packaging Market - Market Dynamics:
One of the significant factors contributing to the growth of the rigid bulk packaging market is the growing construction and manufacturing activity which in turn increases the production of chemicals and plastic materials. This will continue to support the augmented demand for rigid bulk packaging. Additionally, growing preference for higher value reusable containers, as these are considered more effective in terms of cost than smaller containers with short shelf life, is also anticipated to boost the demand for rigid bulk packaging over the forecast period. Moreover, the rising production of oil and gas is further expected to drive the demand for rigid bulk packing in future.
However, stringent packaging regulations have been laid down by the U.S regulatory authority as materials used in rigid bulk packaging are considered hazardous. Moreover, recyclability of materials used during packaging are often restricted by these authorities. It is quite likely that these factors will restrain the demand for rigid bulk packaging over the forecast period. Additionally, growing competition from flexible packaging is also anticipated to hamper the growth of rigid bulk packaging over the forecast period.
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Rigid bulk packaging Market - Regional Outlook
Geographically, the global rigid bulk packaging market is segmented into North America, Latin America, Europe, Asia Pacific (APAC) and Middle East & Africa (MEA). The global rigid bulk packaging market is expected to witness a significant CAGR over the forecast period of 2016 to 2024. Moreover, due to an increase in construction and industrial activities, APAC is expected to contribute the most to the rigid bulk packaging market. It is expected that the growing movers and packers industry in India and China will further fuel the growth of rigid bulk packaging market over the forecast period. While North America is expected to follow APAC in rigid bulk packaging market over the forecast period, the rest of the world will witness a steady growth during the forecast period.
Rigid bulk packaging Market - Major Players:
Some of the major players identified across the globe in the rigid bulk packaging market are Rock-Tenn Company, Greif Bros., Sonoco Products Company, Berenfield Containers, Packaging Corporation of America and Berry Plastics. Other prominent players includes Bonar Plastics, BWAY, Chem-Trainer, CorrPak, Hedwin, IBC North America, and International Paper
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