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Metal IBC Market: Growing Trade among Emerging Economies Opening New Opportunities
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Demand Expanding at CAGR 4.1%, Forecast 2017-2027
As per the projections of the TMR report, the demand in the global metal IBC market will expand at a CAGR of 4.1% during the forecast period of 2017 to 2027, attaining a revenue valuation of US$1,995.0 mn by 2022, considerably up from its evaluated worth of US$1,334.4 mn in 2017. As far as the strategies of the key companies are concerned, Time Technoplast aims to enhance its production capacity and product portfolio through expansion of capabilities, whereas Theilmann US LLC has been acquiring carefully as well as increasing its manufacturing locations in the key developed economies. In the global metal IBC market, Time Technoplast accounted for a revenue of US$372.8 mn in 2017.
Metal IBCs are extensively used for the transportation of hazardous industrial chemicals to minimize the snapping chances. The industrial chemicals segment of the global metal IBC market is expected to reach USR852.0 mn by the end of 2027. Among the two sub-segments based on content, metal IBCs are mainly used for the bulk transportation of liquids. The segment is expected to account for a market revenue share of 88.1% by 2027. Technology-wise, aseptic technology is highly preferred for manufacturing metal IBCs, as they maintain high standards of hygiene. Geographically, North America is currently the most lucrative region, promising a demand worth of US$621.7 mn by 2022, although vastly populated region of Asia Pacific is projected for the most impressive growth rate of 4.9%, significantly higher than the global average.
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Benefits of Customized Containerization of Consumer Products Driving Demand
The global metal IBC market is driven by a number of factors, but primarily owing to containerization of consumer products that are leading to cost optimization and ease in transportation, rapidly evolving cross order trade between various emerging economies, and growing demand for sophisticated solution of bulk liquid transportation. Containerization has made it possible for the shipping industry to transport products without being a financial burden. Intermediate bulk containers have generated a great level of productivity as they help in proper stacking and enhance the efficiency of warehouse management. Governments of economic powerhouses such as India and China have various ongoing projects that aim to essentially double the volume of current trade in the next five years. Low cost of manufacturing in China and India has led manufacturers across the globe to move their production facilities to countries in the Asia Pacific, which is expected to facilitate growth in trade volume in the region, as well as enable the APAC region to emerge a global trade hub.
On the other hand, the availability of low cost alternate transportation solutions such as flexible IBC and high cost of Metal IBCs as compared to Plastic IBCs are two factors hindering the prosperity of the global metal IBC market. Nevertheless, emergence of intermodal transportation, improving infrastructure in various emerging economies, and growing trade among them is expected to open new opportunities in this market.
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