Industrial Bulk Packaging Market Expected to Reach Around USD 30.42 Billion in 2027 – Credence Research

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The revenue generated by the global industrial bulk packaging market in 2020 was over US $ 20 billion and is expected to generate revenue worth US $ 30.42 million in 2027.

The global industrial bulk packaging market generated revenue of approximately USD 20.23 billion in 2020 and is expected to grow at a CAGR of over 4.57% during the forecast period 2021-2027 to reach approximately USD 30.42 billion in 2027. Whereas, a cumulative growth opportunity presented by the global industrial bulk packaging is approximately USD 189 billion between 2021 and 2027.

Global Industrial Bulk Packaging Market, 2020-2027 (USD Million)

Browse the full report at https://www.credenceresearch.com/report/industrial-bulk-packaging-market

Bulk industrial packaging protects and secures products and goods to be stored or shipped to consumers. Bulk packaging is typically used in production plants to package goods right after production, but can be used at different points in the supply chain. Bulk industrial packaging is mainly used for products sensitive to external conditions or requiring very stable and secure transport. This could mean products that could be dangerous, sensitive or products that contain components that are sensitive to each other.

The drums hold most of the

IBCs, drums, buckets, tubs / cracks and the like are some of the main forms of industrial bulk packaging. Drums hold the largest share of industrial bulk packaging with over 25% of total revenue generated in 2020. While IBC is expected to grow at a considerable rate during the forecast period. Drums are widely used in chemical and pharmaceutical shipments. The chemical industry has reached a valuation close to 4,000 billion dollars. With an ever increasing demand for chemicals and pharmaceuticals, the demand for industrial bulk packaging will increase in the years to come.

Chemicals to rule the demand for industrial bulk packaging

Chemicals and petrochemicals, pharmaceuticals, food and beverage and others are among the most important application markets for the global industrial bulk packaging industry. The chemicals industry, the largest of all, held the huge share of industrial bulk packaging consumption in 2020 with over 30% share in total revenue generation. The agri-food and pharmaceutical industry is expected to grow at an attractive growth rate during the forecast period.

Focus on sustainable raw materials

Cleveland Steel Container, Peninsula Drums, Hoover Ferguson Group, Inc., International Paper, Myers Container, Grief, Time Technoplast Ltd., BWAY Corporation, Composite Containers LLC and Eagle Manufacturing Company are significant players operating in the global packaging market industrial bulk. Raw materials derived from crude oil have remained a major concern for the global industrial bulk packaging industry due to frequent price fluctuations. In addition, traditional raw materials also pose a considerable threat to the environment. To overcome these concerns, manufacturers of industrial bulk packaging are focusing on the use of bio-based raw materials. This should provide a huge growth opportunity for manufacturers in the near future.

North America and Europe facing stagnant growth

The industrial bulk packaging market has reached maturity in North America and Europe. However, Asia-Pacific, Latin America and the Middle East are expected to develop huge growth opportunities for industrial bulk packaging manufacturers. Asia-Pacific held the largest share of the global industrial bulk packaging market, followed closely by Europe.

Market segmentation

Global Industrial Bulk Packaging Market by Type, 2015-2027

  • Drums
  • IBC
  • Buckets
  • Tote / Cracks
  • Others

Global Industrial Bulk Packaging Market by Distribution Channel, 2015-2027

  • Chemicals and petrochemicals
  • Food and drinks
  • Medications
  • Others

Global Industrial Bulk Packaging Market by Company, 2015-2027

  • Cleveland steel container
  • Drums Peninsula
  • Hoover Ferguson Group, Inc.
  • International paper
  • Myers container
  • Pain
  • Temps Technoplast Ltée.
  • BWAY Company
  • Composite Containers LLC
  • Eagle manufacturing company
  • Others

Browse the full report at https://www.credenceresearch.com/report/industrial-bulk-packaging-market

ToC: https://www.credenceresearch.com/toc/industrial-bulk-packaging-market/table-of-content

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