The global IBC rental business market is anticipated to reach a valuation of US$ 1.27 billion in 2023, driven by increasing emphasis on sustainability & reusable packaging. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 5.7% between 2023 and 2033, and reaching a total valuation of approximately US$ 2.2 billion by 2033.
The chemical industry is estimated to remain at the forefront in terms of creating demand for IBC rental business services. The European chemical industry is well known for its massive manufacturing output and economic growth and the German chemical sector is no exception to this.
As per the European Chemical Industry Council, the German chemical and pharmaceutical industries’ turnover was more than US$ 210 billion in 2020, with heavy manufacturing output. In terms of revenue generation, these industries are the 3rd largest industries in Germany after automotive & machinery, and equipment.
One of the primary factors contributing to the growth of the IBC rental business Industry is the growing international trade & globalization. The demand for efficient transportation and storage solutions has risen, with the expansion of global markets and increased international trade. IBCs provide a reliable and cost-effective method for transporting and storing bulk liquid and solid materials. They offer advantages such as standardized dimensions, easy handling, and compatibility with various modes of transportation.
Another significant factor contributing to market growth is the technological advancements. The integration of technology has transformed the IBC rental business market. IoT (Internet of Things) devices and sensors are being incorporated into IBCs, enabling real-time tracking, monitoring, and remote condition monitoring. The advancements provide businesses with valuable data on the location, condition, and contents of the IBCs. Companies can optimize their supply chain, improve inventory management, and minimize the risk of product damage or loss, by leveraging this data. The adoption of technology in the IBC rental business Industry enhances operational efficiency and offers a competitive edge to rental service providers.
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Another factor driving the growth of the IBC rental business Industry is the flexibility & cost-effectiveness. Renting IBCs offers businesses flexibility in managing their packaging needs. Companies can rent the required number of containers as per their immediate requirements, instead of investing in purchasing and maintaining a large inventory of IBCs. The flexibility allows businesses to scale their operations without the burden of long-term commitments. Renting IBCs also eliminates the need for storage and maintenance costs, making it a cost-effective solution for businesses, especially for those with fluctuating demand.
Key Takeaways from the Market Study
- Global IBC rental business Industry was valued at US$ 1.2 billion by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 3.2%.
- Germany is expected to hold a dominant CAGR of 5.6% during the forecast period.
- By product, the stainless steel IBC segment is expected to constitute a CAGR of 5.6% in 2033.
- On the basis of end-use, the industrial chemicals segment is expected to dominate the market with a CAGR of 5.5% in 2033.
- From 2023 to 2033, IBC rental business Industry is expected to flourish at a CAGR of 5.7%.
- By 2033, the market value of IBC rental business is expected to reach US$ 2.2 billion.
Regulatory compliance & safety standards, across the globe is a major factor that is expected to propel the growth of the IBC rental business Industry in the near future, remarks an FMI analyst.
Market Drivers-
- Environmental Sustainability: Increasing awareness of environmental issues has driven companies to seek sustainable packaging solutions. IBCs, which are reusable and recyclable, offer a more eco-friendly alternative to single-use packaging.
- Cost Savings: Renting IBCs can be more cost-effective than purchasing and maintaining them. Many businesses find that IBC rentals reduce their capital expenditure and long-term operating costs.
- Global Supply Chains: IBCs are essential for efficiently transporting and storing liquids in various industries, including chemicals, food and beverages, and pharmaceuticals. The globalization of supply chains has led to a growing demand for IBC rental services.
- Regulatory Compliance: Many industries are subject to stringent regulations regarding the storage and transportation of liquids. IBC rental companies often provide containers that meet these regulatory requirements, ensuring compliance for their clients.
- Product Safety: IBCs are designed to protect the integrity of liquid products during storage and transport. The emphasis on product quality and safety drives the demand for reliable packaging solutions.
- Reduction in Packaging Waste: The move away from single-use packaging toward reusable IBCs aligns with the broader goal of reducing packaging waste and environmental impact.
- Flexibility in Supply Chain Management: IBC rentals offer businesses the flexibility to adjust their packaging needs according to fluctuations in demand or changing product requirements.
Competitive Landscape
Prominent players in the IBC rental business Industry are
- Brambles Ltd,
- Hoover Ferguson Group,
- HOYER GmbH,
- Envirotainer AB,
- Goodpack Ltd,
- TPS Rental Systems Ltd,
- CMO Enterprises, Inc,
- Americold Realty Trust, Inc,
- Hawman Container Services,
- SCHÄFER Werke GmbH,
- Metano IBC Services, Inc,
- Mitchell Container Services Inc., and
- Precision IBC, Inc.,
- among others.
Recent Developments
- In 2023, Envirotainer AB launched an upgraded version of its temperature-controlled IBCs, featuring advanced insulation materials and enhanced temperature control capabilities. The improvements ensure the integrity and stability of temperature-sensitive products during transport.
- In the same year, AmeriCold Realty Trust, Inc implemented robotic automation in its IBC storage and retrieval operations, increasing efficiency and reducing the time required to locate and prepare IBCs for customers.
- In 2022, Hoover Ferguson Group introduced a new range of lightweight composite IBCs that offer increased durability, chemical resistance, and reduced environmental impact compared to traditional steel IBCs. The lightweight design also allows for easier handling and transportation.
- In the same year, Hawman Container Services invested in automation technologies for IBC cleaning and maintenance processes, enabling faster turnaround times and improved efficiency in servicing customer IBCs.
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Key Segments Profiled In The Global IBC Rental Business Market
By Material:
- Carbon Steel
- Stainless Steel
- Plastic
By Product:
- Flexitanks
- Stainless Steel IBC
- Carbon Steel IBC
- Plastic IBC
- Composite IBC
By Content:
- Liquids
- Solids & Semi-solids
By Capacity:
- Upto 1000 liters
- 1001-1500 liters
- 1501-2000 liters
- Above 2000 liters
By End Use:
- Industrial Chemicals
- Petroleum & Lubricants
- Paints, Inks & Dyes
- Food & Beverages
- Personal Care & Cosmetics
- Synthetic & Natural Rubber
- Tires & Auto Components
- Pharmaceuticals
- Others
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global IBC rental business Industry, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the IBC rental business Industry , the market is segmented on the basis of material (carbon steel, stainless steel, and plastic), by product (flexitanks, stainless steel IBC, carbon steel IBC, plastic IBC, and composite IBC), by content (liquids, and solids & semi-solids), by capacity (upto 1000 liters, 1001-1500 liters, 1501-2000 liters, and above 2000 liters), and by end-use (industrial chemicals, petroleum & lubricants, paints, inks & dyes, food & beverages, personal care & cosmetics, synthetic & natural rubber, tires & auto components, pharmaceuticals, and others), across five major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).
The packaging team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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