The Composite IBCs System Market is projected to be valued at US$ 7,990.7 million in 2023 and is expected to rise to US$ 12,648.47 million by 2033. The sales of composite IBC systems are expected to capture a significant CAGR of 4.7% during the forecast period.
The increasing demand for a dependable means of cross-border transportation has been a driving force behind the growth of the composite IBCs (Intermediate Bulk Containers) system industry. Additionally, the adoption of containerization has led to significant reductions in transportation expenses. Composite IBCs are known for their lightweight and space-saving characteristics, making them a preferred choice among end users.
The composite intermediate bulk containers (IBC) system market is a rapidly growing and essential segment within the packaging industry. Composite IBCs are innovative and versatile containers designed to transport and store liquids, chemicals, and other sensitive materials safely and efficiently. As reliable cross-border transportation increases and businesses seek cost-effective shipping solutions, the demand for composite IBCs has surged.
The composite IBCs industry has experienced substantial growth due to these factors, as it aligns with the need for efficient and cost-effective transport solutions. The combination of lightweight design and cost savings has contributed to the popularity of composite IBCs in the market.
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Credible Improvements in the Cosmetics and Pharmaceutical Packaging areas favoring market growth
As per Future Market Insights, Europe boasts significant untapped opportunities in the realm of composite IBC systems, securing a substantial 15% market share in 2022. Projections indicate that Europe is poised for substantial market expansion, attributed in part to stringent governmental regulations hampering cross-border trade in specific regions.
Advanced economies like those within Europe are anticipated to exhibit robust growth in the composite IBCs market throughout the forecasted period. The notable expansion of the pharmaceutical and cosmetic industries in the region holds the potential to serve as a catalyst for the composite IBCs market’s growth.
Drivers:
- Efficient Transportation: Composite IBCs offer efficient and cost-effective transportation solutions, reducing logistics costs and streamlining cross-border transport.
- Lightweight Design: The lightweight nature of composite IBCs makes handling and transporting bulk goods more manageable and cost-efficient.
- Containerization Trend: The adoption of containerization as a transportation strategy has driven the demand for composite IBCs, contributing to market growth.
- Space-Saving: The space-saving design of composite IBCs allows for higher storage and transport capacity, which is particularly beneficial for end users.
- Environmental Considerations: Composite IBCs are considered more environmentally friendly due to their lightweight and recyclable materials, aligning with sustainability goals.
- Customization: The industry offers customization options to meet specific storage and transport needs, attracting a wide range of end users.
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Major Players:
- Grief Inc.
- Snyder Industries, Inc.
- Hoover Ferguson Group Inc.
- Mauser Group B.V.
- Composite Containers LLC
- Pacific Container Systems
Recent Developments in the Composite IBCs System Market:
In November 2020, Schoeller Allibert, a European manufacturer of recyclable, reusable, and returnable plastic packaging solutions, unveiled ChemiFlow, an UN-approved Intermediate Bulk Container (IBC) intended to carry hazardous and highly corrosive chemicals. This demonstrates the company’s dedication to the chemical production and distribution business.
In December 2020, Time Technoplast debuted a new generation of multilayer pipes for power/communication cable ducts with silicone in-lining. The business also created complementary components to offer as a whole bundle. These technologically advanced, innovative items meet international requirements and are employed in high-performance applications. These pipes/ducts are being introduced in the country and have significant commercial potential.
Market Segmentation:
By Material Type:
- Plastics
- Aluminum
- Carbon Steel
- Galvanized Iron
By End Use:
- Industrial Chemicals
- Paints
- Inks & Dyes
- Food & Beverage
- Building & Construction
- Pharmaceuticals
By Technology:
- Aseptic Technology
- Non-Aseptic Technology
By Capacity:
- 180 to 250 gallons
- 250 to 300 gallons
- 300 to 350 gallons
- Above 350 gallons
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa (MEA)
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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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