The global octabin market is poised to accelerate at a phenomenal CAGR of 5.5% over the forecast period from 2022 to 2026. The market registered total revenue of US$ 377 Million by 2022 and is poised to reach a valuation of US$ 467 Million by the end of 2026. The growth of the market is attributed to the surging demand for alternatives to big-bag and metal containers for bulk packaging is creating growth prospects in the octabin market. A significant shift in consumer preference toward the favor of sustainable packaging solutions across the U.S., China, India, and other countries is expected to propel the demand for octabins. Furthermore, the Asia Pacific region excluding Japan will hold the dominant share in the global octabins market, accounting for nearly 33.4% of the sales in 2022.
According to Future Market Insights’ historical analysis, the global octabin market grew at a CAGR of 5.2% between 2017 to 2022. The market registered a valuation of US$ 358 Million registered in 2021. Various companies involved in the rigid packaging business are increasingly focusing on introducing different modifications to their bulk packaging solutions to capitalize on the existing opportunity. In addition to this, the surging need for transportation of large volumes of consignments in chemical & petroleum, pharmaceuticals, food & agriculture services sectors has resulted in a rapid elevation in demand for bulk packaging solutions such as octabins.
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The octabins market is rising owing to its various features such as being completely recyclable, metal-free closure option, printable for branding, easy to erect, and robust performance in the cold chain and the other. Furthermore, the surging growth of packaging industries, easy availability of improved and advanced packaging material, the introduction of various shapes as well as designs, and the rising number of applications from various end-use industries are factors responsible for the growth of octabins market. Within increasing production activities, packaging solutions for bulk cargo are gaining rapid acceptance worldwide, which is in turn, facilitating the growth in the market.
Key Takeaways-
- Demand for octabins is on the rise over the evaluation period across various end-use industries such as the food & beverage industry. The growth of the market is attributed to their durability, versatility, lightweight, cost-effectiveness, and bulk packaging characteristic.
- Octabins are increasingly being used for the storage and transportation of fresh produce, fruits, vegetables, ingredients, and other dry products. Furthermore, the rising inclination towards adopting eco-friendly packaging solutions is expected to augment the market growth over the assessment period.
- Owing to the rising concerns about environmental sustainability are further encouraging food industry players to adopt sustainable packaging solutions such as octabins as they are made of corrugates.
- Octabins are heavy-duty octagon-shaped packaging solutions that are used for the storage and transportation of large-quality powdered, granulated, and other loose-fill products. They are becoming popular among industries aiming to achieve their sustainability goals.
- Owing to their eco-friendly attributes such as reusability, recyclability, effective printability, and metal-free closure options. In addition to this, the implementation of stringent regulations regarding the use of plastics for food packaging across the U.S., Germany, Australia, and China among others is expected to augment the growth in the market.
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Competitive Landscape
Key players in the global octabins market are actively aiming toward adopting organic strategies consisting of new product development, portfolio expansion, and production capacity expansion to meet the increasing demand for heavy-duty packaging solutions.
The Key Players-
- Quadwall
- Europac
- IBC International
- DS Smith
- Rondo Ganahl AG
- International Paper
- Mondi Group
- Smurfitt Kappa.
Segmentation For Octabins Market-
By Product Type:
- Standard octabins
- Base discharge octabins
- Self-assembly octabins
- Telescopic octabins
- Free flow base octabins
By End Use:
- Food industry
- Consumer Goods
- Chemical industry
- Others
By Capacity:
- Standard
- Customized
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More Insights into the Octabin Market
The North American region is anticipated to dominate the global octabin market over the assessment period. The U.S. is estimated to generate maximum revenue owing to the rapid shift in customer preference towards adopting octabins from big bags and metal containers. Due to their ability to withstand the bulkiest loads, versatility, and cost-effectiveness attributes are propelling the demand in the market.
Rising demand for sustainable and heavy-duty packaging solutions to minimize the cost of transportation of hazardous chemicals across the chemical industry is projected to favor the growth in the market. Increasing sales of octabins in the U.S. is anticipated to assist the North American market to account for nearly 25.1% of the global share in 2022.
The European market is anticipated to create lucrative growth of the global octabin market in recent years. The U.K. octabins market is estimated to register robust growth in Europe. Government emphasis on increasing food production and growing trade activities is estimated to surge the demand for bulk packaging solutions across the country, consequently, creating high revenue generation opportunities in the market.
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