The market for rigid intermediate bulk containers (RIBC) is anticipated to reach US$ 17.7 billion by 2023, growing at a consistent 5.9% CAGR during that time. Given this, it is anticipated that by 2033, the valuation will reach US$ 31.4 billion.
Principal Forces Driving the RIBC Market:
- Due to their ability to withstand demanding conditions, rigid intermediate bulk containers are becoming more and more popular. These containers are used for hot filling, pressure filling, long-term outdoor storage, and rail transportation.
- In order to increase efficiency in liquid bulk dispensing for a wide range of applications, the RIBCs function in conjunction with form-fit liners.
- expanding the use of RIBC for the transportation of various liquid or solid goods, including those deemed to be “dangerous goods” or “hazardous materials”.
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How Will The Introduction Of Smart Ribcs Influence Sales?
Smart RIBC containers comprise of radio frequency identification (RFID) microchips placed inside the central plank to collect information in real-time. It offers a solution for product tracking, asset tracking, and inventory management. In the coming years, the need for smart RIBCs is anticipated to increase as the supply chain becomes more automated.
The inclusion of RFID in RIBC also helps to prevent the use of damaged containers and identify the operational life of containers. Owing to these benefits most of the end users are gradually adopting smart RIBCs over the traditional one. Against this backdrop, sales are projected to increase year-over-year by 5.3% between 2021 to 2022.
How Is The Agrochemicals Industry Boosting Sales Of RIBC?
The chemical sector’s favorable outlook is projected to boost the global RIBC market. Rapid expansion of the food & beverage sector in North America is resulting in growing usage of safe agrochemicals for crop development and growth. These industries are using RIBCs for effective packaging and transportation, which in turn is providing impetus to sales.
Rigid IBCs are increasingly being used to transport hazardous and valuable chemicals without leakage. They can also be easily reinforced, preventing the escape of gases. When transporting hazardous substances, the United Nations (UN) has established severe standards that are in place worldwide. It is critical to use safe and long-lasting packaging. As a result, demand for single-use IBCs is expected to rise.
Category-Wise Insights
Which Capacity Segment Is Expected to Dominate the RIBC Market?
“Increasing Demand for RBIC Containers from the Chemicals and Food & Beverage Sectors Will Fuel Growth”
Based on the capacity, the standard capacity segment is forecast to create an incremental opportunity of US$ 11 Bn over the forecast period. These containers are used for packaging and shipping liquid and semi liquid goods.
Which End Use Segment is Expected to Lead the RIBC Market?
“Growing Adoption of RBIC Containers in the Chemical Sector Will Bode Well for the Market”
In terms of end use, demand in the chemical segment is projected to increase at a 6.3% CAGR over the forecast period. In chemical industry, sales of petrochemicals are expected to cross US$ 1 Trillion over the forecast period. RBIC containers are used to ship these products to various countries across the globe, which is expected to augment sales in this segment over the assessment period.
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Competitive Landscape
The market for rigid intermediate bulk containers is competitive and fragmented, with China accounting for a significant portion of global demand. Leading players operating in the market are investing in research and development to improve their product portfolios. They are also entering into mergers, acquisitions and collaborations to expand their global footprints. For instance:
- In April 2021, Mauser Packaging Solutions acquired Global Tank Srl and expanded its presence in Italy. This will allow MPS to grow its industrial packaging product and service offerings.
Key Companies Profiled
- Berry Global Inc.
- Time Technoplast Ltd.
- DS Smith Plc.
- Mondi Group
- Snyder Industries, Inc.
- SCHÜTZ GmbH & Co. KGaA
- Mauser Group B.V.
- Hoover Ferguson Group
- Nittel Halle GmbH
RIBC Market By Category
By Material:
- Metal IBC
- Carbon
- Stainless
- Composite IBC
By Capacity:
- Standard
- 1040 litres (275 US gal)
- 1250 litres (330 US gal)
- Customized Capacities
By End Use:
- Industrial Chemicals
- Hazardous Chemical
- Non-Hazardous Chemical
- Petroleum & lubricants
- Paints, inks & dyes
- Food & beverages
- Construction
- Pharmaceuticals
- Others (Waste disposal/Recycling & silage, etc.)
By Region:
- North America
- Latin America
- Europe
- Middle east and Africa
- East Asia
- South Asia
- Oceania
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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