Octabins Market Size, Share, Growth, And Industry Growth By Type (Standard Octabins, Base discharge Octabins, Self-assembly Octabins, Telescopic Octabins, Free Flow Base Octabins), By Application (Consumer Goods, Chemical Industry, Food and Beverages and others), Regional Forecast To 2031

Updated On: 08 April 2024

Octabins Market REPORT OVERVIEW

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The global octabins market size was USD 397.1 million in 2022 and market is projected to touch USD 704.28 Million by 2031, exhibiting a CAGR of 6.6% during the forecast period.

The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Octabins are containers made up of channelled cardboard in an octagonal shape that helps in the bulk transportation of heavy goods. The standard size is 1140*1140, however, a customization option is available to cater to the specific needs of the application. It has many advantages over conventional packaging. Owing to its unique design and production material it can ship material up to 1200kgs. The highlight of this product lies in its ability to withstand high internal pressure and excellent stacking resistance. It is used in the export of granular, liquid products and chemicals.

The contemporary world is progressing towards sustainable living. Triggered by the consequences of climate change caused due to the indifferent attitude of mankind, the government and individuals are urged to discard the traditional non-environment friendly method and take initiative toward reusable environmentally friendly products. Octabins are modern packaging method in the industrial scenario that adheres to the parameters of a safe environment. It is cost-effective, environment friendly and portable. In addition to this, it is light weighted and reduce carbon emission. The rising demand for safe, flexible, high resistant, versatile storage and packing will foster the growth of the octabins in the forecasted year.

COVID-19 Impact: Pandemic-related Disruptions Impacted Market Demand Slightly

The industrial sector was taken aback by the sudden emergence of COVID-19. The world went under several lockdowns, impacting the production of octabins. The disruption in the supply chain, unavailability of raw materials, labour shortage, and bad economy accompanied by the sense of uncertainties about the future led to the slowdown of market growth. However, as the world is gearing for a normalization period, the industries are expected to have a strong comeback with a reformed supply chain and new marketing strategies to boost the sale of octabins.

LATEST TRENDS

"Rising Demand for Octabins in the Food Industry to Drive Product Sales"

The food industry makes use of the best packaging options to preserve the food quality, prevent leakage, be cost-effective and increase shelf life. Consumers are demanding sustainable, eco-friendly packaging and storage facilities. The manufacturers have been upgrading their products to reduce wastage during loading and unloading time. To capitalize on the customization, manufacturers have invested in base discharge and free flow base octabins to eliminate wastage. The continuous research and innovations to include robot packaging lines are encouraging the food sector to opt for the product. The latest trend in the food sector to favour big metal crates for the storage of food products has propelled the rise of the product. The highlighting features of ocatbins such as durability, sustainability, lightweight and cost-effective have created a space for the growth of octabins.

Octabins Market SEGMENTATION

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• By Type

Based on type, the market is divided into standard octabins, base discharge octabins, self-assembly octabins, telescopic octabins, and free flow base octabins. Standard octabins segment will dominate the market share during the forecast duration

• By Application

Based on the application, the market is divided into consumer Goods, chemical industry, food and beverages and others. Consumer goods segment is anticipated to hold the dominant market share in the forthcoming years.

DRIVING FACTORS

"High Demand for Cost-effective Packaging Options to Boost the Production of Octabins"

Consumers are always on the look for cost-effective products. Octabins are specially designed to ship bulk quantities of goods. The design structure helps to maximize the space and reduce the weight which in turn decreases the shipping charges and labour costs. The minimization of the supply chain is the major factor influencing product demand. It contributes to low carbon emissions and it is easily recyclable. Packaging business expert favours octabins to transport the bulkiest good and save those extra bucks in the process. Apart from these, the manufacturers are giving the consumer option to optimize their products which is driving the product sales.

"Bulk Production of Goods to Foster the Sale of Octabins"

With the rise in population and the booming food sector, government policies will positively impact the market in the forthcoming years. The developing countries are focusing on their agriculture sector to increase production. The large-scale production will lead to the export of goods, directly increasing the usage of octabins. The government has been regulating the storing and packaging industry to opt for bio-degradable products. Moreover, the post-pandemic bloom of the chemical industry to transport hazardous chemical substances in bulk added to the advantages of the market growth. The recent ban on plastic and sustainable developments will contribute to the market growth.

RESTRAINING FACTORS

"Shortage of Raw Materials to Hamper the Product Demand "

The world is going through a major pandemic and economic meltdown along with the rising political tension. Due to global regulations, restraints and lockdowns, the unavailability of raw materials remains a major concern in the production of octabins. There has been an unparalleled growth in the usage of the product in the food and chemical industry in recent years. However, the sudden surge in the prices of the product and the rising influence of alternatives such as anti-static packaging and jumbo bags pose a threat to octabins market growth.

Octabins Market REGIONAL INSIGHTS

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Asia Pacific region has seen a surge in the octabins market share due to the post-pandemic growth of the chemical industry. The transportation of chemicals and pharmaceutical goods created a wider market growth in the region. China and India are expected to lead owing to the presence of high-end industries, developing economies, the popularity of e-commerce, and evolving logistic business. The establishment of manufacturing units, availability of raw materials and larger production of goods in this region will help the region prosper in the forthcoming years.

North America and Europe hold a substantial octabins market share. Changing perceptions of global communities towards opting for sustainable eco-friendly packaging and storage option along with the popularity of courier services, and the presence of major key players has driven the growth in this region.

Key Industry Players

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.

List of Market Players Profiled

• Dow Chemical Company (U.S.)
• DS Smith Packaging (U.K.)
• Mondi Group (South Africa)
• Smurfit Kappa (Ireland)
•  BASF (Germany)
• Basalte (Belgium)
• Quadwall (U.K.)
• Payper, S.A. (Spain)
• Eredi Caimi (Italy)

REPORT COVERAGE

This report provides an in-depth analysis of the octabins market taking into consideration of the existing key players in the market that would play a crucial role in the forecasting period. It also offers a comprehensive analysis of segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. The report covers an overview of the latest driving factor in the industry, dominant regions, and innovations. The market is subject to change due to its dynamic nature, influential factors like a shift in market trends, geopolitical tensions and global pandemics.