Plastic Rigid IBC Market Size, Share, Growth, and Industry Analysis by Type (HDPE Rigid IBC, LLDPE Rigid IBC and LDPE Rigid IBC) By Application (Pharmaceutical, Food, Chemical Industries and Others), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Plastic Rigid IBC Market REPORT OVERVIEW

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global plastic rigid ibc market size was USD 2774.5 million in 2020 and market is projected to touch USD 5377.134 Million By 2031, exhibiting a CAGR of 6.2% during the forecast period.

The plastic rigid Intermediate Bulk Container (IBC) market refers to the industry involved in the production, distribution, and use of plastic IBCs. An IBC is a reusable industrial container used for storing and transporting liquids and granulated materials. Plastic IBCs are commonly made from high-density polyethylene (HDPE) or polypropylene (PP) materials.

The plastic rigid IBC market has experienced significant growth in recent years due to several factors. These include the increased demand for efficient and cost-effective bulk packaging solutions, the growing awareness of environmental concerns associated with single-use packaging, and the emphasis on safety and compliance in various industries.

COVID-19 Impact: Supply Chain Disruptions to Challenge the Market Demands

The pandemic led to disruptions in global supply chains due to lockdowns, travel restrictions, and reduced production capacities. This affected the production and distribution of plastic rigid IBCs, leading to delays in delivery and increased lead times. Many industries, such as automotive, construction, and manufacturing, experienced a decline in demand during the pandemic. This decline directly affected the need for plastic rigid IBCs, as they are commonly used for transporting and storing bulk materials. The reduced demand resulted in lower sales and production volumes for plastic rigid IBC manufacturers. The pandemic caused significant shifts in consumer behavior and preferences. Some industries, like e-commerce and food and beverage, experienced increased demand as people relied more on online shopping and home deliveries. These shifts in demand patterns affected the distribution channels and requirements for plastic rigid IBCs, as companies had to adapt to changing market dynamics.

LATEST TRENDS

"Shift Towards Sustainable Solutions to Augment the Market Growth"

The increasing emphasis on sustainability and environmental concerns has prompted companies to seek more eco-friendly alternatives. Plastic Rigid IBCs offer advantages over traditional packaging materials like steel or wood, as they can be recycled and reused multiple times, reducing waste and minimizing the carbon footprint. Continuous advancements in plastic material technology have led to the development of more robust and lightweight options for Plastic Rigid IBCs. These innovations have improved their strength, impact resistance, and stackability, making them more suitable for a wide range of applications.

Plastic Rigid IBC Market Segmentation

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• By Type Analysis

By type, market is segmented into HDPE rigid IBC, LLDPE rigid IBC and LDPE rigid IBC. The HDPE rigid IBC type segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into pharmaceutical, food, chemical industries and others. The pharmaceutical segment will lead the global share through 2031.

DRIVING FACTORS

"Stringent Regulations on Packaging and Transportation to Push the Market"

Plastic rigid IBCs are widely used in industries such as chemicals, pharmaceuticals, food and beverages, and agriculture. The growing demand for these products in these sectors, driven by population growth, urbanization, and industrialization, contributes to the market's expansion. Plastic rigid IBCs offer several advantages over other types of containers. They are durable, resistant to corrosion and chemicals, and can handle a wide range of temperatures. Additionally, plastic IBCs are lightweight, stackable, and have large storage capacities, making them suitable for bulk transportation and storage. These characteristics make plastic IBCs an attractive option for many industries, leading to increased demand. Governments and regulatory bodies across the world have implemented strict regulations regarding the packaging and transportation of hazardous materials. Plastic rigid IBCs, with their ability to safely store and transport hazardous substances, meet the requirements of these regulations. As a result, industries that deal with such materials prefer plastic IBCs, boosting their demand.

Technological Advancements to Boost the Market Demands

International trade and the need for efficient logistics play a crucial role in driving the plastic rigid IBC market. Plastic IBCs provide a reliable and cost-effective means of transporting goods across borders. Their standardized design and compatibility with various transportation modes, such as road, rail, and sea, make them an ideal choice for companies engaged in global trade. Advancements in manufacturing technologies have improved the production processes of plastic IBCs, making them more efficient and cost-effective. These advancements have also led to the development of innovative designs and materials that enhance the performance and durability of plastic IBCs, further fueling market growth. Economic factors such as rising disposable incomes, industrial growth, and increasing consumer spending contribute to the demand for products across various industries. The economic growth in emerging markets, particularly in Asia-Pacific and Latin America, drives the demand for plastic rigid IBCs as these regions witness rapid industrialization and urbanization.

RESTRAINING FACTORS

"Market Saturation to Slow the Market Growth "

Governments and regulatory bodies are implementing stricter regulations regarding the use and disposal of plastic packaging. These regulations aim to reduce plastic waste and encourage the use of more environmentally friendly alternatives. Compliance with these regulations may require additional investments and changes in manufacturing processes, which can pose challenges for plastic IBC manufacturers and limit market growth. The plastic IBC market has experienced significant growth in recent years, leading to increased market saturation. As the market becomes more saturated, it becomes increasingly challenging for manufacturers to differentiate their products and gain a competitive edge. This could result in price pressures and reduced profit margins, hindering the overall growth of the market.

Plastic Rigid IBC Market REGIONAL INSIGHTS

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North American Market to Grow Exponentially with the Forecasted Period

The Plastic Rigid Intermediate Bulk Container (IBC) market is influenced by various regional factors, including demand, manufacturing capabilities, regulations, and economic conditions. North America has been a significant market for plastic rigid IBCs, driven by factors such as the region's developed industrial infrastructure, increased emphasis on sustainability, and stringent regulations governing the transportation and storage of hazardous materials. The United States and Canada are the key markets in this region.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• SCHUTZ (Brazil)
• Mauser Group (Germany)
• Greif (U.S.)
• Shijiheng (China)
• Snyder Industries (U.S.)
• ZhenJiang JinShan Packing Factory (China)
• Time Technoplast Limited (India)
• Chuang Xiang (China)
• Myers Industries (U.S.)
• Hoover Ferguson Group (U.S.)
• WERIT (Germany)
• Maschiopack (Italy)
• Pyramid Technoplast (India)
• Sotralentz (France)
• Sintex (India)
• Shanghai Fujiang Plastic Industry Group (China)
• Jielin (China)
• NOVAX (Brazil)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.