The composite IBCs system market size is projected to be valued at USD 7,990.7 million in 2023 and is expected to rise to USD 12,648.47 million by 2033. The sales of composite IBC systems are expected to record a significant CAGR of 4.7% during the forecast period.
The growing need for a reliable mode of cross-border transportation has fueled the composite IBCs system industry. Furthermore, containerization has resulted in much lower transportation costs. Composite IBCs are lightweight and space-saving containers, and as a result, they are highly chosen by end users.
When opposed to their older equivalents, composite IBCs ensure no spilling of the packed goods and safe shipping. Growing global cross-trade activity has also increased demand for composite IBCs. Intermediate Bulk Containers (IBCs) are commonly used by auto technicians and manufacturers to store huge volumes of fuel, paint, oil, and other related goods.
As many of these items are combustible and generate fumes, manufacturers built this container particularly to avoid leaks and be flame-retardant, which is likely to promote market growth over the projection period. The rising desire for flexible intermediate bulk containers, on the other hand, is likely to stifle the growth of the composite IBCs system market over the forecast period.
| Attributes | Details |
|---|---|
| Composite IBCs System Market CAGR (2023 to 2033) | 4.7% |
| Composite IBCs System Market Valuation (2023) | USD 7,990.7 million |
| Composite IBCs System Market Valuation (2033) | USD 12,648.47 million |
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The global demand for composite IBC systems is projected to increase at a CAGR of 4.7% during the forecast period. From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 3.9%. Industries are eager to implement temperature-controlled bulk storage systems to retain the required qualities of the stored content.
To meet the specialized needs of industries, IBC manufacturers are working on the development of temperature-controlled and heater jacket-compatible IBCs. Shipping of hazardous chemicals must be carefully handled to avoid asset loss and to ensure that all legal container compliance requirements are met.
Electronic tagging of IBCs is expected to help producers decrease the expense of lost or damaged IBCs by facilitating the traceability of industrial chemicals. In comparison to drums, Composite IBCs systems are utilized for low-cost bulk fluid storage and transportation.
Drums' circular design creates a considerable amount of space, whereas composite IBCs system assures effective space usage. Furthermore, the usefulness of fiber or metal drums is significantly less than that of composite IBC systems, which may be utilized for up to 15 years.
The composite IBCs market is likely to expand rapidly in the near future. The market is predicted to rise significantly as a result of technological improvements and increased demand from end-use industries for flexible and strong packaging solutions. The expansion of global trade and the importance of low-cost shipping routes are projected to open new prospects for companies in the composite IBCs market.
Furthermore, rising demand for safe storage of potentially combustible elements such as chemicals is expected to boost the revenue-sharing potential of composite IBCs market participants in the near future. Huge shipments, e-commerce expansion, and higher research investment are emerging as important trends in the worldwide composite IBCs market.
Rising Petroleum Oil Production and Exports to Augment Market Growth
One of the primary reasons likely to boost the growth of the bulk container packaging market during the projected period is increased petroleum oil production and exports. Furthermore, the count of labor employees required for the loading and unloading procedure has been greatly reduced for end users, which is likely to fuel the expansion of the composite IBCs market during the forecast period.
As composite IBCs are non-corrosive, they are perfect for the transportation of practically all sorts of products, serving a vast base of end users, which drives the global composite IBC market demand. The use of composite IBCs for dry bulk transportation is projected to open up new growth prospects for the global composite IBC market.
The use of bio-based raw materials in the manufacture of composite IBC is a prominent trend in the global composite IBC market. Furthermore, enormous technological progress and fast industrialization throughout the world are likely to generate positive prospects for market growth during the forecast period.
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Volatility in Raw Material Costs to Impede Market Growth
The primary factors projected to hinder the expansion of the composite IBCs market during the analysis period are a rise in the expense of R&D activities as well as an increase in market volatility in raw material costs.
Another reason impeding the growth of the global composite IBC market is the increased desire for flexible intermediate bulk containers.
Strong Exports and Imports Creating Opportunities for Composite IBCs System Manufacturers
In terms of regional platforms, North America dominates the composite IBCs system market. In 2022, the region is estimated to account for 21% of the market. North America is predicted to develop rapidly, owing to the region's strong exports and imports.
Moreover, Section 416 of the Food and Drug Administration (FDA) requires delivery services to guarantee that medication and agricultural products are not delivered in a state that may cause the product to be harmed.
These safety guidelines are expected to enhance the market in North America for long-lasting, sanitary, and secure medicinal and agricultural packaging solutions such as intermediate bulk containers. As a result, many distributors are shifting to composite IBCs for the transportation of food and agricultural products, increasing the sales of composite IBCs.
Credible Improvements in the Cosmetics and Pharmaceutical Packaging areas favoring market growth
According to Future Market Insights, Europe has enormous potential prospects for composite IBC systems, with a 15% market share in 2022. Europe is predicted to have considerable market growth as a result of restricted cross-border commerce in certain regions due to severe government controls.
The areas with developed countries, such as Europe, are expected to develop strongly in the composite IBCs market throughout the projection period. The pharmaceutical and cosmetic industries' significant expansion may be growth multipliers for the composite IBCs market.
Growing Industrial Production fueling rapid adoption
According to China's Ministry of Industry and Information Technology, industrial production in China may expand by 8.8% between 2020 and 2021, increasing demand for composite IBCs.
China is also one of Asia's leading marketplaces for food, chemicals, and personal care products, making it a highly profitable market for composite IBC makers. Thus, Asia Pacific is expected to procure a 9% market share for the composite IBCs system market in 2022.
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Plastic IBC Systems to Have the Highest Demand in the Composite IBCs System Market
Plastic IBCs are widely utilized because of their recyclability, and they held about 98% of the market in 2020. Because of a few incidences of food poisoning caused by IBCs constructed of metal and paperboard, the US Food and Drug Administration and numerous European health groups, such as the European Child Safety Alliance, have begun to create standards for their use.
Furthermore, metal IBCs exposed to the atmosphere promote the reaction of liquid in the containers with sunlight, leaving residues of chemicals on food goods, resulting in food poisoning and other negative effects. As a result, the use of plastic-made IBCs may increase by 1.9 times by 2033. Thus, by material, the plastic segment is expected to register a CAGR of 4.3% in the composite IBCs system market in the sales indicator period.
Food & Beverage to Remain Highly Sought-After in the Composite IBCs System Market
IBCs are in significant demand in the food & beverage industry. In 2020, the category held a more than 90% market share. Due to considerable demand in North America and Europe, it may continue to lead the target market's end-use sector.
Thus, by end-use, the food & beverage industry is expected to hold the largest market share for the composite IBCs system market in the forecast period.
Greif Inc., Snyder Industries, Inc., Hoover Ferguson Group, Inc., Mauser Group B.V., Composite Containers, LLC, and Pacific Container Systems are some main players in the worldwide Composite IBCs System market.
Because of the emerging competitors, the market is extremely competitive. While worldwide manufacturers such as Greif Inc., Snyder Industries, Inc., Hoover Ferguson Group, Inc., and Mauser Group B.V. have a sizable market share, numerous regional-level firms are active in important growing regions, notably North America.
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.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value |
| Key Countries Covered | United States, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa |
| Key Segments Covered | Material Type, End Use, Technology, Capacity, Region |
| Key Companies Profiled | Grief Inc.; Snyder Industries, Inc.; Hoover Ferguson Group Inc.; Mauser Group B.V.; Composite Containers LLC; Pacific Container Systems |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The composite IBCs system demand is anticipated to inflate at a 4.7% CAGR from 2023 to 2033.
The composite IBCs system market is poised to grow considerably, surging from USD 7,990.7 million in 2023 to USD 12,648.47 million by 2033.
Given their thriving industrial sectors, the United States, Germany, China, and Japan exhibit notable demand for Composite IBCs systems.
Market leaders in the composite IBCs system industry maintain their competitive edge through continuous innovation, strategic partnerships, and global market expansion.
Consumer adoption behavior in the composite IBCs system market is driven by product durability, cost-effectiveness, and sustainability.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material Type 5.1. Plastics 5.2. Aluminium 5.3. Carbon Steel 5.4. Galvanized Iron 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 6.1. Industrial Chemicals 6.2. Paints 6.3. Inks & Dyes 6.4. Food & Beverage 6.5. Building & Construction 6.6. Pharmaceuticals 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Technology 7.1. Aseptic Technology 7.2. Non-Aseptic Technology 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Capacity 8.1. 180-250 Units 8.2. 250-300 Units 8.3. 300-350 Units 8.4. Above 350 Units 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. South Asia and Pacific 9.6. East Asia 9.7. Middle East and Africa 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Grief Inc. 19.2. Snyder Industries, Inc. 19.3. Hoover Ferguson Group Inc. 19.4. Time Technoplast Ltd 19.5. Mauser Group B.V. 19.6. Composite Containers LLC 19.7. Pacific Container Systems 19.8. Amcor Plc 19.9. Mondi 19.10. CDF Corporation 19.11. Peak Liquid Packaging 19.12. Arena Products Inc. 19.13. LC Packaging 20. Assumptions & Acronyms Used 21. Research Methodology
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Composite IBCs System Market
