The global sales of corrugated octabins are estimated to be worth USD 506 million in 2021 and are anticipated to reach a value of USD 844.2 million by 2031. Sales are projected to rise at a CAGR of 5.3% over the forecast period between 2021 and 2031. The revenue generated by corrugated octabins in 2020 was USD 480 million.
The corrugated octabins market is driven by growing demands for effective and sustainable bulk packaging solutions across industries such as logistics, manufacturing, and retail. The rise in global trade and e-commerce requires robust packaging options to provide protection and ease of handling for bulky volumes of goods.
Innovations such as enhanced strength and recyclability of corrugated materials and design meet increasing environmental concern and regulatory demands. A trend toward eco-friendly and cost-effective packaging solutions continues to favor the growth of the market. This is further supported by an increase in supply chains and, therefore, demand for optimization of storage and transportation solutions. Their multi-purposes and customization options will keep octabins in demand across industries.
Global Corrugated Octabins Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 480 million |
| Estimated Size, 2021 | USD 506 million |
| Projected Size, 2031 | USD 844.2 million |
| Value-based CAGR (2021 to 2031) | 5.3% |
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Increasing industrial need for versatile and bulk storage capacities are resulting in soaring demand for corrugated octabins. End users are targeting one solution to address sustainability and therefore, the manufacturers are focusing more on corrugated octabins. Corrugated octabins are strong and lightweight, an alternative to metal crates or big bags for powdery and coarse products.
Corrugated octabins are helping in improving the supply chain process, owing to their heavy-duty features which aids to transport savings. Also, continuous research and developments in the corrugated octabins are done for robotic packaging lines and cold chain applications for frozen berries and peas.
In a closed-loop system, these corrugated octabins can be cleaned and prepared to be reused for the same application. The overall market for corrugated octabins has witnessed sharp growth in the last decade and is anticipated to register exponential growth over the forecasted period.
The characteristic features such as recyclability, reusability, effective printability, durability, sturdiness along metal-free closure options are driving the growth of corrugated octabins widely, which makes it a primary choice for small as well as giant market players of the various end-use industry. Additional features that are propelling the adoption of corrugated octabins in several end-use industries include ease in stacking and handling along with better bulk resistance.
Increasing demand for cost-effective and light in weight packaging formats in all parts of the world are major driving forces of the corrugated octabins market by the next decade.
Principal Consultant
Various other alternatives made up of plastic such as jumbo bags can hamper the growth of corrugated octabins demand. The growing need of flexible packaging formats along with anti-static properties are gaining traction gradually, in carrying chemicals and granular products in bulk.
Most importantly, the increasing need of handles in bulk packaging formats offers handling ease during the shipment process and trading activity may act as a restraining factor in the sales of corrugated octabins in the market.
Corrugated octabins producers render standard as well as customized octabins. On the basis of nature, product type, and the capacity to be stored or transported, manufacturers have introduced corrugated octabins of diversifying specifications. Consequently, customized corrugated octabins are foreseen to observe a promising future with high demand from end-users.
With growth in the chemical industry, the demand for corrugated octabins is rising across the world. Infirm final demand and manufacturing stoppages in consumer-based industries will likely have a significant negative effect on chemical growth globally but particularly in China in 2020. However, emerging markets of Asia is assumed to have good growth opportunities in 2020 as compared to the previous year.
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China is the world’s largest producer of chemicals in the world, contributing over 35% of global chemical sales in 2019. Amongst several end-use industries which use corrugated octabins, chemical industry holds a significant segment. With high growth in the chemical industry, the demand for corrugated octabins is also rising across the world.
The easy availability of raw materials, huge production capacities, and demand of sustainable packaging products in India and China are pulling the demand for corrugated octabins.
Germany and France both the countries are striving ahead to adopt sustainable packaging formats as per the stringent regulations imposed by the European Union. Due to recyclability and sustainability provided by corrugated material, manufacturers in these countries are environmentally concerned which has unlocked immense growth opportunities for the global corrugated octabins market.
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Corrugated Octabins Market
