The intermediate bulk container market is likely to grow in the next years, with a total value of US$ 21 billion expected in 2021, according to Future Market Insights (FMI). The market is expected to develop at a 6.8% compound yearly growth rate between 2021 and 2031. (CAGR).
Despite the halt in industrial activity caused by COVID-19, demand for intermediate bulk containers is expected to rise to start in 2021. Global volume is estimated to reach 681 million units by the end of 2021. The market is estimated to increase at a CAGR of 5.7 percent in terms of volume over the forecast period.
“Intermediate bulk containers have evolved as a more efficient and cost-effective alternative to regular drums in bulk packaging applications.” “As the packaging sector accelerates its shift away from plastics and plastic-based composites, the analysis predicts a tremendously expanding demand for paper and paperboard-based intermediate bulk containers,” according to the FMI report. Due to the rapid rise in the preference for flexible packaging choices over rigid counterparts, FIBCs (flexible IBCs) have a larger value share in the intermediate bulk container sector than RIBCs (rigid IBCs).
The food and beverage, industrial chemicals, and building and construction industries continue to be the top users of intermediate bulk containers, accounting for around 80% of market value.
Paper intermediate bulk containers are gaining popularity in the food and beverage industries.
According to the survey, the food and beverage, industrial chemicals, and building and construction industries account for the majority of intermediate bulk container demand. The use of IBCs in the food and beverage industry is rising at a higher rate than in other industries, according to the report.
Paper and paperboard intermediate bulk containers have recently acquired appeal in the food and beverage industries. Paper intermediate bulk containers offer a far shorter filling and discharge time than metal intermediate bulk containers, making them an attractive IBC alternative for the food and beverage industry.
Market Maturity in Western Europe Will Prevail
South Asian imports, according to the poll, make for the majority of Europe’s intermediate bulk container demand. While the intermediate bulk container market in Western Europe is maturing, the growing adoption of non-plastic IBC alternatives is having a substantial impact on the market in Eastern Europe.
South Asian countries, particularly India, play a significant role in intermediate bulk container exports and are likely to grow substantially in the next years. Demand for industrial bulk containers in the region is being driven by expanding manufacturing industries, rapid growth in the building and construction vertical, and a large presence of major food and beverage industry operators.