New York, July 08, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Intermediate Bulk Container Global Market Report 2022” – https://www.reportlinker.com/p06285823/?utm_source=GNW
Ltd., Büscherhoff Spezialverpackung GmbH & Co. KG, RDA Bulk Packaging Ltd, Gaoqing Anthente Container Package Company Limited, CorrPak Bulk Packaging, Environmental Packaging Technologies Inc. and Ven Pack.
The global intermediate bulk container market is expected to grow from $2.59 billion in 2021 to $2.93 billion in 2022 at a compound annual growth rate (CAGR) of 13.3%. The intermediate bulk container market is expected to grow to $4.18 billion in 2026 at a CAGR of 9.3%.
The intermediate bulk container (IBC) market consists of sales of the intermediate bulk containers by entities (organizations, sole traders, and partnerships) that refer to a pallet-mounted, industrial-grade reusable container that is used for storing and transporting bulk liquids, pastes, and solids. It is called intermediate due to its size which is bigger than a drum but smaller than a tank.
The hard outer container is usually made from galvanized tubular steel or iron, while the inner containers are often made from plastic such as polyethylene or high-density polyethylene (HDPE).
The main types of intermediate bulk containers are rigid IBC and flexible IBC. The rigid intermediate bulk containers (RIBC) are made up of plastic, metal cages, and a spout for convenient material dumping.
RIBCs are utilized in a variety of industries, including disaster relief, construction, and food delivery, to carry liquids with minimum loss of containment and reusable properties. The different grades include type A, type B, type C, type D, and food grade and involves various materials such as plastic, and metal.
It is used by various sectors including chemical, pharmaceutical, food and beverage, and others.
North America was the largest region in the intermediate bulk container market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in intermediate bulk container market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The rising wine trade across the globe is expected to propel the growth of the intermediate bulk container market going forward. The increasing consumption of wine, especially during a celebration in many countries is increasing the demand for wine and its trade.
Plastic intermediate bulk containers are mostly used to carry liquids, such as wine or fuel. The intermediate bulk containers are one of the most cost-effective solutions and can be utilized safely in a variety of sectors.
For instance, according to Forbes, an American business magazine, in terms of value, the international wine trade climbed by 21% in the first semester of 2021 compared to the previous year. The main driver is trading in sparkling wine, which is up 26 % in 2020, and the value of bottled wine climbed by 12% in 2020.
As a result, the growing wine trade around the world is propelling the growth of the intermediate bulk container market.
Technological advancement is a key trend gaining popularity in the intermediate bulk container market. Major companies operating in the intermediate bulk container sector are focused on developing a new technological solution to meet consumer demand and strengthen their position.
For instance, in November 2020, Schoeller Allibert, a Netherlands-based producer of recyclable, reusable, and returnable plastic packaging solutions launched ChemiFlow based on corrosion-resistant technology.ChemiFlow is an UN-authorized Intermediate Bulk Container (IBC) built to transport hazardous and highly corrosive chemicals safely and without sacrificing performance.
ChemiFlow 1000L 8292 EPDM 6 runners were designed specifically to satisfy the changing requirements of the chemical sector, with features such as a central top-fill for easy filling at an automatic filling line, and automatic venting to limit the risk of overpressure, and an additional closed system to avoid odors from escaping.
In March 2020, Tank Holding Corp, a US-based manufacturer of rotationally molded poly and welded steel bulk storage acquired the IBC manufacturing assets from Hoover Ferguson for an undisclosed amount. The acquisition is expected to enhance Tank Holding Corp’s market position as the largest North American manufacturer of reusable and returnable intermediate bulk containers, also known as portable tote tanks, which are used to transport chemicals and food commodities.
However, Ferguson is a US-based manufacturer of intermediate bulk containers.
The countries covered in the intermediate bulk container market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06285823/?utm_source=GNW
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