As per a recent analysis by Future Market Insights (FMI), the global RIBC market is forecast to reach US$ 16.7 Bn in 2022. Increasing adoption in the chemical sector across the globe is expected to drive sales in the market at a 5.8% CAGR, pushing the market size to US$ 29.5 Bn by 2032.
The market is predicted to expand as the demand from chemical, pharmaceutical, and food and beverage industries increases. The ongoing expansion of the automotive sector across the globe driven by high demand for lightweight vehicles is also expected to drive sales in the market.
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RIBC containers are used for transporting liquid and semi-liquid products in various industries as they prevent leakage effectively. They are available in a variety of shapes and sizes as per the end-users requirements, which is expected to place them as an ideal solution for various packaging and transportation solutions.
When hazardous chemicals are carried across long distances, it is critical to ensure that no spills occur. Furthermore, as the export market grows and evolves, making optimal use of space and freight becomes increasingly crucial.
Considering this, manufacturers in the chemicals industry are shifting from traditional containers to RBIC containers, and the trend is expected to continue over the forecast period.
“Rapid expansion of the food & beverage sector in emerging economies will drive sales of RBIC. In addition to this, increasing demand from the ecommerce sector is projected to bode well for the market over the assessment period,” says the FMI analyst.
Key Takeaways:
- Based on the capacity, demand in the standard segment will create an incremental opportunity of 11 Bn over the forecast period.
- In terms of end use, sales in the chemical segment are projected to increase at a 6.3% CAGR through 2032.
- Sales in the China RIBC market will account for US$ 3.8 Bn over the forecast period.
- The Japan RIBC market will grow at a 5.4% CAGR over the assessment period.
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RIBC Market Landscape
Some of the leading players of RIBC market are Greif, Inc., Berry Global Inc., Time Technoplast Ltd., DS Smith Plc., Mondi Group, Snyder Industries, Inc., SCHÜTZ GmbH & Co. KGaA, Mauser Group B.V., Hoover Ferguson Group and Nittel Halle GmbH. FMI estimates that Berry Global Inc, Greif, Inc., DS Smith Plc, Mondi Group will lead the market and hold position in Tier 1 in 2022.
Leading players operating in the global RBIC market are investing in research and development to improve their product portfolios. For instance:
- In September 2020, Greif introduced GCube Connect, a real-time tracking system for composite Intermediate Bulk Containers (IBCs), in order to assist clients in improving performance, lowering expenses, and reducing their carbon impact. GCUBE Connect uses the Internet of Things to enable clients to obtain real-time data on their products, allowing them to enhance sales, cut freight costs, optimise production planning, and automate procurement and sales processes.
More Insights into the RIBC Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global market for RIBC market by material type (metal (stainless, carbon), composite) by capacity (standard (1040 & 1250 US gal), customized), end use (industrial chemicals (hazardous and non-hazardous), petroleum & lubricants, paints, inks & dyes, food & beverages, construction, pharmaceuticals, others (waste disposal/recycling & silage, etc.) across seven regions.
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About Packaging Division at Future Market Insights
The Packaging division at FMI provides an in-depth historical analysis and granular projections of the global packaging market. Ranging from packaging materials to designs & formats, FMI has an exhaustive market research database, serving clients with unique offerings and strategic recommendations. With a repository of 750+ reports, the team analyzed the packaging industry comprehensively in 70+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help
