What Is The Definition Of The Global Composite Intermediate Bulk Containers Market?
Composite intermediate bulk containers (IBCs) are industrial containers designed to store and transport bulk liquids and powders. They are typically made from a combination of plastic, metal, and sometimes fiberglass, offering durability and versatility in industrial applications.
Composite Intermediate Bulk Containers Global Market Report 2024 provides data on the global composite intermediate bulk containers market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The composite intermediate bulk containers market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Are The Global Composite Intermediate Bulk Containers Market Size And Growth Rates Projected To Evolve?
The composite intermediate bulk containers market has grown steadily, rising from $1.95 billion in 2023 to $2.03 billion in 2024 at a CAGR of 4.2%. Historical growth was driven by increased petroleum production, growing demand in the food industry, packaged food trends, and e-commerce growth. The market is projected to reach $2.41 billion by 2028 at a CAGR of 4.5%. Future growth will be driven by increased industrial production, demand for environmentally friendly solutions, and advancements in packaging for safe bulk storage. Trends include innovations in manufacturing, advanced materials development, and IoT-enabled packaging solutions.
What Are The Essential Drivers Behind The Growth Of The Composite Intermediate Bulk Containers Market?
The expansion of the manufacturing sector is anticipated to boost the composite intermediate bulk container market. The manufacturing industry's growth is driven by economic conditions, technological advancements, and evolving market demands. Composite intermediate bulk containers provide durable and sustainable solutions for storing and transporting materials essential to manufacturing processes. The UK Office for National Statistics reported in July 2023 that UK manufacturers' product sales reached £429.8 billion in 2022, a 7% increase from the previous year. This expansion highlights the growing demand for reliable logistics solutions like composite intermediate bulk containers in manufacturing.
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How Is The Global Composite Intermediate Bulk Containers Market Divided Into Key Segments?
The composite intermediate bulk containers market covered in this report is segmented –
1) By Capacity: 180 To 250 Gallons, 250 To 300 Gallons, 300 To 350 Gallons, Above 350 Gallons
2) By Technology: Aseptic Technology, Non-Aseptic Technology
3) By End Use: Industrial Chemicals, Paints, Inks And Dyes, Food And Beverage, Building And Construction, Pharmaceuticals, Other End Uses
What Trends Are Reshaping The Future Of The Composite Intermediate Bulk Containers Market?
Key players in the composite intermediate bulk containers market are introducing innovative products like redesigned shipping containers to enhance efficiency. These containers optimize global trade logistics by providing secure, adaptable transport. For example, in September 2021, Mauser Packaging Solutions, a US-based packaging firm, launched an IBC solution featuring a composite pallet. This design increases loading capacity by 11%, fitting 20 units into a 20-foot container instead of 18. The lower stacking height and robust design also improve loading efficiency by over 50% while ensuring durability and forklift accessibility.
What Is The Fastest Growing Region In The Composite Intermediate Bulk Containers Market?
Europe was the largest region in the composite intermediate bulk containers market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the composite intermediate bulk containers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
