Flexible Intermediate Bulk Container Market To Hit Value .4 Billion By 2026Posted by Mrudula Anil Karmarkar on February 16th, 2021 The global flexible intermediate bulk container market size is projected to reach USD 6.4 billion by 2026, progressing at a CAGR of 5.9% over the forecast period, according to a new report by Grand View Research, Inc. Growing food and pharmaceutical industries across the world and increasing need to reduce overall weight of bulk packaging are among the key factors driving the demand for flexible intermediate bulk containers. The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor. Flexible intermediate bulk containers (FIBCs) are also known as bulk bags, jumbo bags, and big bags. These are made of flexible woven material typically polypropylene (PP) and possess the capacity to hold 500 kg to 2,000 kg of weight. They are commonly used to store dry and flowable products such as grains, seeds, salts, chemicals, sands, clays, cement, and others. FIBC majorly finds application in various end-use industries including food, chemical, pharmaceutical, building & construction, mining, and others. Countries in North America and Europe are the largest consumers of FIBC. Key product manufacturing countries are China, Turkey, and India. The global market players for flexible intermediate bulk containers majorly compete on the basis of price per unit. Therefore, in order to lower the cost of production, manufacturing companies and distributors of North America and Europe largely outsource manufacturing activities from the aforementioned countries. The demand for flexible intermediate bulk containers in developed countries including the U.S., Japan, Germany, France, and others, is mainly driven by rising pharmaceutical industry owing to increasing aging population. In emerging countries, the demand for FIBCs is majorly driven by rising food processing and agricultural industries. Steady growth rate of chemical industry and significant growth rate of pharmaceutical industry across the world are also expected to positively impact the global demand for flexible intermediate bulk containers. Further key findings from the report suggest:
Flexible intermediate bulk containers (FIBCs) are used in various end-use industries such as food, chemical, pharmaceutical, building & construction, agricultural, mining, manufacturing, and waste handling. The demand for FIBC in the pharmaceuticals industry is expected to progress at a higher pace owing to growing pharmaceutical industry across the world on account of aging population and rising chronic diseases. Flexible intermediate bulk containers lower the total weight of bulk packaging owing to their negligible weight. They can be stored in a small space by folding and pressing multiple FIBCs together. FIBCs are made of flexible woven typically polypropylene (PP) and have a capacity to hold 500 kg to 2,000 kg of weight. These flexible intermediate containers are commonly used to store dry and flowable products such as grains, seeds, salts, chemicals, sands, clays, cement, and others. Primary end use of FIBC is to handle raw, semi-finished, and finished granules and small-size materials in industrial premises. Filled flexible intermediate bulk containers are handled mechanically by forklifts in industrial premises. FIBCs are available at low costs, low weights, and are easy to handle. As a result of these benefits offered, FIBCs are widely used in food & beverages, pharmaceuticals, agricultural, and chemical industries. On account of the aforementioned benefits, their adoption rate in bulk packaging is considerably higher as compared to rigid and corrugated packaging. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/5473/ibb The global flexible intermediate bulk container market is characterized by the presence of both global and domestic players. However, the market is highly fragmented with the presence of a large number of players across the regions. Key players operating in the market compete primarily on the basis of pricing. In order to strengthen their positions in the global market, countries in North America and Europe primarily outsource manufacturing activities to China, Turkey, and India to lower the production costs. Some of the key players in the industry are Global-Pak, Bag Corp, Isbir Sentetik, Greif, Plastipak Industrial Textiles, Berry Plastics, Bulk Lift International, Halsted, Jumbo Bag Limited, Langston Companies Inc., Rishi FIBC Solutions, Taihua Group, Intertape Polymer Group, and LC Packaging. Grand View Research has segmented the global FIBC market on the basis of product, end use FIBC Product Outlook (Volume, Million Units; Revenue, USD Million, 2015 - 2026)
FIBC End Use Outlook (Volume, Million Units; Revenue, USD Million, 2015 - 2026)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |