Plastic Rigid IBC Market Outlook, Strategies, Industry, Growth Analysis, Future Scope, key drivers By Forecast 2023

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Plastic rigid IBC are containers are used for storing and transporting liquids such as chemicals, solvents, food ingredients, pharmaceutical products and other granulated substances in bulk quantity. Plastic rigid IBC are available in various capacities, designs and colors. The petroleum and lubricants market are expected to grow at a high pace due to rapid increase in automobile sales which contributes to the growth of plastic rigid IBC market. Plastic rigid IBC offer extensive flexibility and cost effectiveness. One of the major factors driving the plastic rigid IBC market is continuous innovation among products by the manufacturers in order to tap opportunities in the global market.

Hence, the global plastic rigid IBC market is expected to grow at a CAGR of 5.8% during the forecast period.

Asia-pacific region dominates the global plastic rigid IBC market

Geographically, the global plastic rigid IBC market has been divided into four major regions namely North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific accounted for the largest market share, in 2017, followed by the Middle East & Africa and North America. Increase in GDP of developing economies such as China and India and rapid growth in manufacturing activities and industrial sectors are driving the growth of the market in Asia-Pacific. Also, the Middle East & Africa is the largest exporter of petroleum oil which drives the growth of plastic rigid IBC market in this region.

Asia-Pacific is expected to grow at the highest CAGR during the forecast period. Rapidly increasing automobile sales, which increase the growth of petroleum and lubricants market in the region, is driving the demand of the plastic rigid IBC market. China, Japan, and India are the major markets in Asia-Pacific. Additionally, growth in food & beverage industry and transportation of agrochemicals can provide a lucrative opportunity for market growth. The Middle East region is expected to contribute significantly during the forecast period mainly due to large-scale petroleum exports.

Segmentation

For the purpose of analysis, the global plastic rigid IBC market has been divided on the basis of four segments: material, capacity, end use, and region. On the basis of material, the market has been segmented into HDPE, LDPE, LLDPE, PVC and others. Under the material segment, HDPE accounts for the largest market share. HDPE IBC containers are preferred due to their extensive flexibility and cost effectiveness.

On the basis of capacity, the market has been segmented as follows: up to 500 liters, 500 to 1000 liters, 1000 to 1500 liters, 1500 to 2000 liters and above 2000 liters. Plastic rigid IBC containers of 500 to 1000 liters dominate the capacity segment of the market and the same is expected to grow at the highest CAGR during the forecast period. Rise in demand from various end-use applications like food & beverages and agrochemicals is driving the growth of this segment. 1000 to 1500 liters segment is expected to contribute significantly during the forecast period mainly due to increasing demand for petroleum and lubricants.

On the basis of end-use, the market has been segmented as industrial chemicals, petroleum & lubricants, food & beverages, paints inks dyes, pharmaceuticals, and others. Food & beverages dominates the end-use segment and is expected to grow at a highest CAGR during the forecast period.

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The prominent players in the plastic rigid IBC market include Schutz Container Systems (US), Greif, Inc. (US), Maschiopack GmbH (Germany), SCHÜTZ GmbH & Co. KGaA (US), Bulk Handling Australia (Australia), ZIBO JIELIN PLASTIC PIPE MANUFACTURE CO., LTD (China), WERIT Kunststoffwerke W. Schneider GmbH & Co.KG (Germany), Snyder Industries, Inc. (US), Sintex Industries (India), Hoover Ferguson Group, Inc. (US) among others.

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