The bulk container packaging market is anticipated to be valued at USD 20.2 billion in 2024. For 2023, the value was tipped at USD 18.9 billion. The market is expected to evolve at a healthy rate from 2024 to 2034, with a CAGR of 3.80%. By the end of the forecast period in 2034, the market value is predicted to have jumped to USD 29.3 billion.
Attributes | Details |
---|---|
Bulk Container Packaging Market Value for 2024 | USD 20.2 billion |
Projected Market Value for 2034 | USD 29.3 billion |
Value-based CAGR of Market for 2024 to 2034 | 3.80% |
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The bulk container packaging market was tipped to be USD 16.5 billion in 2019. The market is likely to progress at a consistent CAGR of 3.4% over the historical period.
As trade increased worldwide, so did the need for bulk container packaging. However, the pandemic acted as a disruptor in the market. As restrictions were imposed, industrial plants were shut down. Shipping routes were also in for disruption as a significant number of countries closed their borders.
Thus, the pandemic halted the progress of the market during the historical period. However, the use of bulk container packaging for charitable causes, including help in supplying food to the severely affected regions, also lent a positive outlook to the market during the pandemic. By 2023, the market value had reached USD 18.9 billion.
Market Value (2019) | USD 16.5 billion |
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Historical CAGR (2019 to 2023) | 3.4% |
Historical Market Valuation (2023) | USD 18.9 billion |
Long-term Analysis of the Bulk Container Packaging Market
The bulk container packaging market is marked to be worth USD 20.2 billion in 2024. The progress of the market is pegged to be promising over the period from 2024 to 2034, with a CAGR of 3.80%.
The market is expected to progress at a much faster pace in the forecast period than in the historical period. With the pandemic no longer weighing things down, trade is flourishing, even across international borders. As shipment quantities increase, both in terms of size and volume, there is a greater need for bulk container packaging.
The sudden increase in industries like food and pharmaceuticals and electronic commerce, especially in countries like China and India, is accelerating the market's growth. The infusion of better tracking facilities into the industrial packaging solution is expected to drive the demand in the market further. By 2034, it is anticipated that the value of the market will have jumped to USD 29.3 billion.
An analysis of the bulk container packaging market is attempted concerning two categories: material and end use. The material used in bulk container packaging comes overwhelmingly from plastic. Bulk container packaging is used in a variety of industries. However, industrial chemicals emerge as the dominant one.
Plastic is the predominant material used in bulk container packaging. For 2024, plastic is expected to account for a gargantuan 95.1% of the market share by material.
While plastic use has come under scrutiny in the wake of sustainability trends, it still offers a more cost-effective solution than metal packaging. The development of new polymers that enhance the toughness of the packaging, minimizing losses, also makes plastic appealing. Thus, plastic dominates the material segment.
Attributes | Details |
---|---|
Top Material | Plastic |
CAGR (2024 to 2034) | 95.1% |
Bulk container packaging is extensively used in the chemical industry. For 2024, the industrial chemical end-use segment is anticipated to contribute to 44.9% of the market share.
There is a need in the chemical industry to transport and store material that is often hazardous or flammable. Thus, an industrial packaging solution like bulk container packaging is sought by chemical industry suppliers to ensure a lack of spillage and potential disasters while transporting industrial chemicals.
Attributes | Details |
---|---|
Top End Use | Industrial Chemical |
CAGR (2024 to 2034) | 44.9% |
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Rapid advancements made in the industrial sector are contributing to the progress of the market in the Asia Pacific. Government encouragement further accelerates industrial growth in the region, which portends positive development of bulk container packaging.
North America is a significant region for the market. The region already holds a prominent share of the sales and is penned for further growth over the forecast period.
Countries | CAGR |
---|---|
Canada | 3.3% |
India | 5.7% |
China | 5.1% |
South Korea | 4.2% |
Thailand | 4.6% |
The Asia Pacific is set to be the fastest-growing region for the market, and India is one of the most promising countries in the region. For the 2024 to 2034 period, the CAGR for India is estimated to be an invigorating 5.7%.
The packaging industry is growing by leaps and bounds in India, bolstered by the support provided by the government. Even as restrictions on plastic use are increasing, the government encourages recyclable plastic use. Thus, the outlook for the market in India is bright.
China has become a focal point for foreign companies to set up industrial plants. Thus, the domestic industries in China are being augmented by plants set up by foreign companies. The significant size of the chemical, food & beverage, and other industries in China represents a wealth of opportunities for bulk container packaging. For the forecast period, the CAGR for China is anticipated to be a promising 5.1%.
The presence of established local companies contributes to the positive outlook of the market in Thailand. YPA Thailand and Pack Delta Public Company Limited are two of the companies that have earned reputable names in the country. For the forecast period, the CAGR for Thailand is an appreciable 4.6%.
Import and export of bulk containers happens on a large scale in Korea. Western countries import bulk containers from Korea for cheap, while Korea imports bulk containers from developed countries for high-end quality. Thus, the thriving trade of bulk containers helps the market in Korea. For the forecast period, South Korea is expected to have a solid CAGR of 4.2%.
Canadian industrialists are looking for easy-to-handle packaging solutions that can nonetheless comfortably be used for transport and storage of large quantities. Thus, the trend is toward FIBCs in Canada. For the forecast period, the CAGR for Canada is estimated to be a sturdy 3.3%.
Market players are employing expansion strategies to increase the scope of the business. They are also striving to tap into hitherto unexplored areas in a bid to take advantage of the lack of competition.
Takeovers are common in the market. Multinational companies are acquiring smaller businesses to weed out competitors and increase their market stronghold. However, there are also significant opportunities for small-scale players in the market, especially those who trade locally. Thus, the market has a competitive nature.
Recent Developments in the Bulk Container Packaging Market
The bulk container packaging market size is expected to be worth USD 20.2 billion in 2024.
The bulk container packaging market is estimated to get as big as USD 37.2 billion by 2034.
The CAGR for India in the bulk container packaging market is estimated to be 7.9% through 2034.
Flexitanks, bulk containers, and bulk container liners are some product types in bulk container packaging.
The bulk container packaging market is expected to develop at a CAGR of 6.2% from 2024 to 2034.
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