According to Future Market Insights research, during the projected period, the global carbon steel IBC market is set to enjoy a valuation of US$ 2.6 Bn in 2022, and further expand at a CAGR of 5.4% to reach US$ 4.4 Bn by the year 2032. The sales of the boxes by Capacity are anticipated to bolster with the top 3 countries estimated to hold around 30-35% of the market by the end of 2022.
Based on the capacity, 160 -350 gallons are the most preferable IBC’s for industrial chemicals. The reason behind the same is convenience and superior product protection and heavy-duty transportation can be done. The IBCs 160 - 350 gallons capacity are estimated to be valued at US$ 1.2 Bn by end of 2032.
Market Size 2022
US$ 2.6 Bn
Market Size 2032
US$ 4.4 Bn
Value CAGR (2022-2032)
5.4%
Collective Value Share: Top 3 Countries (2022E)
30-35%
According to the FMI analysis, the carbon steel IBC market revenue totaled US$ 2.5 Bn in 2021. With the propelling demand from the various End Use, the global carbon steel IBC market is projected to reach US$ 4.4 Bn by 2032, accelerating at a CAGR of 5.4% during the forecast period.
The carbon steel IBC market is estimated to experience a positive growth outlook during the forecast period. A new forecast by FMI anticipates that the carbon steel IBC sales will rise during 2022-2032 and is projected to create an absolute incremental growth opportunity of US$ 1.9 Bn.
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Historic Market Outlook for Carbon Steel IBC
The global carbon steel IBC market witnessed a CAGR of 3.9% during the historic period with a market value of US$ 2.5 Bn in 2021 from US$ 2.0 Bn in 2015.
Carbon Steel IBC are metal containers having substantial demand from chemical sectors. They are heavy but are considered safe storage containers for liquid form chemicals and concentrations. Carbon steel IBCs have huge demand from the petroleum industry also. The IBCs are suitable for lubricant transportation and have no chemical reactions in between. Due to the pandemic, new logistics have been introduced to the market, and carbon steel IBCs are the most preferable for the same. The steady growing chemical industry is projected to drive the demand for carbon steel IBCs. Overall, the global carbon steel IBC market is anticipated to bolster at a faster pace during the forecast period.
How the Substantial Demand from Chemical Industries Is Boosting the Carbon Steel IBC Market?
The carbon steel IBCs are suitable for chemical transportation. The steel intermediate bulk containers are free from chemical reactions and also provide safety during logistics. The mass storage of chemicals and liquid concentrations can be possible through such containers. The storage facility of the containers increases the demand in the chemical industry, as they are required to store hazardous chemicals for a long period. Carbon steel IBCs can avail those chemicals from explosions also. Such heavy requirements of intermediate bulk containers for the industry, it is driving the carbon steel IBC market incrementally.
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Category-wise Insights
Which Carbon Steel IBC Are in Substantial Demand in Terms of Capacity?
The 160 – 350 gallons capacity segment is anticipated to register a CAGR of 5.6% during the forecast period. Different end users prefer various capacity containers, but containers with a capacity of 160 – 350 gallons are in most demand. To store chemicals or lubricants for a longer period these carbon steel IBCs are used. With the aspects of durability and climate-resistance quality, intermediate bulk containers are preferred by most logistic chains. The global carbon steel IBC market is in steady growth since transportation and supply chain industries are having incremental trends. The demand for storage-friendly and durable containers is making 160 – 350 gallons IBC more preferable.
Which End Use Is Offering Growth Opportunities in the Global Carbon Steel IBC Market?
The petroleum and lubricants market is one of the dominating end users in the carbon steel IBC market. The petroleum and lubricants segment is anticipated to register a CAGR of 5.9% during the forecast period. The disadvantages of drums for lubricant transportation have made carbon steel IBCs popular in the petroleum industry. These IBCs are compensating for the disadvantages of drums, and becoming a more convenient option in logistics. These metal containers are also climate and age-resistant, thus it becomes more helpful to store lubricants in such IBCs. Carbon metal IBCs are economical and durable also. This makes petroleum a dominating industry in the carbon steel IBC market.
Country-wise insights
How Venezuela as the Largest Crude Oil Market Is Having Gigantic Demand for Carbon Steel IBC?
The petroleum and lubricant industry is the largest end use segment of metal containers since the containers are suitable for the transportation of such chemicals. OPEC countries are the leading producer of lubricants, and Venezuela holds the largest share among them. According to Organization of the Petroleum Exporting Countries (OPEC), Venezuela had a crude oil reserve of 303.97 Bn barrels in 2021. Also, the country accounts for 24.4% of the total crude oil reserves. The largest crude-oil producer is demanding carbon steel IBCs because of their chemical-friendly characteristics. The carbon steel IBC have become the most preferred option for lubricant transportation. That’s why the country is having substantial demand for carbon steel containers and is driving the carbon steel IBCs market.
How Sweden Is Having Lucrative Demand for Carbon Steel IBC?
Sweden is well-known for its innovative way of producing power from the garbage. The country is also importing garbage from other European countries to get more raw materials for its project. The importing of garbage needs to be in proper containers. For this purpose, the country is having first preference for metal IBCs in importing garbage from other countries.Sweden is providing direct heating to 950,000 households. With such a huge number of garbage collection, Sweden also needs containers to keep garbage. For this Swedish government is preferring metal IBCs since it is eco-friendly and protective against chemical reactions. That’s why Sweden is demanding carbon steel IBCs.
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Competitive Landscape
The key players which are operating in the market are focusing on expansion and innovation. All of them are trying to capture a large market share. Big companies are focusing on USPs to increase sales. Companies are trying to provide good logistics facilities also to attract a mass customer base. Some of the innovations and expansions are as under-
In September 2022, Thielmann US LLC announced the opening of a new subsidiary in France. The expansion will help the company to capture the French rigid packaging market, also it will help the company to expand its capabilities of manufacturing IBCs.
In November 2021, Metano IBC Services Inc. was acquired by Precision IBC, Inc. the company is the leading manufacturer of stainless steel IBCs. The acquisitions have made the rental footprint business of the acquirer more powerful. Expansion in the rental business helped the company to meet-up the demand.
Scope of the Report
Attribute
Details
Growth Rate
CAGR of 5.4% from 2022 to 2032
Base Year for Estimation
2021
Historical Data
2015-2021
Forecast Period
2022-2032
Quantitative Units
Revenue in USD Billion, Volume in Units and CAGR from 2022-2032
Report Coverage
Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
By Discharge Type, Carbon Steel IBC Market is Segmented as:
Side Discharge
Center Discharge
By Capacity, Carbon Steel IBC Market is Segmented as:
Up to 150 gallons
150 - 350 gallons
350 - 500 gallons
Above 500 gallons
By End Use, Carbon Steel IBC Market is Segmented as:
Industrial Chemicals
Petroleum & Lubricants
Paints, Inks & Dyes
Food & Beverages
Waste Disposal/Recycling & Silage
Others (Construction, Pharmaceuticals, etc.)
By Region, Carbon Steel IBC Market is Segmented as:
North America
Latin America
Europe
South Asia
East Asia
Middle East & Africa
Oceania
Frequently Asked Questions
What was the value of the Carbon Steel IBC market in 2021?
In 2021, the value of the global carbon steel IBC market was US$ 2.5 Bn.
At what rate is the global Carbon Steel IBC market is projected to expand during the forecast period?
During the forecast period, the global carbon steel IBC market is anticipated to expand at a CAGR of 5.4%.
By 2032, what will the value of the global Carbon Steel IBC market?
The global Carbon Steel IBC market is expected to reach US$ 4.4 Bn by the end of 2032.
Which capacity type segment is expected to lead the global Carbon Steel IBC market during the forecast period?
During the forecast period, 160-350 gallons capacity type is likely to be the fastest-growing capacity type segment in the global carbon steel IBC market.
What drives the demand for carbon steel IBCs?
The increasing preference for carbon steel IBC in the chemical industry is driving the demand for carbon steel IBCs.
Which are the top players supplementing the sales of carbon steel IBCs?
