The global corrugated octabins market is expected to increase at a growth rate of around 5% to 5.6% during the forecast period. According to the latest report on corrugated octabins market shows that globally the demand for corrugated octabins are anticipated to grow at a CAGR of 5% till the year 2031. Furthermore, the sales of corrugated octabins is expected to reach millions of units over the forecasted period, due to rise in the demand of bulk packaging formats.
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Corrugated Octabins Market: Market Outlook
Increasing industrial need for versatile and bulk storage capacities are resulting in soaring demand for corrugated octabins. End users are targeting one solution to address sustainability and therefore, the manufacturers are focusing more on corrugated octabins. Corrugated octabins are strong and lightweight, an alternative to metal crates or big bags for powdery and coarse products.
Corrugated octabins are helping in improving the supply chain process, owing to their heavy-duty features which aids to transport savings. Also, continuous research and developments in the corrugated octabins are done for robotic packaging lines and cold chain applications for frozen berries and peas.
In a closed-loop system, these corrugated octabins can be cleaned and prepared to be reused for the same application. The overall market for corrugated octabins has witnessed sharp growth in the last decade and is anticipated to register exponential growth over the forecasted period.
Which Factors are Driving Growth of The Corrugated Octabins Market?
The characteristic features such as recyclability, reusability, effective printability, durability, sturdiness along metal-free closure options are driving the growth of corrugated octabins widely, which makes it a primary choice for small as well as giant market players of the various end-use industry. Additional features that are propelling the adoption of corrugated octabins in several end-use industries include ease in stacking and handling along with better bulk resistance.
Increasing demand for cost-effective and light in weight packaging formats in all parts of the world are major driving forces of the corrugated octabins market by the next decade.
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What Restraints the Growth of Corrugated Octabins Market?
Various other alternatives made up of plastic such as jumbo bags can hamper the growth of corrugated octabins demand. The growing need of flexible packaging formats along with anti-static properties are gaining traction gradually, in carrying chemicals and granular products in bulk.
Most importantly, the increasing need of handles in bulk packaging formats offers handling ease during the shipment process and trading activity may act as a restraining factor in the sales of corrugated octabins in the market.
Which Lucrative Opportunities are Offered By Corrugated Octabins Market?
Corrugated octabins producers render standard as well as customized octabins. On the basis of nature, product type, and the capacity to be stored or transported, manufacturers have introduced corrugated octabins of diversifying specifications. Consequently, customized corrugated octabins are foreseen to observe a promising future with high demand from end-users.
With growth in the chemical industry, the demand for corrugated octabins is rising across the world. Infirm final demand and manufacturing stoppages in consumer-based industries will likely have a significant negative effect on chemical growth globally but particularly in China in 2020. However, emerging markets of Asia is assumed to have good growth opportunities in 2020 as compared to the previous year.
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Key Market Players of Corrugated Octabins Market
Mondi Plc
IBC International
International Paper Company
Smurfit Kappa
Rondo Ganahl AG
TRICOR PACKAGING & LOGISTICS AG
Quadwall Ltd
VPK Group
S LESTER PACKING MATERIALS LTD
Bentsen Emballage A/S
Klingele Papierwerke GmbH & Co. KG
Key Market Players in Asia-Pacific Region of Corrugated Octabins Market
Ask Packaging Solutions.
Shenzhen Hung To Chin Pack Co., Ltd.
Kaplamin packaging
ZHONG DA PAPER CO
Why Are India and China Major Markets For Corrugated Octabins?
China is the world’s largest producer of chemicals in the world, contributing over 35% of global chemical sales in 2019. Amongst several end-use industries which use corrugated octabins, chemical industry holds a significant segment. With high growth in the chemical industry, the demand for corrugated octabins is also rising across the world.
The easy availability of raw materials, huge production capacities, and demand of sustainable packaging products in India and China are pulling the demand for corrugated octabins.
What Makes Germany and France an Important Market for Corrugated Octabins?
Germany and France both the countries are striving ahead to adopt sustainable packaging formats as per the stringent regulations imposed by the European Union. Due to recyclability and sustainability provided by corrugated material, manufacturers in these countries are environmentally concerned which has unlocked immense growth opportunities for the global corrugated octabins market.
What Was The Impact of Covid-19 On Corrugated Octabins Market?
Covid-19 resulted in the downfall of various end-use industries such as chemicals, agriculture, logistics, etc., because of which corrugated octabins market was highly impacted in 2019.
The pandemic has led to the disruption of supply chains and the global markets. Due to the massive shutdowns caused by the pandemic in overseas production plants, the corrugated octabins market has already seen significant increases in the lead times.
However, the chemical industry has seen a significant growth post-pandemic which has propelled the demand for corrugated octabins. A high demand for corrugated octabins from chemical manufacturers and continuous R&D is expected to uplift the market at the end of 2020.
