The IBC caps are closures for IBC containers made from plastic and metal. It ensures that the container is sealed correctly and is leakage proof. IBC caps also provides leakage proof transportation and ensures that the spilling does not occur that result in loss of material. The IBC manufacturers are also involved in the manufacturing of accessory, where it helps to provide a separate part of the containers.
Excellent stability and safe & secure packaging nature are among the factors fueling the growth of the IBC caps market. The increase in demand for IBC containers for hazardous, as well as non-hazardous products, is expected to create an excellent opportunity for the manufacturers of IBC caps.
The rise in demand for IBC rental services from the manufacturing and logistics industry is also expected to boost the demand for IBC caps during the forecast period. It is due to long term use of the container, which goes hand in hand can cause loss of accessories. Thus creates the opportunity for IBC caps manufacturers.
The global IBC caps market is primarily influenced by logistic & transportation industry in the worldwide market. It is due to the continuous use of IBC containers for a more extended period of time result in mishandling of IBC accessories. The Reconditioning of IBCs result in reduced packaging costs and result in increased sales for IBC caps.
The industry is moving towards a significant change in the way goods are shipped across continents, in replacement of industrial drums. Therefore the IBC caps are to be most widely used as the closer for IBC containers.
The recycling and reusing of IBCs make them an ideal choice for the packaging of various goods. Thus recycled IBCs causes change enclosure. Improved material capabilities for effective functional performance result in increased usage of IBCs in the chemical sector, which is the key buyers of IBCs.
Thus the manufacturers are working on the mechanism of IBC closures with in-house research and development capabilities to innovate products that suit specific requirements. The IBC caps is reflecting the customized standardization trend, where manufacturers are developing products to meet the particular needs of the end-users. Therefore the demand for IBC caps is expected to witness positive growth during the forecast period.
European region is expected to dominate the global IBC caps market in terms of market share by accounting for over 1/3 of the market share during the forecast period. The European region is expected to get a significant boost from growing chemical, food & beverage, agriculture, and other end-use industries.
The Asia Pacific is expected to follow the Europe region by the end of the forecast period. In the Asia Pacific region, China expected to dominate the IBC caps market. It is due to an increase in intercontinental trade between developed and developing countries. In the Asia Pacific region, continuous capacity expansion of end-use industries is expected to maintain healthy growth for the IBCs market over the forecast period.
In 2019, the Greif, Inc. industrial packaging product manufacturer acquired Caraustar Industries, Inc. manufacturers of recycled materials. This acquisition is expected to increase the process recycling of IBC accessories.
Some of the leading players operating in the IBC caps market are as follows -
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
By product Type, the global IBC caps market is segmented into -
By IBC Type, the global IBC caps market is segmented into -
By End Use, the global IBC caps market is segmented into -
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