The plastic rigid IBC market is projected to witness lucrative growth during the forecast period. Sales are projected to grow at a considerable pace during 2022-2032 and are anticipated to create an incremental growth opportunity of US$ 3.1 Bn
NEWARK, DE / ACCESSWIRE / October 6, 2022 / The global plastic rigid IBS market is expected to create an optimistic outlook over the projection period by exhibiting a CAGR of 4.8% from 2022 to 2032. The market is predicted to be valued at US$ 5.6 Bn in 2022 and reach US$ 9.1 Bn by the end of 2032. The top 3 countries are expected to generate maximum revenue in the plastic rigid IBC market which is expected to hold around30-35% of the global plastic rigid IBC market by the end of 2022.
Owing to the increasing adoption of HDPE IBC for bulk packaging, the HDPE rigid IBC segment by the material is likely to capture the major portion. The target segment is expected to hold around 70% of the market share by the end of 2032. Furthermore, plastic rigid IBCs are able to empty properly which is usually not the case with drums as a reasonable amount of residue is left behind at the bottom of the drum.
According to the historical estimations conducted by FMI, in 2021, the plastic rigid IBC market touched a valuation of US$ 5.4 Bn. The demand for plastic rigid IBC with a maximum capacity of 1001-2000 liters is projected to augment with the top 5 companies estimated to hold approximately 20-25% of the global plastic rigid IBC market by the end of 2022.
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Prominent key players in the plastic rigid IBC market are concentrating on expanding their product portfolios in order to cater to the growing demand for bulk packaging. In addition to that, some of the other key players are focusing on surging their capabilities and resources with the help of mergers and acquisitions.
More Insights into the Plastic Rigid IBC Market
The prominent portion of the European plastic rigid IBC market is occupied by Germany. Germany is predicted to account for around 18% of the total European plastic rigid IBC market share over the projection period.
Owing to the expansion of the chemicals & materials industry, the demand for bulk containers and reusable containers in Germany is on the rise. As per the Germany Trade & Invest (GTAI), around 27% of the total chemical industry revenue in EU-28 was generated by German chemical companies in 2021.
The China plastic rigid IBC market is expected to bolster growth at a stable CAGR of 5.6% from 2022 to 2032. The growth is accounted to the surging export of products in China, which creates a high demand for reusable transport packaging. It is further projected to drive the demand for plastic rigid IBCs.
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Plastic Rigid IBC Market Outlook by Category
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3.3. Macro Factors and Forecast Factors
3.7. Global Average Pricing Analysis Benchmark
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