Industrial Bulk Packaging Market is projected to rise at a CAGR of 5.50% between 2016 and 2024 which is likely to reach a value of US$357 mn by the end of 2024.
Albany, NY -- (SBWIRE) -- 02/13/2020 -- The industrial bulk packaging market is expected to witness major growth as demand for electronics, and rising growth of e-commerce continues to present new opportunities. The rising growth of the market is especially apparent in countries like Mexico, wherein the market reached US$232.0 mn in 2016. The market growth is expected to bulk up with more growth as the projected CAGR for market will likely touch 5.5% during 2018 and 2026.
The improving performance of the manufacturing sector continues to drive growth of the bulk packaging market in the near future. Moreover, the rising demand for manufactured chemicals is expected to remain the most dominant segment, as demand for pharmaceutical and research and development drives demand for chemicals. Moreover, the stable growth in Mexico's economy is likely to remain a focal point for growth over the forecast period.
Among regions, the industrial bulk packaging market promises most notable growth in Asia Pacific region. The growing base of manufacturing in the region, rising disposable incomes, and growing demand for a wide range of consumer goods in the region will drive notable growth in the region. Additionally, technological innovation, and advancements in manufacturing like 3D printing promises new activities for players in the industrial bulk packaging market during the forecast period.
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IBCs or Intermediate Bulk Containers have remained major drivers of growth conventionally in the industrial bulk packaging market. Moreover, the market is also expected to witness robust shipping activity in Asia Pacific region. The rising demand for chemicals will likely drive growth at 4.90% between 2016-24 period. The rising demand for various drum types including steel, fiber, plastic, and paperboard will remain a promising opportunity in the industrial bulk packaging market.
Moreover, the demand for pail products in the market is also likely to remain significant as mid-sized applications like coatings, and paints continue to drive demand for these products. Furthermore, the jerry cans will witness stable growth during the forecast period.