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) -- 08/08/2017 -- The market for industrial bulk packaging in Mexico is fairly competitive and is led by Hoover Container Solutions, Mauser Group, International Paper, Greif, Menasha, Cleveland Steel Container, and Composite Containers, finds a new research study by Transparency Market Research (TMR).
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The market players are concentrating on utilizing their in-house research and development capabilities to the core in order to innovate products that meet customer-specific requirements. In the near future, these participants are likely to focus on the technological advancements of their current offerings too in a bid to strengthen their position among consumers, states the research report. As per TMR's estimations, the opportunity in the Mexico industrial bulk packaging market was to touch US$232.0 mn by 2016. Expanding further at a CAGR of 5.50% during the period from 2016 to 2024, the market is likely to attain a value of US$357 mn by the end of the forecast period.
Drums to Enjoy Consistent Demand
The report further presents a comprehensive analysis of the Mexico industrial bulk packaging market on the basis of the products available in this market, which includes drums, intermediate bulk containers (IBCs), pails, and jerry cans. Drums have been enjoying a greater demand from the end users as compared to other products, which is likely to be continued at a CAGR of 4.90% over the forecast period. As manufacturers are increasingly shifting towards sustainable packaging solutions against plastic and steel materials, the uptake of fiber/paperboard drums is anticipated to rise considerably in the near future.
IBCs and pails, among others, are also projected to witness a significant rise in their demand, over the next few years. The phenomenal progress in the country's chemical industry is expected to boost the demand for IBCs in the years to come while the augmenting usage of pails in a wide range of mid-sized applications, such as paints and coatings. Jerry cans, however, are likely to experience a sluggish growth over the next few years, states the report.
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Demand from Chemicals and Petrochemicals Sector to Remain Strong
The application areas of the industrial bulk packaging in Mexico, i.e., the chemicals and petrochemicals, food and beverages, and the pharmaceuticals sectors, have also been thoroughly assessed in this market study. According to it, the chemicals and petrochemicals sector have been acquired the top position among application areas in this market and is expected to continue like this over the period of the forecast, advancing at a CAGR of 5.20%.
For the packaging of chemicals and petrochemical products, manufacturers mostly prefer rigid IBCs and drums and are projected to register a strong demand for these products in the near future. The pharmaceuticals industry is also anticipated to report a significant demand for industrial bulk packaging materials over the next few years.
Upswing in Manufacturing Sector to Drive Demand for Industrial Bulk Packaging
"The Mexico industrial bulk packaging market has driven significant impetus from the rising industrialization and the increased shipment of goods in this country," states the author of this study. The industrial users in the country have been exhibiting an extraordinary demand for rigid industrial bulk packaging products, such as fiber, steel, and plastic drums, various industrial bulk packaging containers, pails, and jerry cans, resulting in a tremendous rise in this market.
Over the coming years, the upswing in the manufacturing sector and the growth in the industrial output are expected to enhance the performance of the Mexico industrial bulk packaging market greatly. However, the manufacturing issues, created by the supply chain complexities are likely to hamper the growth in this market to some extent in the near future, notes the research study.