Bulk container packaging market share for chemicals is projected to expand at over 10% CAGR over the estimated timeframe. Increasing demand for transporting semi-finished products, lubricants, materials and minerals will propel industry growth.

Sellbyville, DE -- (SBWire) -- 11/01/2018 --According to new research report by Global Market Insights, Inc. Bulk Container Packaging Market size is set to exceed USD 6 billion by 2024.

Global bulk container packaging market is exceedingly consolidated with three key market participants occupying 50% of total share. Major industry players include BLT Flexitank, Shandong Anthente, Environmental Packaging Technologies, KriCon, Braid Logistics, Büscherhoff Spezialverpackung, Qingdao LAF Packaging, K Tank Supply Limited, MY Flexitank (MYF), Trust Flexitanks, SIA Flexitanks, etc.

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Increasing popularity of flexitank in transporting food ingredients and chemicals is a major factor propelling the bulk container packaging market during the forecast period. Properties such as increased space, higher capacity and payloads, less loading and filling time, lighter weight, etc. gives flexitanks advantage over other alternatives such as ISO containers, barrels & drums. These are increasingly used to carry oils, beverages, syrups, paints, and other non-hazardous chemicals and its increasing usage will drive the bulk container packaging market growth.

Rising edible oil exports from Southeast Asia, mainly from Indonesia and Malaysia, will be a contributing factor for the global bulk container packaging market during the forecast period. Indonesian palm oil exports in 2013 reached approximately 20 million tons increasing from an amount of 14 million tons in 2007. Flexitanks are widely used for oil exports due to its low cost and efficiency. Increasing demand for edible oil from India, Europe, China and growing bio-fuel usage due to its eco-friendly nature will boost the industry growth.

Flexitanks and bulk container liners are produced from petro-based products such as polyethylene (PE) and polypropylene (PP). Fluctuating crude oil prices have a direct effect on the prices of PE & PP and will likely hamper the bulk container packaging market in the coming years.

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Bulk container packaging market is categorized into three product segments including flexitanks, bulk container liners, and flexible intermediate bulk containers (FIBC). Flexitanks is the fastest growing product segment and its market value is anticipated to be above USD 630 million in 2024. Bulk containers segment revenue is anticipated to reach USD 2.4 billion by 2024 growing at a healthy rate during the forecast period. Flexible intermediate bulk containers segment is projected to grow at a moderate rate and this segment will likely occupy more than half of the global bulk container packaging market during the forecast period.

Bulk container packaging market has three application segments including food & beverage, chemicals, and others. Food & beverage segment is anticipated to grow at a CAGR of 10.6% during the forecast period. Rising demand for food products owing to increased population growth will augment this segment. Chemicals segment will likely generate revenue above USD 3.4 billion by 2024 and will likely occupy a significant share of the bulk container packaging market.

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North America is poised to occupy majority of the bulk container packaging market by 2024 with a revenue above USD 1.9 billion. Growth in this region will be propelled by high export volumes of oilseeds, grains and corn from the US to other parts of the world. Asia Pacific will be the fastest growing regional bulk container packaging market with a CAGR above 11.5%. High population growth and rising income levels has led to increased food & beverage demand in this region and will in turn fuel the industry growth.