Industrial Bulk Chemical Packaging Market is anticipated to rise at a value CAGR of 7 % over 2019-2028. According to a study published by Insure Insights on the Industrial Bulk Chemical Packaging Market, Industrial chemical packaging involves the packaging of chemicals that are manufactured for extensive industrial applications. These are the chemicals used in fuels, dyes, antifreeze, explosives, and lubricants that are packaged with the help of industrial chemical packaging. Various advanced packaging solutions and rising applications in packaging are boosting market demand.
Top Driver: Growth of the pharmaceutical industry is the primary factor driving the market
The industrial bulk packaging products are excessively being used in the pharmaceutical industry as they require a lot of chemicals. Drums, pails, and IBCs are among the primarily been used in packaging products in the pharmaceutical industry. The high demand for higher valve containers, rise in trade of bulk chemicals is further enhancing the market growth. Increase in the popularity of plastic-based packaging products such as pails and drums over metal-based products is escalating the market growth
Demand for drums are the Crucial Contributors to the Growth of Global Industrial Bulk Chemical Packaging Market
Drums in the product segment have dominated the Global Industrial Bulk Chemical Packaging Market, as they are mostly preferred for the packaging and transportation of liquids and other products required in large quantities. These drums are widely used for Pharmaceuticals, chemicals & petrochemicals industry. Based on the Application segment chemicals & petrochemicals have obtained the highest growth, Drums and IBCs are used to pack them as they are ideal for transportation and storage of petrochemicals and hazardous chemicals. In terms of the End User, Consumer Chemicals have obtained a remarkable growth.
Increase in industrial spending to boost the market of Asia Pacific
Asia Pacific has witnessed an increase in Industrial Spending and is the primary factor expanding the market growth in the region; furthermore, favorable government activities for the entry of small- and medium-sized industries are enhancing the market growth in the region. Relatively cheap land and labor have further driven the market growth in the region. An increase in industrial development and rise in exchange rates will have proven to be beneficial to the market growth. An increase in the production and consumption of chemicals is a boon to the market. North America is also likely to hold a significant share in the market as there has been a significant increase in the demand for bulk chemicals in the U.S
Product differentiation and innovations are the major strategies of the competitors of the Global Industrial Bulk Chemical Packaging Market
There are international as well as domestic Competitors; Competitors are using the approach of Product differentiation and innovations for its overall growth. The key competitors of the Global Industrial Bulk Chemical Packaging Market are Grief, Myers Container, Composite Containers LLC, International Paper, Eagle Manufacturing Company, BWAY Corporation, Cleveland Steel Container, Time Technoplast Ltd., Peninsula Drums, and Hoover Ferguson Group, Inc.
BWAY Corporation: BWAY Corporation is a leading manufacturer of rigid metal and plastic containers in North America. For instance, In the year 2017, BWAY had announced that it completed the acquisition of the assets, and along with certain liabilities of Ball Corporation’s metal packaging business, which is located in Hubbard, the acquisition was made to strengthen BWAY’s product portfolio. In 2018 BWAY and Mauser Group had announced that they are forming a new sustainable company by merging with National Container Group (NCG) and Industrial Container Services (ICS). This combination was made to bring together the innovation of BWAY and Mauser Group with the global recollection and reconditioning capabilities of NCG and ICS.
Hoover Ferguson Group INC : Hoover Ferguson Group, Inc. is a popular provider of container and workspace solutions. In the year 2016, Hoover Ferguson Group had announced that it had acquired the rights and obligations of Uniteam Holding AS’s (Uniteam’s) offshore container rental business. Hoover Ferguson Group had made this acquisition to broaden its product portfolio.
Scope of the Report
Table of Content
Please fill out the form to receive sample pages of the report