The global rigid bulk packaging market is anticipated to progress at a steady growth rate over the forecast period owing to the growing focus on protecting various products such as chemicals, food & beverages, and pharmaceutical products, especially during transportation and storage. In addition, rising demand for rigid bulk packaging in order to avoid the contamination and leakage of several perishable and sensitive products across the supply chain is further anticipated to augment the market growth.
Rigid bulk packaging products are high strength packaging solutions that are predominately used for packaging sensitive and perishable products. The growing chemical, pharmaceutical, and food & beverage industries across the globe are expected to favor the growth of the rigid bulk packaging market over the forecast period. In addition, rising demand for reusable bulk containers owing to their cost-effectiveness as compared to smaller containers is further expected to favor the market growth.
The rapid urbanization and industrialization are further expected to stimulate the manufacturing and construction industries especially in several developing economies which is further expected to increase the production of various chemicals thereby benefiting the rigid bulk packaging market growth. In addition, trade agreements between several nations across the globe are expected to increase the imports and exports between these countries thereby favoring the market growth.
In addition, the pharmaceutical industry is anticipated to grow in the coming years owing to several factors such as aging population coupled with the launch of new, and innovative medical products, increasing spending on pharmaceutical products, and growing access to various medicinal products especially in the developing, and emerging economies across the globe. Thus. The growing pharmaceutical industry is in turn expected to benefit the rigid bulk packaging market growth.
In addition, the growing food & beverage industry due to several factors including the growing population coupled with rising disposable incomes, and increasing consumer spending is further expected to favor the rigid bulk packaging market. Several food products including prepared foods require several ingredients in huge quantities which is in turn likely to propel the demand for rigid bulk packaging products.
The rigid bulk packaging market has been classified on the basis of material, product type, application, and region. On the basis of material, the market has been bifurcated into plastic, metal, wood, and others. Commonly used plastics for manufacturing rigid bulk packaging products include high-density polyethylene and polypropylene among others.
High-density polyethylene is a form of polyethylene that offers several beneficial properties including strong barrier against moisture, high tensile strength, and excellent resistance to most solvents among others thereby making it ideal for manufacturing various rigid bulk packaging products. Steel is also an important metal for manufacturing rigid bulk packaging products such as drums, pails, and intermediate bulk containers among others.
On the basis of product type, the market has segmented into pails, drums, intermediate bulk containers, boxes, and others. Pails are used for packaging several products such as food, pet food, detergents, inks, paints & coatings, adhesives, lubricants, edible oils, building products, and construction materials among others. Drums, on the other hand, are used in various applications including food & beverages, chemical, and pharmaceutical among others
Intermediate bulk containers are widely used for the storage and transportation of food ingredients, liquids, chemicals, solvents, sand, grains, and pharmaceuticals among others. Increasing preference for intermediate bulk containers over smaller containers owing to several advantages such as reusability, and handling & storage effectiveness thereby offering cost benefits is expected to drive the growth of this segment over the forecast period.
On the basis of application, the market has been segmented into food, beverage, pharmaceutical & chemical, industrial, and others. Factors such as growing incidences of chronic diseases are expected to increase the demand for various pharmaceutical products. In addition, rising demand for medicines especially in several emerging economies is anticipated to contribute to the overall growth of the pharmaceutical industry thereby benefiting the rigid bulk packaging market growth.
Based on the region, the market has been bifurcated into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. The Asia Pacific region is likely to dominate the rigid bulk packaging market owing to several factors including the presence of several emerging economies in the region coupled with growing manufacturing and construction industries which is expected to increase the demand for various chemical products thereby propelling the demand for rigid bulk packaging over the forecast period.
Major players operating in the rigid bulk packaging market include Core Plastech International Inc., Greif, BWAY Corporation, SCHÜTZ GmbH & Co. KGaA, Snyder Industries, Berry Global Inc., Rehrig Pacific Company, Schoeller Allibert, Hoover Ferguson Group, Inc., and Packaging Corporation of America among others. These players offer a variety of rigid bulk packaging products such as drums, boxes, pails, and intermediate bulk containers among others in a wide range of designs, and capacities to suit specific requirements.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.