Global Flexible Intermediate Bulk Container Market to Reach US$ 6.7 Billion by 2027, Impelled by Rising Adoption in Agriculture Industry
According to the latest report by IMARC Group, titled “Flexible Intermediate Bulk ContainerMarket: Global Industry, Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global flexible intermediate bulk container market reached a value of US$ 4.9 Billion in 2021, the market is anticipated to reach a value of US$ 6.7 Billion by 2027, growing at a CAGR of 5.3% during 2022-2027.
Flexible intermediate bulk containers (FIBC), or bulk bags, refer to industrial packaging containers manufactured using flexible and foldable fabric materials woven together. They are widely utilized for storing dry, granular, and semi-liquid products.
Four-panel, circular, u-panel and baffle bags are some of thecommonly used FIBCs. These bags are lightweight, environment friendly, and recyclable and can be easily transported with the assistance of a pallet jack or forklift. FIBCs are widely used to contain toxic, free-flowing and non-toxic products, such as petrochemicals, rubber, agriculture and chemical products. As a result, FIBCs find extensive applications across the transportation, mining, manufacturing, agriculture and waste handling industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Flexible Intermediate Bulk Container Market Trends:
Significant growth in the agriculture industry across the globe is creating a positive outlook for the market. In line with this, FIBCsare widely adopted to handle grains, rice, potatoes, cereals, sand, and liquid chemicals, thus supporting the market growth. Additionally, the widespread product adoption in the pharmaceutical industry for storing various medical products while preventing contamination is favoring the market growth. Apart from this, the introduction of electronic tagging of FICB that assists in providing relevant information regarding the reusability, safety, and traceability of the item and helps reduce loss and damage of products are providing an impetus to the market growth.
Moreover, the rising environmental consciousness among the masses has facilitated the demand for biodegradable and lightweight bulk packaging solutions, such as FICB, for various industrial applications, which, in turn, is augmenting the market growth. Besides this, various product innovations, such as the employment of virgin polypropylene resins as a key raw material due to an enhanced focus on hygiene,are positively impacting the market growth. Other factors, including the increasing product utilization to transport construction materials and the rising need to reduce the overall weight of bulk packaging, are anticipated to drive the market toward growth.
Market Summary:
- On the basis of the product, the market has been classified into type A, type B, type C, and type D. Amongst these, type A leads the market.
- Based on the end-user, the market has been divided into food, chemicals, pharmaceuticals, and others. Presently, food holds the largest market share.
- Based on region, the market is dominated by North America (the United States and Canada), followed by Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Bag Corp., Berry Global Inc., Bulk Lift International LLC, Global-Pak Inc., Greif Inc., Isbir Sentetik Dokuma Sanayi A.S., Langston Companies Inc., LC Packaging International BV, Plastipak Group and Rishi FIBC Solutions PVT. Ltd.
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