LONDON--(EON: Enhanced Online News)--According to the latest market study released by Technavio, the global flexible intermediate bulk container (FIBC) market size is projected to grow to 813.5 million units by 2021, at a CAGR of more than 6% over the forecast period.
“The chemical industry is the largest end-user segment of the market, expected to be worth over 233 million units by 2021. The robust growth of the segment can be attributed to the rising demand for these products from developing countries”
This research report titled ‘Global Flexible Intermediate Bulk Container (FIBC) Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
The demand for flexible intermediate bulk containers is constantly increasing with requirements arising from a diverse array of sectors such as chemical, oil and gas, food, transport, construction, and fertilizers. The demand for FIBC from this wide range of industries is driving the growth of the global market.
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Based on end-users, the report categorizes the global flexible intermediate bulk container (FIBC) market into the following segments:
- Chemical industry
- Food industry
- Pharmaceutical industry
The top three revenue-generating end-user segments in the global flexible intermediate bulk container (FIBC) market are discussed below:
“The chemical industry is the largest end-user segment of the market, expected to be worth over 233 million units by 2021. The robust growth of the segment can be attributed to the rising demand for these products from developing countries,” says Sharan Raj, a lead analyst at Technavio for packaging research.
The vendors in the FIBC market catering to the demand from the chemical industry are investing heavily in R&D to comply with the mandatory regulations required for packaging and transporting chemicals. North America and Europe are the major revenue contributors responsible for the dominance of the segment.
The food industry requires FIBC bags to prevent contamination of various products. Vendors in the market space ensure the highest hygiene standards to prevent loose thread contamination. The rising use of bulk bags to package food items like corn, wheat, rice, sugar, and salt in Southeast Asia and Europe is a key driver of the market segment. The distributors of food grains prefer FIBC bulk bags due to their low cost and higher operational efficiency. The volume of sales from the food sector is expected to reach 178.40 million units by 2021, growing at a CAGR of 7.09%.
“The pharmaceutical industry has requirements for packaging materials capable of protecting pharmaceutical products from tampering and contamination. The FIBC bags for this industry are made of special hygienic material and liner to facilitate easy handling and make more efficient use of available space,” says Sharan.
The pharmaceutical industry is undergoing a prominent shift towards modern FIBCs for storing and transporting drugs or tablets. About 95.72 million units of FIBCs were consumed by the pharmaceutical industry in 2016, and the volume is expected to grow at a CAGR of 6.92% over the forecast period.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Berry Plastics
- Conitex Sonoco
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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