Automotive and mechanical segments to outrun the chemicals segment with a higher growth rate expected during the forecast period
The folding IBCs are made from FDA approved and 100% recyclable materials that provides a safe and secure reusable package. Folding IBCs can withstand the effects of sun, wind, rain, ice or snow and allow for a long-term outdoor storage. These are highly preferred by manufacturers for storage of their products. Most of the demand for folding IBCs packaging comes from food and beverage industry.
However, with the growing popularity of folding IBCs, it is also finding its application in many other industries such as chemicals, petrochemicals, cosmetics, etc. According to the market analysis, chemicals segment is expected to hold the highest market value of over US$ 220 Mn by the end of 2027.
Most of the demand for folding IBCs to carry chemicals is contributed by hazardous chemicals, which holds a market share of over US$ 200 Mn by the end of 2027. However, in terms of growth rate, automotive and mechanical parts is expected to dominate the market with a CAGR of 5.3% during the forecast period.
Folding IBCs Market: Global Industry Analysis 2012 - 2016 and Opportunity Assessment, 2017 - 2027Buy Now
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