The global flexible intermediate bulk container market size is projected to reach USD 6.4 billion by 2026, progressing at a CAGR of 5.9% over the forecast period, according to a new report by Grand View Research, Inc. Growing food and pharmaceutical industries across the world and increasing need to reduce overall weight of bulk packaging are among the key factors driving the demand for flexible intermediate bulk containers.
Flexible intermediate bulk containers (FIBCs) are also known as bulk bags, jumbo bags, and big bags. These are made of flexible woven material typically polypropylene (PP) and possess the capacity to hold 500 kg to 2,000 kg of weight. They are commonly used to store dry and flowable products such as grains, seeds, salts, chemicals, sands, clays, cement, and others. FIBC majorly finds application in various end-use industries including food, chemical, pharmaceutical, building & construction, mining, and others.
Countries in North America and Europe are the largest consumers of FIBC. Key product manufacturing countries are China, Turkey, and India. The global market players for flexible intermediate bulk containers majorly compete on the basis of price per unit. Therefore, in order to lower the cost of production, manufacturing companies and distributors of North America and Europe largely outsource manufacturing activities from the aforementioned countries.
The demand for flexible intermediate bulk containers in developed countries including the U.S., Japan, Germany, France, and others, is mainly driven by rising pharmaceutical industry owing to increasing aging population. In emerging countries, the demand for FIBCs is majorly driven by rising food processing and agricultural industries. Steady growth rate of chemical industry and significant growth rate of pharmaceutical industry across the world are also expected to positively impact the global demand for flexible intermediate bulk containers.
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Further key findings from the report suggest:
· In terms of revenue, type A segment is anticipated to reach USD 4.2 billion by 2026 with a CAGR of 5.9% from 2019 to 2026
· In terms of revenue, pharmaceutical segment is expected to witness the highest growth rate over the forecast period in the market owing to rising pharmaceutical industry across the world
· Type D product segment is anticipated to reach USD 302.2 million by 2026 owing to its benefits such as electric charge dissipative abilities while filling and discharging powdered materials
· Some of the key companies present in the market are Global-Pak, Bag-Corp, Isbir Sentetik, Greif, Plastipak Industrial Textiles, Bulk Lift International, Halsted, Jumbo Bag Limited, Rishi FIBC Solutions, Taihua Group, Intertape Polymer Group, LC Packaging, and Langston Companies, Inc.
· The FIBC market is highly fragmented with the presence of a large number of players across the regions that compete primarily on the basis of pricing.
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Grand View Research has segmented the global FIBC market on the basis of product, end use, and region.
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