ALBANY, New York, March 10, 2017 /PRNewswire/ --
According to the latest market report published by Transparency Market Research titled 'Industrial Bulk Packaging Market': Mexico Industry Analysis and Forecast 2016-2024', globally the revenue generated from sales of industrial packaging has been estimated to be valued over 232.0 Mn in 2016 end and is projected to increase at a CAGR of 5.5% during the forecast period (2016-2024).
The general evolution of industries in emerging economies like Mexico is creating an enormous impact in the demand for industrial bulk packaging. Also, manufacturers are inclined to adopt bulk packaging solutions in order to minimize the variable cost related to the transportation. For that, rigid packaging is gaining traction among the brand owners. Sensitive products of food & beverages, pharmaceutical and chemical products require rigid bulk packaging to protect these products from the point of manufacturing to the point of distribution. This study encompasses only industrial rigid bulk packaging solutions in Mexico.
Factors which are contributing to the growth of industrial bulk packaging are increasing urbanization, increase in industrial spending on packaged goods. Rigid packaging consumption will also be supported by the extensive and expanding recycling infrastructure for metal, glass, and plastic. Chemicals and petrochemicals sector is the most significant end-use market for industrial bulk packaging. The chemicals market represents maximum revenue of the steel drum and rigid intermediate bulk containers (IBC) market.
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Drums segment is expected to be the attractive product type of industrial bulk packaging among the manufacturers for its enormous usage of it in the chemical and petrochemical industry
Among product type segment of Mexico industrial bulk packaging market, drum accounts for largest market share of 47.3% and is expected to gain healthy incremental opportunity in terms of market revenue. However, IBC segment is anticipated to witness maximum CAGR of around 6.5% over the forecast period, due to its various advantages such as cost effective packaging solutions coupled with the reusability factor of the container. Also, rising dependency of safety and sterilized shipping of products are also expected to fuel the demand of IBC during the forecast period.
Owing to growing massive growth of chemicals and petrochemicals industry in Mexico is expected to propel the sales of industrial bulk packaging during the forecast period. Drums, pails and industrial bulk containers are mostly preferred packaging solutions among the chemical manufacturing companies.
Among the application type, chemicals and petrochemicals segment accounted for largest share in the Mexico industrial bulk packaging market in terms of value in the and is anticipated to increase at a CAGR of 5.2% over the forecast period. Chemical and petrochemicals segment is projected to increase by 1.5X between 2016 and 2024. However, chemical and petrochemical segment is expected to lose 160 basis points during the forecast period. In terms of volume, others segment is anticipated to register highest growth followed by pharmaceutical segment.
Key players in the Mexico industrial bulk packaging market include Mauser Group B.V., Greif, Inc., International Paper Company, Hoover Container Solutions, Inc., Menasha Corporation, Cleveland Steel Container Corporation, and Composite Containers LLC.
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The Mexico industrial bulk packaging market is segmented below
By Product Type
- Jerry Cans
- Chemicals & Petrochemicals
- Food & Beverages
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