Newark, NJ, May 06, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global corrugated bulk bins market is expected to grow from USD 12.64 billion in 2020 and to reach USD 17.84 billion by 2028, growing at a CAGR of 4.4% during the forecast period 2021-2028.
In the corrugated bulk bins market, recycling acts as a driving factor for industry growth as consumers and commodity manufacturers tend to use recycled and environmentally friendly packaging materials, and the production of corrugated boxes have benefited from increased online shopping due to the need for smaller shipping boxes for those shipments compared to the larger boxes used to ship products for brick and mortar stores.
Corrugated bins refer to those boxes, which are one of the most durable corrugated boxes that possess sustainability, recyclability and various features. Factories rely on corrugated material over other traditional materials due to the high performance of the material. These boxes are manufactured from renewable natural sources and consume high percentages of recovered fibers such as old newspapers, kraft papers, mixed papers and old corrugated containers.
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The key players covered in the corrugated bulk bins market report are WestRock Company, Mondi, Sonoco Products Company, Packaging Corporation of America, International Paper, Georgia-Pacific, Greif, Smurfit Kappa, Orora Packaging Australia Pty Ltd, Larsen Packaging Products, Inc., Supack Industries Pvt. Ltd, JAYARAJ FORTUNE PACKAGING PVT. LTD., B&B Triplewall Containers Ltd, Saica, Cartocor, DS Smith, Emenac Packaging USA, Novolex, Elite Packaging, BAG Corp. The demand for retail-ready methods of packaging and growth in consumer income & industrial activities help this market to flourish.
The Pallet Packs segment is expected to show the highest share over the forecast period
The type segment consists of hinged, totes, pallet packs, and others. The pallet packs segment is expected to show the highest share during the forecast period. The increase in demand for pallets can be attributed to the increased demand for durable and comfortable packaging solutions across end-use industries. Although many governments around the world have imposed lockdowns on COVID-19, due to the pandemic, packaging materials have seen an increase in demand, as they have been widely used in the supply chain, especially in Germany, United States, China and India and among others, in 2019. Increasing opportunities in the offline retail sectors and e-commerce have accelerated the demand for pallets for their packaging applications.
The food segment is expected to show the highest share over the forecast period
The applications segment consists of food, pharmaceutical, chemical, consumer goods, tobacco, and others. The food segment is expected to show the highest share during the forecast period. The dominant position in the market can be held responsible for the increased demand for bulk corrugated boxes across the food industry. In the COVID-19 pandemic, people resort to panic buying and bulk storage due to fear of lockdown. More people order daily commodities and fresh foods through online channels, which results in increased demand for bulk corrugated boxes for packaging applications.
The Single-Wall is expected to show the highest share over the forecast period
The format segment consists of single-wall, double-wall, triple wall, and others. The single-wall segment is expected to show the highest share during the forecast period. The dominant position in the market for this sector can be attributed to the increased demand for this type of product across various applications in the food, beverage, pharmaceutical and automotive industries. The increase in demand for corrugated boxes can be attributed to the increased demand for lightweight and convenient packaging solutions.
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Regional Segment Analysis of The Corrugated Bulk Bins Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Sweden, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Geographically, the global corrugated bulk bins market has been divided into North America, Europe, Asia Pacific, Africa, South America, and the Middle East, which also includes regional and country-level analysis of the market. The APAC region is expected to own the highest share in the corrugated bulk bins market over the forecast period. Factors like improving the global economy, expanding working population, rising domestic demand for ready-to-eat & convenience food products are expected to boost the corrugated bulk bins market.
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About the report:
The global corrugated bulk bins market is analyzed on the basis of value (USD billion). All the segments have been analyzed on a global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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