Products in the global corrugated bulk bins market are widely used and industrially preferred owing to their features such as increased safety, enhanced durability, higher sustainability, logistical convenience, low cost, and high strength. Increasing usage of online sales channels and rapid adoption of the online retail networks are creating considerable opportunities in the global corrugated bulk bins market. Players in the global corrugated bulk bins market are providing new age solutions that feature integrated packaging solutions such as value added design, integration services, after sales support, and engineering services.
Rising demand from various end use industry verticals including pharmaceutical as well as food and beverage is anticipated to motivate the sales in the global corrugated bulk bins market in coming years. Some other notable drivers for the products and solutions in the global corrugated bulk bins market include rapid growth of the modern retailing sector, considerable acceleration in industrial activities, and rising consumer income in emerging and developing economies. Furthermore, panic buying as well as bulk stocking was observed during the COVID-19 pandemic. This, combined with rising number of people ordering fresh food and daily staples through online channels has increased in demand for bulk packaging solutions. This trend is also expected to foster the development of the global corrugated bulk bins market.
Furthermore, rising demand for the products in the global corrugated bulk bins market in pharmaceutical and healthcare industries is also expected to support the expansion of the industry in coming years. Moreover, rising trend of producing recyclable corrugated bulk bins is also motivating growth in the global corrugated bulk bins market. Rising regulations restricting the overuse of non-biodegradable materials in several regions, including Europe and North America is also boosting the demand in the global corrugated bulk bins market. However, the availability of low priced alternatives and substitutes may restrict the growth in global corrugated bulk bins market in coming years.
Few of the major and leading players and manufacturers operational within the global corrugated bulk bins market include Greif Inc., International Paper Company, Sonoco, West Rock Company, and Mondi, among others. Players and manufacturers in the global corrugated bulk bins market are engaged in various growth strategies to capture a larger share in the industry in coming years. Some of these strategies include mergers and acquisitions and new product launches. Players in the global corrugated bulk bins market are also focused on developing low cost, environmentally friendly, and sustainable solutions for end users dealing with production of food, chemicals, pharmaceuticals, and tobacco products.
For example, Grief, Inc., acquired a minority stake of the Centurion Container LLC in April of 2020. This acquisition is aimed at expanding the Grief Inc.’s intermediate bulk container or IBC reconditioning network in region of North America. As a response to COVID-19 pandemic, International Paper Company committed a donation of 2 million corrugated bulk bin boxes to hunger relief organizations in North America in May of 2020.
Regionally, Asia Pacific held the largest share in the global corrugated bulk bins market in recent past. It is also expected to exhibit considerable growth in coming years. Some of the key drivers for the expansion of the global corrugated bulk bins market in Asia Pacific include improvements in global economy, increasing regional demand for convenience and ready to eat packaged food products, and increasing working population in the region. Furthermore, rising demand from regional industries such as food, chemical, consumer goods, automotive, and pharmaceutical are also expected to bolster the growth trajectory of the global corrugated bulk bins market in Asia Pacific in coming years.
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