Global IBC Rental Business Market: Snapshot
The drive for intermediate bulk containers (IBC) stems largely from the need for containerization of a wide range of consumer and industrial products. The demands are sizable in the oil and gas industry where IBCs are used for containing a wide variety of liquids and gases. The end-use industry has seen burgeoning use of metal intermediate bulk containers. Other end-use industries are personal care and cosmetics, industrial chemicals, food and beverages, paints and inks, automotive components, rubber, and pharmaceutical.
The rental business has risen in business proposition on the back of multiple advantages of renting over buying of IBCs. The underutilization of IBCs has been a rampant issue for end-use industries over the past few years. This has also helped in the evolution of the IBC rental business market. Apart from enjoying tax benefits and capital gains, companies can offer users of IBC budget flexibility and access to the cutting-edge equipment. Furthermore, businesses in end-use industries can benefit from IBC rental business by preserving their credit lines.
Global IBC Rental Business Market: Growth Dynamics
The contours of the IBC rental business market is closely reinforced by the growing prospects in the IBC uptake in several end-use industries. Growing cross-border trade has also spurred the demand for bulk transportation of liquid, thereby propelling the demands for IBC rental services. The vast uptake of containerization in the shipping industry has also positively impacted the demand for IBC rental business. This is because IBC rental services are aimed at promoting the cost-effective transportation of products.
Metal IBCs have seen considerable application in the bulk transportation of hazardous chemicals for the oil and gas industry. Growing demand for customized solutions in IBC rental business has opened new investment pockets for rental service providers. Sheer pace of industrialization will likely help sustain the growth momentum of the market over the next few years. In recent years, stainless steel IBCs have gathered large traction in the IBC rental business market, reason having to do with the outstanding versatility and shelf-life of these metal containers.
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Global IBC Rental Business Market: Notable Developments
Numerous providers of container and packaging solutions, world over, are fast expanding their IBC rental businesses geographically. The strides made by the end-use industries have helped reinforce the prospect. A case in point is the rapid growth of wine and distillery sector in Australia and New Zealand. Hoover Ferguson Group, Inc., a U.S.-based provider of IBC in rental model to energy, petrochemical, and general industries, has been expanding its range of wine and distillery IBC to the aforementioned countries. To this end, they have been focusing on leveraging their fleet of beverage containment solutions. The IBCs are made of polymers and stainless steel, are used by end-use industries for blending, fermentation, and distilling. The company also intends to customize IBC units to meet the tailor-made containment requirements for beverages industry. The company in 2017 has acquired some crucial assets of a prominent tank container rental company.
More such synergistic moves are being made by other players to meet wide range of demands of end-use industries and consequently expand their foothold in the global IBC rental business market. Some of the prominent players in the IBC rental business market are:
- TPS Rental Systems
- Hawman Container Services
- Envirotainer AB
- Global Packaging Services (GPS)
- CMO Enterprises, Inc.
- Metano IBC Services, Inc.
- Precision IBC, Inc.
Global IBC Rental Business Market: Regional Assessment
Regionally, the IBC rental business market has shown considerable potential in Europe, among other developed regions. The substantial opportunities can be attributed to the strides in the chemical and food industries in the region. This has spurred the demand for bulk containerization solutions in these end-use industries. Further, promising regulations are also supporting the prospect of the regional market.
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