By 2022, the market for octabins would likely have surpassed US$ 377 Mn. The market for octa bins is expected to rise as demand for alternatives to big-bag and metal containers for bulk packaging surges.
Sales of octa bins are anticipated to grow at a CAGR of 5.5% from 2022 to 2026, according to Future Market Insights (FMI). The market for octa bins is anticipated to increase as consumer preferences in the United States, China, India, and other nations shift in favor of environmentally friendly packaging options. According to FMI, Asia Pacific outside of Japan will account for close to 33.4% of sales of octa bins globally in 2022, dominating the market.
Existing manufacturers along with new entrants in the market are focusing on superior productivity and quality, with the help of robot-supported, fully automated manufacturing technology. Manufacturers are also stepping up their efforts in introducing triple and double-wall corrugated boards of all sizes. There is an increasing trend for boxes that are reusable and recyclable.
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The leading manufacturers are making provisions for cost-effective packaging solutions as an alternative for dispatching products in small containers and sacks. This will also benefit in shipping and labor cost savings. Several companies are working towards developing octabins for the purpose of robotic packaging lines as well as cool chain uses for frozen foods.
In order to widen the product portfolio, manufacturers are also working towards developing octa bins in a way that it holds the potential for transport proficiency, extension of shelf-life, and product promotion. Benefits such as flexibility in sizes and provision of printing and producing according to consumer needs will help the manufacturers in optimizing their entire supply chain, by also generating significant savings. Besides, environment-friendly, reduction in load weight, carbon emissions and shipping costs are also factors leading to increasing demand for octa bins.
The report specifies that revenues from global octabins market will increase at a healthy 5.4% CAGR during the projected period, 2022-2026. The report additionally anticipated that global sales of octabins will account for revenues worth nearly US$ 467.4Mn by 2026-end.
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Base Discharge Octabins to Create Opportunities for Global Market in the Forthcoming Years
Base discharge octabins are nearly similar to standard octabins but the benefit to this product is that, it holds base discharge from the bottom of box or container. Manufacturers are taking efforts in increasing their product range for base discharge octabins as this product help in eliminating manual handling and are also easily available off-shelf. Companies are also strategizing in advancing octabins with base discharge system in a way that they are a perfect alternative to flow bins.
Food Industry to Increase the Usage of Octabins Which Will Drive Production Sales
Octabins are considered as standardized and large containers and are used on a large scale in the food industry for the storage of vegetables and other dry products. In food industry, usage of plastic pallets for lifting octabins is made obligatory. However, preferences of manufacturers are shifting towards wooden pallets due to factors such as hygiene regulations and cost-efficiency. Apart from this, in every heavy-duty and light industries, usage of octabins are increasing at a rapid pace.
Notable Points from Octabin Market Report for the Forecast Period, 2022-2026
- On the basis of revenue, APEJ will continue to be the largest market for octabin, followed by North America.
- Based on product type, standard octabins are expected to remain significantly larger than rest of the segments.
- The lion’s share in the global market for octabin is contributed by food industry.
- Customized products will observe the fastest growth during the review period.
Chief market players blocked in by the report includes Quadwall, Europac, IBC International, DS Smith, Rondo Ganahl AG, International Paper, Mondi Group and Smurfitt Kappa.
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