With a projected Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period from 2022 to 2032, the global metal IBC market is anticipated to experience significant growth, with sales expected to rise from US$ 11.2 billion in 2022 to US$ 18.4 billion by 2032.
Demand Outlook in the USA Metal IBC Market: Chemical and Industrial Sectors Drive Growth
The USA metal IBC market is set to maintain its leading position on the global stage throughout the assessment period. The country’s status as the world’s top chemical producer, accounting for one-fifth of global chemical production, places it at the forefront of the market. According to the USA Department of Energy – Office of Energy Efficiency & Renewable Energy, chemical production in the USA is on the rise, with a year-over-year growth of 4.5% expected from 2021 to 2022. This growth is fueled by strong demand for chemicals from industries such as automotive, energy, and consumer goods. The bulk transportation of these chemicals necessitates the use of metal IBCs, contributing to the anticipated CAGR of 4.9% for metal IBC sales in the USA during the assessment period.
China’s Emergence as the Leading Metal IBC Market: Advancements in Domestic Industrial Technology
The China metal IBC market is expected to take the lead on the global stage, with a revenue share of 9.65% in 2021. This leadership position is attributed to China’s ongoing advancement in domestic industrial technology. The country’s burgeoning population is a significant driver of demand for metal IBCs, particularly in the healthcare and pharmaceutical industry. As per FMI’s projections, China is set to achieve a 13.66% market share in 2032. The growth of China’s metal IBC market underscores its pivotal role in the Asia-Pacific region and its contribution to the global metal IBC industry’s growth.
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Key Takeaways from Global Metal IBC Market
· Stainless steel is the most used material segment for manufacturing metal IBC and is estimated to create an incremental opportunity of US$ 7.8 Bn, during the forecast period.
· Industrial chemical IBCs are the most desired end use segment, predicted to grow at a CAGR of 5.2% in the worldwide market.
· China’s metal IBC market projected to register a CAGR of 7.5% during the forecast period.
· The U.S. is expected to be the fastest growing metal IBC market due to expansion of industrial chemical sector and use case of metal IBC in waste disposal sector.
“Product innovation and inclusion of tracking system has significantly raised the sales of global metal IBC market. Key players are expected to witness lucrative opportunities on the back of investing more in developing lightweight and anti-wear metal IBC production and penetrating their products in the Asian market” – says FMI analyst.
Global Metal IBC Market Landscape
Some of the leading players included in the global metal IBC market are players like
- Thielmann US LLC,
- Precision IBC, Inc.,
- Automationstechnik GmbH,
- Sharpsville Container Corporation,
- Hoover Ferguson Group,
- Snyder Industries Inc.,
- Yenchen Machinery Co., Ltd.,
- Custom Metalcraft Inc.,
- Metano IBC Services Inc.,
- Pensteel Ltd.
Recent Developments-
- In March 2022, Thielmann presented stainless steel metal IBC in the Vinitaly -Int. l wine and spirits exhibition.
- In November 2021, Precision IBC, Inc. Acquires Metano IBC Services, Inc. Through this acquisition, the company is planning for increasing consumer reach and fulfill the increasing demand for metal IBC.
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Factors Driving the Metal IBC Market
The Metal IBC Market is influenced by several factors that shape its growth and adoption. This section will delve into the key drivers behind the market’s success.
Increasing International Trade
The rise in international trade has heightened the demand for efficient logistics solutions. We will discuss how Metal IBCs play a pivotal role in meeting this demand.
Industrialization and Urbanization
As industrialization and urbanization continue to expand, there is an increased need for reliable liquid transportation. Explore how Metal IBCs address this demand.
Focus on Safety and Compliance
In an era where safety and compliance are paramount, businesses seek containers that adhere to strict regulations. This section will discuss how Metal IBCs ensure compliance.
Global Metal IBC Market By Category
By Material Type:
- Stainless
- Carbon
By Capacity Type:
- Up to 1,000 liters
- 1,001-1,500 liters
- 1,501-2,000 liters
- Above 2,000 liters
By End Use:
- Industrial Chemicals
- Petroleum and Lubricants
- Food and Beverages
- Building and Construction
- Pharmaceutical
- Others (Waste Disposal/Recycling and Silage etc.)
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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