The global packaging bins market is expected to create opulent growth opportunities by exhibiting a CAGR of 4.4% across the projection period from 2022 to 2032. The global market stood at around US$ 1.9 Bn in 2021. The global market is expected to reach a valuation of US$ 3.0 Bn by 2032. The rise in production activities within the end-use industries is predicted to drive the demand for a packaging solution for bulk cargo such as packaging bins. Thus, the future outlook for the packaging bins market is projected to grow during the forecast period
According to Future Market Insights, surging consumption of large-sized bins in food and several other large industries is predicted to create revenue-earning opportunities for the key players. The future of the packaging bins market is estimated to remain promising through the course of the assessment period. The overall packaging bins market is predicted to expand at 1.6x speed with the current market value by the end of 2032.
The demand for packaging bins will consistently rise with the top 3 countries – the U.S., China, and Germany forecast to hold 30-35% of the global packaging bins market in 2022. Europe is predicted to remain one of the leading regions followed by North America for the packaging bins market among the other regions packaging bins will consistently rise with the top 3 countries – the U.S., China, and Germany forecast to hold 30-35% of the global packaging bins market in 2022.
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The global packaging bins market is predicted to extend by 1.6x the current market valuation throughout 2022-2032 and is estimated to create an incremental opportunity of US$ 1.1 Bn due to the increasing preference for packaging bins for transporting bulk consignments. Packaging bins are known as the bulk packaging solutions utilized for storing and transporting massive volumes of consignment which have a high probability to get damaged during transit.
Packaging bins are made from plastic or paper or metal material which are durable and versatile. These bins are utilized by several end-use industries such as food & beverage, automotive, construction, chemical, electronics & furniture, and others. Also, they are made available in different capacities as per the requirement of end users. The increasing need for versatile bulk storage capacities bolsters the demand for packaging bins.
Key Takeaways
- Packaging bins are utilized for various purposes such as storing and transporting products in bulk. Features of packaging bins such as toughness, durability, versatility, cost-effectiveness, and others make them best suitable for bulk packaging.
- The surging need for packaging solutions among several industries is increasing day by day in order to store and transport a large volume of consignments is fueling the demand for packaging bins. Furthermore, the growth in trade across the world propels the sales of packaging solutions such as packaging bins as it ensures product integrity along with maintaining the quality of the product.
- The availability of corrugated packaging bins assists in reducing the cost of transportation because these bins are lightweight. This is attracting many industries as they seek cost-effective and tough solutions for transporting large volumes of consignments.
- Corrugated packaging bins comprise several benefits such as recyclability, reusability, lightweight, printability, and sustainability. Growing concerns regarding eco-friendly packaging options among industries have been fueling the demand for corrugated packaging bins.
- These bins comprise sustainability along with eco-friendly properties. The surging concern about environmental sustainability among consumers is driving the demand for eco-friendly packaging solutions, which is augmenting the sales of corrugated packaging bins.
- The utilization of eco-friendly packaging solutions is anticipated to rise within the food industry which is creating growth opportunities for the corrugated packaging bins sales since the food industry holds the leading share in the packaging bins market.
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Competitive Landscape
The prominent players operating in the packaging bins market are concentrating on expanding their production capacity. Furthermore, the leading market players are focusing on adopting the latest technology by investing in new machines which will help in providing innovative products along with improving production capabilities.
The Key Players Are:
- DS Smith plc
- International Paper Company
- WestRock Company
- Atlantic Packaging Products Ltd.
- Smurfit Kappa Group plc
- Mondi plc
- REMCON Plastics Inc.
- TranPak Inc.
- Napco National
- DuraCast Products
- Schaefer Systems International, Inc.
- Quadwall Ltd.
- Rondo Ganahl AG
- RPP Containers
- S LESTER PACKING MATERIALS LTD.
Packaging Bins Market Segmentations-
By Material Type:
- Plastic Packaging Bins
- Paper Packaging Bins
- Metal Packaging Bins
By Capacity:
- Less than 15 Gallons
- 15 to 40 Gallons
- 41 to 120 Gallons
- More than 120 Gallons
By End Use:
- Food
- Automotive
- Construction
- Electronics & Furniture
- Chemical
- Others (Retail, Waste Management, etc.)
More Insights into the Packaging Bins Market
The U.S. is expected to dominate the global packaging bins market as it is expected to register a CAGR of around 3.4% during the assessment period from 2022 to 2032 and is projected to reach US$ 575.5 Mn by the end of 2032.
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