The global corrugated bulk bins market size was worth around USD 12.236 Billion in 2022 and is predicted to grow to around USD 16.942 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 4.32% between 2023 and 2030.corrugated bulk bins Industry share By Load Capacity, Type, Format, Region
Corrugated Bulk Bins Market
The global corrugated bulk bins market size was worth around USD 12.236 Billion in 2022 and is predicted to grow to around USD 16.942 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 4.32% between 2023 and 2030. The report analyzes the global corrugated bulk bins market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the corrugated bulk bins industry.
Corrugated bulk bins are packaging or storage units developed from corrugated cardboard. They are used for the storage and transportation of bulk products, such as agricultural produce, dry goods, and industrial materials. The term ‘corrugated’ means a material or a surface that has a series of grooves or ridges. The industry deals with the designing, manufacturing, and distribution of corrugated bulk bins across end-user verticals. In recent years, as the demand for sustainable packaging solutions has increased, the industry has also thrived.
Other advantages of using corrugated bulk bins have also resulted in greater demand for the products. However, the corrugated bulk bins industry is also highly competitive especially due to the growing number of players entering the packaging sector. During the forecast period, the industry players may expect several growth opportunities while they may also have to navigate through certain challenges.
Growing demand for sustainability to propel market growth
The global corrugated bulk bins market is projected to grow owing to the increasing demand for sustainable solutions especially in the packaging and storage sector. It is one of the highly environment-polluting sectors which has led to a tremendous amount of waste generation. Several regional packaging industries lack the presence of an effective disposal system which leads to further damage to the environment. .However, due to the mounting pressure of businesses along with the growing awareness rate amongst the population about the ill impact of poor consumption choices, the demand for sustainable solutions is on the rise. Corrugated bulk bins are derived from renewable sources which are wood pulp. It can be easily harvested and renewed.
Growing competition from alternatives to restrict market growth
One of the key growth restraints existing in the global corrugated bulk bins market is in the form of growing competition from alternatives that are present in the packaging sector. Although corrugated bulk bins hold favorable responses from the end-users, a larger part of the potential consumer groups still relies on alternative solutions. For instance, storing units made out of plastic or metal, since they also offer certain associated advantages and their application depends on various external factors like personal choice and availability of corrugated bulk bins in the region.
Growth in e-commerce segment to provide multiple growth opportunities
The corrugated bulk bins industry size is expected to grow further owing to the rising expansion of the e-commerce segment which is one of the leading causes of higher demand in the packaging sector. As the sales revenue from various online portals including social media and e-commerce websites grow, the demand for sustainable packaging solutions is expected to rise. Factors like increasing use of smartphones & other devices, access to cheap internet, and lucrative offers on e-commerce portals are some of the crucial reasons why many people choose to use web-based shopping sites to make small or large purchases.
Pressure to reduce costs may act as a challenge for the industry
The production and maintenance of corrugated bulk bins may be more expensive than the manufacturing of other alternatives. This may lead to the corrugated bulk bins industry players coming under pressure to reduce the cost of the final good which may not align with the profit goal of the trading companies. Furthermore, any impact on the initial price of the main source material which is wood pulp, directly impacts the final piece of the corrugated bulk bins, thus impacting the overall supply chain.
The global corrugated bulk bins market is segmented based on load capacity, type, format, and region.
Based on load capacity, the global market segments are more than 1500 kg, 1000-1500 kg, and below 1000 kg. In 2022, the industry witnessed the highest growth in the 1000-1500 kg segment since they are most commonly used in various end-user industries like agriculture, food, and automotive. Load capacities in the range of below 1000 kg are mostly used for lighter or smaller products. The least common type used is the ones above the range of 1500 kg which is used for heavier products. The bins in the range of 1000-1500 kg are more versatile since they can transport a wide range of products. They also offer better sturdiness and maneuverability. As per the Indian Paper Manufacturers Association (IPMA), the country produced 23.77 million metric tonnes of wood pulp in 2019-2020.
Based on type, the corrugated bulk bin industry divisions are hinged, pallet packs, and others.
Based on format, the global market segments are triple wall, double wall, single wall, and others. The industry is expected to witness the highest growth in the double wall segment during the forecast period. These cardboards are made of 2 layers of cardboard along with the presence of a linerboard in between the two layers. This provided the entire structure with more durability and strength. Tripe wall bins consist of an additional layer of linerboard and corrugated cardboard and are most commonly used for heavy-duty applications. Double wall bins exhibit a load capacity of between 500 to 1500 kg.
|Report Attributes||Report Details|
|Report Name||Corrugated Bulk Bins Market Research Report|
|Market Size in 2022||USD 12.236 Billion|
|Market Forecast in 2030||USD 16.942 Billion|
|Growth Rate||CAGR of 4.32%|
|Number of Pages||220|
|Key Companies Covered||WestRock Company, Smurfit Kappa Group, Nine Dragons Paper (Holdings) Limited, Mondi Group, DS Smith Plc, International Paper Company, Svenska Cellulosa Aktiebolaget SCA, Sonoco Products Company, Lee & Man Paper Manufacturing Limited, Georgia-Pacific LLC, Oji Holdings Corporation, Norampac Industries Inc., Packaging Corporation of America, Rengo Co., Ltd., Klabin S.A., Pratt Industries, Inc., Stora Enso Oyj, Cascades Inc., VPK Packaging Group NV, Grupo Gondi, and UPM-Kymmene Corporation|
|Segments Covered||By Load Capacity, By Type, By Format, And By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2017 to 2021|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
North America to continue its dominance
The global corrugated bulk bins market is expected to witness the highest growth in North America since it is currently one of the largest contributors to the industry. The main reason for the high regional CAGR is the growing demand for bulk packaging options while being sustainable. The US government has intensified its regulations surrounding sustainability across business units and sectors leading to more end-users opting for eco-friendly packaging options.
Furthermore, the presence of key industry players investing in further development of the regional market with the aid of building new manufacturing facilities that can produce a large number of products in a shorter time is essential to the North American market. As the demand in the food & beverages sector is on the rise in Asia-Pacific, the requirement for corrugated bulk bins is projected to rise alongside. China, India, South Korea, and Japan could be leading contributors.
The global corrugated bulk bins market is:
By Load Capacity
Corrugated bulk bins are packaging or storage units developed from corrugated cardboard.
The global corrugated bulk bins market is projected to grow owing to the increasing demand for sustainable solutions especially in the packaging and storage sector.
According to study, the global corrugated bulk bins market size was worth around USD 12.236 billion in 2022 and is predicted to grow to around USD 16.942 billion by 2030.
The CAGR value of the corrugated bulk bins market is expected to be around 4.32% during 2023-2030.
The global corrugated bulk bins market is expected to witness the highest growth in North America since it is currently one of the largest contributors to the industry.
The global corrugated bulk bins market is WestRock Company, Smurfit Kappa Group, Nine Dragons Paper (Holdings) Limited, Mondi Group, DS Smith Plc, International Paper Company, Svenska Cellulosa Aktiebolaget SCA, Sonoco Products Company, Lee & Man Paper Manufacturing Limited, Georgia-Pacific LLC, Oji Holdings Corporation, Norampac Industries Inc., Packaging Corporation of America, Rengo Co., Ltd., Klabin S.A., Pratt Industries, Inc., Stora Enso Oyj, Cascades Inc., VPK Packaging Group NV, Grupo Gondi, and UPM-Kymmene Corporation