The global IBC rental business is estimated to be valued at ~ US$ 1 Bn in 2019, projecting a CAGR of ~ 5% during the period of 2019-2029. The growth of the IBC rental business is significantly driven by increasing demand from small to middle-scale chemical companies.
Europe to Remain as Dominating Market Region throughout the Forecast Period
The IBC rental business is closely related to the export activities and manufacturing of chemical and value-added products of different countries. The domestic production of end users in different regions is estimated to be a key factor in analysing the leading end-use industries for IBC rental services. Europe is expected to dominate the regional market in terms of demand, owing to its established export business. In 2018, Europe contributed nearly 40% of the total global export of chemical products. Benelux and Germany are estimated to account cumulatively 1/3 of market share in the European IBC rental business. South Asia is anticipated to witness a fast-paced growth, owing to government policies to increase the export of chemical products from ASEAN regions and India.
Temperature-controlled IBCs to Gain Traction in Coming Years
The global IBC rental business market has been segmented in terms of material type, product type, content, capacity, end use, and regions. The regions are segmented into North America, Latin America, Europe, East Asia, South Asia, and Middle East & Africa.
- By product type, carbon steel IBC is generally preferred in the IBC rental business. In terms of value, stainless steel IBC is estimated to be the leading product in the market. The reusability and secure handling of hazardous and flammable products are critical features, due to which steel IBCs are highly used in IBC rental business.
- By content, shipping and storing of liquid are the main applications of rental IBCs. The higher safety, filling, and dispensing offered by IBCs are expected to prove itself as great packaging formant for industrial products packaging.
- By capacity type, the IBCs with the capacity of 1,001-1,500 litres are estimated to be prominent in the global IBC rental business, owing to the specific standard size mentioned by regulatory authorities.
- By end use, the industrial chemicals segment is leading for IBC rental business. The food & beverages segment is projected to be an emerging segment for IBC rental business, due to estimated increment in export volume based on previous five-year trade.
IBC Rental Business: Market Vendor Insights
The report highlights some of the market players, who have recognized themselves as leaders in the global IBC rental business. Some of the global key players in the IBC rental business profiled in report are Good Pack Ltd., Hoover Ferguson Group, Arlington Packaging (Rental) Limited, Precision IBC, Inc., Hoyer Group, Metano IBC Services, Inc., CMO Enterprises, Inc., Mitchell Container Services, Inc., Global Packaging Services (GPS), Brambles Limited, Envirotainer AB, Americold, HCS (Hawman Container Services), SCHÄFER WERKE GmbH, and TPS Rental Systems.
These insights are based on a report on IBC Rental Business Market by Future Market Insights