The global IBC rental business market is anticipated to reach a valuation of US$ 1.27 billion in 2023, driven by increasing emphasis on sustainability & reusable packaging. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 5.7% between 2023 and 2033, and reaching a total valuation of approximately US$ 2.2 billion by 2033.
One of the primary factors contributing to the growth of the IBC rental business market is the growing international trade & globalization. The demand for efficient transportation and storage solutions has risen, with the expansion of global markets and increased international trade. IBCs provide a reliable and cost-effective method for transporting and storing bulk liquid and solid materials. They offer advantages such as standardized dimensions, easy handling, and compatibility with various modes of transportation.
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Another significant factor contributing to market growth is the technological advancements. The integration of technology has transformed the IBC rental business market. IoT (Internet of Things) devices and sensors are being incorporated into IBCs, enabling real-time tracking, monitoring, and remote condition monitoring. The advancements provide businesses with valuable data on the location, condition, and contents of the IBCs. Companies can optimize their supply chain, improve inventory management, and minimize the risk of product damage or loss, by leveraging this data. The adoption of technology in the IBC rental business market enhances operational efficiency and offers a competitive edge to rental service providers.
Another factor driving the growth of the IBC rental business market is the flexibility & cost-effectiveness. Renting IBCs offers businesses flexibility in managing their packaging needs. Companies can rent the required number of containers as per their immediate requirements, instead of investing in purchasing and maintaining a large inventory of IBCs. The flexibility allows businesses to scale their operations without the burden of long-term commitments. Renting IBCs also eliminates the need for storage and maintenance costs, making it a cost-effective solution for businesses, especially for those with fluctuating demand.
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Key Takeaways from the Market Study
- Global IBC rental business market was valued at US$ 1.2 billion by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 3.2%.
- Germany is expected to hold a dominant CAGR of 5.6% during the forecast period.
- By product, the stainless steel IBC segment is expected to constitute a CAGR of 5.6% in 2033.
- On the basis of end-use, the industrial chemicals segment is expected to dominate the market with a CAGR of 5.5% in 2033.
- From 2023 to 2033, IBC rental business market is expected to flourish at a CAGR of 5.7%.
- By 2033, the market value of IBC rental business is expected to reach US$ 2.2 billion.
Regulatory compliance & safety standards, across the globe is a major factor that is expected to propel the growth of the IBC rental business market in the near future, remarks an FMI analyst.
Competitive Landscape
Prominent players in the IBC rental business market are Brambles Ltd, Hoover Ferguson Group, HOYER GmbH, Envirotainer AB, Goodpack Ltd, TPS Rental Systems Ltd, CMO Enterprises, Inc, Americold Realty Trust, Inc, Hawman Container Services, SCHÄFER Werke GmbH, Metano IBC Services, Inc, Mitchell Container Services Inc., and Precision IBC, Inc., among others.
Recent Developments
- In 2023, Envirotainer AB launched an upgraded version of its temperature-controlled IBCs, featuring advanced insulation materials and enhanced temperature control capabilities. The improvements ensure the integrity and stability of temperature-sensitive products during transport.
- In the same year, AmeriCold Realty Trust, Inc implemented robotic automation in its IBC storage and retrieval operations, increasing efficiency and reducing the time required to locate and prepare IBCs for customers.
- In 2022, Hoover Ferguson Group introduced a new range of lightweight composite IBCs that offer increased durability, chemical resistance, and reduced environmental impact compared to traditional steel IBCs. The lightweight design also allows for easier handling and transportation.
- In the same year, Hawman Container Services invested in automation technologies for IBC cleaning and maintenance processes, enabling faster turnaround times and improved efficiency in servicing customer IBCs.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global IBC rental business market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the IBC rental business market, the market is segmented on the basis of material (carbon steel, stainless steel, and plastic), by product (flexitanks, stainless steel IBC, carbon steel IBC, plastic IBC, and composite IBC), by content (liquids, and solids & semi-solids), by capacity (upto 1000 liters, 1001-1500 liters, 1501-2000 liters, and above 2000 liters), and by end-use (industrial chemicals, petroleum & lubricants, paints, inks & dyes, food & beverages, personal care & cosmetics, synthetic & natural rubber, tires & auto components, pharmaceuticals, and others), across five major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).
Global IBC Rental Business Market Segmentation by Category
By Material:
- Plastic IBC
- Composite IBC
- Metal IBC
- Stainless Steel IBC
- Carbon Steel IBC
By Capacity:
- Standard 1,040 Liters (275 US Gal)
- Standard 1,250 Liters (330 US Gal)
- Other Customized Capacities
By End-use:
- Oil & Lubricants
- Chemicals
- Food
- Beverages
- Pharmaceuticals
- Personal Care & Cosmetics
- Other Industrial
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- Middle East and Africa
About Future Market Insights Inc. (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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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