Market Research Future (MRFR) has published on the “Global Stainless-Steel IBC Market”.
The Stainless-Steel IBC market is estimated to register a CAGR of 4.60% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Stainless-Steel IBC market— Thielmann US LLC, Precision IBC, Inc, Automationstechnik GmbH., Sharpsville Container Corporation, Hoover Ferguson Group, Snyder Industries Inc., Snyder Industries Co., Ltd, Metano IBC Services Inc., SCHÄFER WERKE Group, Custom Metalcraft, among others.
The global Stainless-Steel IBC market is accounted to register a CAGR of 4.60% during the forecast period and is estimated to reach USD 4,431.3 Million by 2032.
Stainless steel intermediate bulk containers are reusable containers for liquid storage and transport. Intermediate bulk containers are also known as IBCs, IBC totes, and IBC tanks. Stainless steel IBC tanks are made of 304/304L or 316/316L stainless steel and are available in 110 gallons to 550-gallon capacities. The stainless-steel IBCs market is expected to grow significantly in the coming years due to increasing demand for durable and corrosion-resistant containers for the transportation and storage of various materials. Factors driving the market growth include the growing use of stainless-steel IBCs in the food and beverage, chemical, and pharmaceutical industries, as well as increasing regulations regarding the safe and efficient transportation of hazardous materials.
The global Stainless-Steel IBC market has been segmented based on capacity and end-user.
Based on Capacity, the Stainless-Steel IBC market has been segmented into: Up to 1,000 Liters, 1,001 to 1,500 Liters, 1,501 to 2,000 Liters, and Above 2,000 Liters. In 2022, the Up to 1,000 Liters capacity segment of the Global Stainless-Steel IBC market is expected to drive the market by holding a substantial market share with a market value of USD 1,166.51 million. It is projected to register the highest 4.54% CAGR among the capacity segment during the projected period. 1,001 to 1,500 liters (264 to 396 gallons) stainless steel IBCs are a high-capacity option in the market. The market for stainless steel IBCs with a capacity of 1,001 to 1,500 liters is growing, as more and more companies are looking for efficient and cost-effective ways to store and transport larger volumes of hazardous materials. These IBCs are made of high-quality stainless steel, which provides excellent durability and corrosion resistance, ensuring the safety of the materials during transportation, and are equipped with features that meet the safety requirements and regulations.
Based on End User, the Stainless-Steel IBC market has been segmented into: Industrial Chemicals, Petroleum & Lubricants, Food & Beverages, Construction, Pharmaceutical, and Others. In 2022, Industrial Chemicals end-user segment led the market with 34% market shares. The target segment is projected to offer a total value of USD 1,362.27 million by 2032. Stainless steel IBCs (Intermediate Bulk Containers) are widely used in the industrial chemicals industry for the storage, transportation, and handling of various chemical products. They are made of high-quality stainless steel, which makes them resistant to corrosion and chemical attacks. These containers have a capacity of around 1000 liters, which makes them ideal for large-scale chemical storage and transportation. Industrial chemicals such as sulfuric acid, hydrochloric acid, and sodium hydroxide are often stored and transported in stainless steel IBCs (Intermediate Bulk Containers). These IBCs are designed specifically to hold and transport harsh chemicals. They are strong and durable and can withstand the corrosive nature of many industrial chemicals. The IBCs are also designed to be easily handled and transported, making them an ideal solution for many industrial applications.
Access full report @ https://www.marketresearchfuture.com/reports/stainless-steel-ibcs-market-12147
The global Stainless-Steel IBC market, based on region, has been divided into North America, Europe, Asia-Pacific, South America and Middle East and Africa (MEA). North America consists of US, Canada, and Mexico. The Europe Stainless-Steel IBC market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Stainless-Steel IBC market in Asia-Pacific has been segmented into China, India, Japan, Australia, Southeast Asia, and the rest of Asia-Pacific. The South America Stainless-Steel IBC market comprises of Brazil, Argentina, and Rest of South America. The Middle East and Africa (MEA) Stainless-Steel IBC market comprises of UAE, Saudi Arabia, South Africa, Egypt, and Rest of Middle East and Africa (MEA).
North America accounted for the largest market share of 35% in 2022 with a market value of USD 991.59 million; it is expected to register a CAGR of 4.34% during the forecast period. The Stainless-Steel IBC adhering to United Nation, or the U.S. Department of Transportation certification are anticipated to mitigate the risk associated with transportation of liquid products. This resulted in exponential sales of Stainless-Steel IBC in the voluminous industries. The U.S. is expected to remain at the leading position in the global Stainless Steel IBC market during the assessment period. As per the U.S. Department of Energy office of Energy Efficiency & Renewable Energy, the U.S. is the top producer of chemicals in the world and accounting for 1/5th share of world's chemical production. Also, as per the report published by BASF, the chemical production in the U.S. is expected to increase by year over year growth of 4.5% in 2021-2022. Strong demand for the chemicals from automotive, energy sector and consumer goods industries will boost the market.
The European stainless steel IBCs market is also expected to grow in the coming years, driven by increasing demand from various industries such as chemical, food & beverage, and pharmaceuticals. Stainless steel IBCs are preferred over other materials due to their durability, corrosion resistance, and ability to withstand extreme temperatures. In terms of region, Western Europe is expected to be the largest market for stainless steel IBCs in Europe, due to the presence of a large number of chemical, food & beverage, and pharmaceutical companies in countries like Germany, France, and the United Kingdom.
Asia-Pacific is expected to register the highest growth rate among the other regions during the forecasted period. Therefore, the Stainless-Steel IBCs market in APAC is expected to garner significant business opportunities for the vendors. China was the world's leading chemical exporting country in 2018, with exports amounting to a value of USD 74 billion in 2018. According to Fuchs Petrolub, China's lubricants market amounted to some 7.3 million tons, making it the world's largest lubricant-demanding country in 2018. Moreover, Japan is the world's 4th largest importer & exporter of goods, and foreign trade accounts for 36.8% of the country's GDP. The country mainly exports motor vehicles (13.9%), auto parts and accessories (4.6%), electronic integrated circuits and micro assemblies (3.9%), ships and boats (1.9%), and petroleum oils (1.6%). The country's main partners are China, the US, South Korea, Australia, Hong Kong, Saudi Arabia, and Thailand. The growth of such industries and booming trade have driven the demand for Stainless Steel IBCs. China Stainless Steel IBCs market is expected to lead the global market with expansion of domestic industrial technology. China is dominating the Asia-Pacific market due to rising population, which drives up demand for metal IBC due to inherent development in healthcare and pharmaceutical industry.
The stainless-steel IBCs market in South America is growing rapidly due to increasing demand from food and beverage, pharmaceutical, and other industrial sectors. The demand for IBCs is expected to grow further in the coming years due to the rise in production and consumption of various food and beverage products, pharmaceuticals, and chemicals in the region. The region has many international manufacturing and distribution hubs, which has resulted in an increase in the demand for these containers. The major countries in South America that have increased their demand for stainless steel IBCs are Brazil, Colombia, Peru, Chile, and Argentina.
Growing industrialization and urbanization, especially in the emerging countries of the region, have spurred the demand for a variety of commodities, including chemicals, thus driving the demand for stainless steel IBCs. In terms of region, the Gulf Cooperation Council (GCC) countries are expected to be the largest market for stainless steel IBCs in the MEA region, due to the presence of many chemical, food & beverage, and pharmaceutical companies. Countries like Saudi Arabia, UAE, and Qatar are expected to be the largest market for stainless steel IBCs in the Middle East, due to the presence of many oil and gas, chemical and food & beverage companies.
Key Findings of the Study
- The global Stainless-Steel IBC market is expected to reach USD 4,431.3 Million by 2032, at a CAGR of 4.60% during the forecast period.
- The North America region accounted for the fastest-growing global market with a CAGR of 4.34% during the forecast period. The chemical industry is a major user of stainless-steel IBCs in North America, as they are used to transport and store a wide range of chemicals and hazardous materials.
- Based on Capacity, the Up to 1,000 Liters segment was attributed to holding the largest market in 2022, with an approximate market share of 41.0%.
- Based on end-user, the Industrial Chemicals segment was attributed to holding the largest market in 2022, with an approximate market share of 34.0%.
- Thielmann US LLC, Precision IBC, Inc, Automationstechnik GmbH., Sharpsville Container Corporation, Hoover Ferguson Group, Snyder Industries Inc., Snyder Industries Co., Ltd, Metano IBC Services Inc., SCHÄFER WERKE Group, and Custom Metalcraft are key market players.