Opportunity in the Mexico's industrial bulk packaging market was estimated at US$232 mln by 2016. Expanding further at a CAGR of 5.5% during the period from 2016 to 2024, the market is likely to attain a value of US$357 mn by the end of the forecast period, as per Transparency Market Research. The application areas of the industrial bulk packaging in Mexico, are chemicals and petrochemicals, food and beverages, and the pharmaceuticals sectors. The chemicals and petrochemicals sector have been acquired the top position among application areas in this market and is expected to continue like this over the period of the forecast, advancing at a CAGR of 5.2%. This market includes drums, intermediate bulk containers (IBCs), pails, and jerry cans Drums. have been enjoying a greater demand from the end users as compared to other products, which is likely to be continued at a CAGR of 4.90% over the forecast period. As manufacturers are increasingly shifting towards sustainable packaging solutions against plastic and steel materials, the uptake of fiber/paperboard drums is anticipated to rise considerably in the near future.
The market for industrial bulk packaging in Mexico is fairly competitive and is led by Hoover Container Solutions, Mauser Group, International Paper, Greif, Menasha, Cleveland Steel Container, and Composite Containers. The market players are concentrating on utilizing their in-house research and development capabilities to the core in order to innovate products that meet customer-specific requirements. In the near future, these participants are likely to focus on the technological advancements of their current offerings too in a bid to strengthen their position among consumers, states the research report. “The Mexico industrial bulk packaging market has driven significant impetus from the rising industrialization and the increased shipment of goods in this country,” states the author of this study. The industrial users in the country have been exhibiting an extraordinary demand for rigid industrial bulk packaging products, such as fiber, steel, and plastic drums, various industrial bulk packaging containers, pails, and jerry cans, resulting in a tremendous rise in this market.
Over the coming years, the upswing in the manufacturing sector and the growth in the industrial output are expected to enhance the performance of the Mexico industrial bulk packaging market greatly. However, the manufacturing issues, created by the supply chain complexities are likely to hamper the growth in this market to some extent in the near future, notes the research study.