Packaging solutions for bulk cargo are gaining fast acceptance across the globe, and players involved in packaging are introducing different modifications to their bulk packaging solutions. This has spurred the use of octabins to store and carry free flowing products and several granular products. Transformation of the packaging industry over years have introduced variety of packaging designs and shapes to accommodate different types of material and variety of goods.
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The global market for octabins is expected to grow at a steady pace during the period of forecast. End use industries are adopting octabins owing to their "higher weight per volume" capacity coupled with reduced costs associated with the packaging and transportation. Other aspects that are pushing the use of octabins in several end use industries include ease in handling and stacking and better bulk resistance.
According to Future Market Insights, global octabins market is expected to soar at a CAGR of 5.4% throughout the period of forecast, 2017-2026.
Players involved in manufacturing of octabins are targeting Asia Pacific excluding Japan (APEJ) region with a view to enhance their hold in the Asian market. They are also investing in research and development to develop octabins with additional features. To name a few companies, Smurfit Kappa, DS Smith, Mondi Group, IBC International, International Paper, Europac and Rondo Ganahl AG are the key players involved in the global octabins market.
Basically used to ship and transport variety of bulky goods, use of standard octabins in storage and transportation of food products and consumer goods has been increasing owing to their flexibility, higher storage capacity, and safety they provide. Increasing adoption in the chemical industry is also expected to spur the sales of this type of octabins in the coming years. Standard octabins provide excellent resistance against external forces such as strain and temperature owing to their triple wall or double wall structure.
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The use of standard octabins is extended to shipping of materials for recycling purposes. The sale of standard octabins has been high since past years owing to these characteristics and is estimated to reach a value of over US$ 125 Mn by the end of the year of assessment (2026). On the other hand, the adoption of free flow base octabins is rising at a stellar rate. These octabins offer advantages such as convenience in unloading the material from the base of the octabin and the material is allowed to flow in a controlled manner. These are typically used to carry various bulky consumer goods.
Octabins, being carriers of bulky material, are largely used to ship food items such as vegetables and dry products. Increasing use of octabins in storage of food products has influenced manufacturers to upgrade their current product offerings with additional features such as free flow base and base discharge which can enhance the convenience of emptying the bulk box in a much controlled manner consequently avoiding the loss of food material during the process of unloading. Another aspect fuelling the sales of octabins in this industry is the availability of octabins with different shapes and sizes based on the food product they ship. This has spurred the adoption of octabins in the food industry, thus pushing its sales to reach a significant value over the coming years.
Octabin manufacturers provide standard as well as customized octabins. Based on the type and nature of the product they are used for and the capacity to be transported or stored, manufacturers have introduced octabins of varying specifications. Customized octabins are largely preferred choice of end use industries as they can choose between different octabin options for shipping their products. On the other hand, standard octabins come in one size and are used to transport a particular type of product. Consequently, customized octabins are expected to witness a promising future with a high demand from end users.
Octabin manufacturers have been targeting Asia Pacific excluding Japan (APEJ) region as it holds higher business potential. The packaging industry in APEJ has witnessed a robust growth due to presence of various end use industries in the region. Countries such as India and China are poised to shape the future of octabins in the coming years. Several pharmaceutical companies in India are using octabins for storage and shipping of their products offering high growth potential for octabin manufacturers. Moreover, logistics industry in APEJ region is expected to witness a boom with stabilising economic condition.
Rapid developments have been taking place in Asian countries which has increased the attractiveness of the region especially for the manufacturing sector, as a result pushing the demand for octabins in the coming years. According to research, APEJ octabin market is projected to expand at a higher pace as compared to other regions during the forecast period.
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Octabin Market: Food Industry Will Continue To Drive Production Sales Growth and Forecasts (2017 –
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