The global FIBC market to grow at a CAGR of 6.3% during the period 2017-2021.
The report, Global FIBC Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key vendors operating in this market.
The growing environmental concern about the usage of synthetic plastic, which is mostly derived from petroleum feedstock, has encouraged the industry to develop eco-friendly plastics for consumers. Companies such as Braskem and The Dow Chemical Company have been investing heavily in developing technologies to produce bio-based polymers through biomass. We expect that bio-based polymer will be produced more than 2.5 times than its volume in 2015. Its volume was around 6.6 million tons in 2015, which is expected to grow to more than 16.7 million tons by 2020. Globally, polypropylene and polyethylene are the widely used plastics for the production of FIBCs. Increased demand for bio-based products has shifted the focus of manufacturers from synthetic to bio-based polypropylene for the production of FIBCs.
According to the report, the increased production and trade of horticulture products and chemicals have boosted the need for bulk packaging and hence, the demand for FIBCs. FIBCs are used in chemical, fertilizers, and food sectors. Significant growth in sectors such as food and horticulture, which are posting above average CAGRs, has led to a considerable increase in the demand for FIBCs. The growing need to reduce the overall weight of the bulk packaging and transporting materials is a major factor driving the demand for packaging sacks in the construction, chemical, and fertilizer sectors.