The global octabins market is experiencing substantial growth potential and is expected to surpass a valuation of US$ 377 million by 2022. This growth is primarily attributed to the increasing demand for alternatives to traditional bulk packaging solutions like big-bag and metal containers. Future Market Insights (FMI) anticipates that sales of octabins will maintain a steady upward trajectory, with a robust compound annual growth rate (CAGR) of 5.5% projected over the forecast period from 2022 to 2026.
One of the key drivers propelling the octabins market is the shift in consumer preference towards sustainable packaging solutions, particularly in regions like the U.S., China, India, and other countries. This change in attitude is boosting the demand for octabins, which are considered more eco-friendly and versatile for bulk packaging needs.
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Asia Pacific, excluding Japan, is expected to dominate the global octabins market, accounting for approximately 33.4% of sales in 2022. Manufacturers are also innovating in response to industry requirements, offering double and triple wall corrugated boards for octabins. For instance, DS Smith launched a 5-litre octagonal box made of cardboard with a flexible plastic interior in June 2022.
Interestingly, the market for bulk bags is experiencing fluctuations, with a 10 basis share point (BPS) decline in H1-2022 compared to H1-2021. However, a surge of 20 BPS change is projected when comparing the H1-2022 outlook period, indicating evolving market dynamics and the growing appeal of octabins as a bulk packaging solution.
Notable Points from Octabin Market Report for the Forecast Period, 2022-2026
On the basis of revenue, APEJ will continue to be the largest market for octabin, followed by North America. Based on product type, standard octabins are expected to remain significantly larger than rest of the segments. The lion’s share in the global market for octabin is contributed by food industry. Customized products will observe the fastest growth during the review period.
Chief market players blocked in by the report includes Quadwall, Europac, IBC International, DS Smith, Rondo Ganahl AG, International Paper, Mondi Group and Smurfitt Kappa.
By Product Type:
• Standard octabins
• Base discharge octabins
• Self-assembly octabins
• Telescopic octabins
• Free flow base octabins
By End Use:
• Food industry
• Consumer Goods
• Chemical industry
• North America
• Latin America
• Asia Pacific excluding Japan (APEJ)
• Middle East & Africa