The scope of our recent study on the "Corrugated Bulk Bins Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis - by Product Type, Type, and End Use" includes the factors fueling the market growth, revenue estimation, and forecast, market share analysis, and the identification of significant market players and their key developments.
The corrugated bulk bins market size was valued at US$ 15.09 billion in 2023 and is expected to reach US$ 22.59 billion by 2031; it is estimated to register a CAGR of 5.2% from 2023 to 2031.
Key manufacturers operating in the corrugated bulk bins market are investing significantly in strategic development initiatives such as product innovation, R&D, mergers and acquisitions, and business expansions to enhance their market position by attracting a broad customer base. Expanding into new geographic locations allows market players to reach untapped customer bases, further increasing their market share and revenue streams. The expansion strategy also allows them to achieve economies of scale by increasing production volumes. In April 2024, Greif Inc announced the construction of a manufacturing facility in Texas, US. With this facility, Greif intends to significantly expand its corrugated bulk bins manufacturing capacity and create opportunities in the South and Southwest regions of the US and Mexico. In February 2024, Jamestown Container Companies acquired the packaging business of Midwest Box Company Inc in the US. In 2023, Smurfit Kappa opened an integrated corrugated plant in Rabat, Morocco, with an investment of US$ 37.5 million. This manufacturing facility signifies its geographic expansion and efforts to boost customer support in North Africa.
Investments in advanced manufacturing technologies such as automation and robotics also allow enterprises to enhance their production efficiency and product quality. The subsequent product diversification through innovations, such as triple-wall or hybrid corrugated bins, further provides them a competitive edge. In February 2024, Atlantic Packaging Products Ltd launched second-generation beverage carrier packaging. It is manufactured from paper by eliminating single-use plastics from the packaging supply chain. Thus, such strategic initiatives are expected to create lucrative opportunities for the corrugated bulk bins market players during the forecast period.
On the basis of application, the corrugated bulk bins market is segmented into food and beverage, industrial equipment and parts, construction, electrical and electronics, chemicals, pharmaceuticals, and others. The global corrugated bulk bins market share for the food and beverage segment was the largest in 2023. The food & beverages segment held the largest share of the global corrugated bulk bins market in 2023, and it is expected to record a significant CAGR during the forecast period. In the food & beverages industry, corrugated bulk bins are used for transporting and storing high-volume products such as fruits, vegetables, and beverages due to their durability, lightweight, and cost-effective properties. These boxes are manufactured in extreme temperatures exceeding 180