Octabin Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Octabin Market is segmented By Type (Standard octabins, Base discharge octabins, Self-assembly octabins, Telescopic octabins, Free flow base octabins), By Capacity (Standard, Customized), By End-User (Food Industry, Customer Goods, Chemical Industry, Others), By Region (North America, Europe, South America, Asia-Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Octabin Market Overview

(180pages) A Report by DataM Intelligence estimates the Global Octabin  market to grow at a high CAGR Of 5.35% during the forecast period 2023- 2030. The market is expected to grow due to increasing demand from Food Industry, Customer Goods, Chemical Industry. The competitive rivalry intensifies with International Paper, Europac., IBC International, and others operating in the market.

Octabin Market Scope

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Bulk cargo packaging solutions are quickly gaining traction worldwide, and rigid packaging companies are making various changes to their bulk packaging solutions. This has prompted the usage of octabins to store and transport both free-flowing and granular items. The packaging is lightweight, but heavy-duty octabin containers offer various benefits resulting in process and transport savings. Up to approximately 1000kg can be filled in double or triple wall heavy-duty solutions. Furthermore, Octabin variants range from telescopic to liner options and bottom discharge solutions. In addition, Octabin offers various features such as fully recyclable, metal-free closure option, easy to erect, printable for branding, and strong performance in the cool chain.

Octabin Market Dynamics

Increasing demand for bulk containers as a cost-effective packaging option is triggering the demand for octabin in the recent period.

Octabin Bulk Containers offers a cost-effective packing option as an alternative to dispatching the products in sacks or smaller containers. Furthermore, Bulk Containers help customers to save money by reducing labor and shipping costs. The product also makes easy access to the goods for the customer and the reduced amount of packaging needed to recycle. Furthermore, Octabins are designed for domestic and export use and can fit all standard chemical pallet sizes and any other size required by the customer. Octabins can also be customized and printed to meet specific needs, resulting in a professional image, improved supply chain efficiency, and significant cost savings leading to add advantages to the growing market of the product.

Increasing use of octabins in the storage of food products has influenced manufacturers to upgrade their current product offerings leading to improve the market share for the product.

Octabins carriers bulky material and hence are largely used to ship food items such as vegetables and dry products across the globe. Due to the increased use of octabins in food storage, manufacturers have upgraded their current product offerings with additional features like free flow base and base discharge, that improve the convenience of emptying the bulk box. Another factor driving octabin sales in this market is the availability of octabins in various forms and sizes depending on the food product being sent. This has accelerated the adoption of octabins in the food business, causing their sales to skyrocket in the future years.

Easy customization feature in octabin creates immense opportunities for the product to proliferate in the forecast period.

Standard and customized octabins are available from octabin manufacturers. Manufacturers are offering both standard and customized variants of octabin to target different end-users. Manufacturers have created octabins of varied specifications based on the type and nature of the product they are used for and the capacity to be carried or stored. End-user industries favor customized octabins because they can choose from various octabin alternatives for transporting their products. Furthermore, standard octabins, on the other hand, exist in one size and are meant to transport a certain sort of product. As a result, the availability of different types of octabin is creating immense opportunities for the product to proliferate in the forecast period.

COVID-19 Impact on Octabin Market

COVID-19 had a negative effect on the market in 2020. The pandemic has affected various industries before the 2019-2020 period. The prime reason is the demand reduction shut down of manufacturing units and supply chain disruption. A similar trend has been seen in the octabin market leading to severely hampering the product's market. However, the market is expected to accelerate in the coming years, leading to improve the market share of the product in the forecast period.

Octabin Market Segmentation Analysis

The global octabin market is segmented on type, capacity, end-user, and region.

Standard octabins are commonly used to freight and transport a range of bulky goods with increased storage capacity and safety, leading to a boost in the market for the segment in the recent period.

In terms of capacity, the global octabin market is segmented into two types, standard and customized. Standard octabins are commonly used to freight and transport a range of bulky goods. Still, their use in the storage and transit of food products and consumer goods is growing because of their flexibility, increased storage capacity, and safety. Therefore, in the next years, increased utilization in the chemical sector is predicted to boost sales of this form of octabin. Furthermore, due to its triple wall or double-wall structure, standard octabins provide good resistance to external factors like strain and temperature. Therefore, conventional octabins have been extended to the shipment of recyclable goods, leading to boosting the growth of the standard segment at a higher rate compared to the customized segment of octabin.

Octabin Market Geographical Share

Manufacturers of octabins have been focusing on the Asia Pacific region, which has a bigger business potential than other developing regions

Manufacturers of octabins have been focusing on the Asia Pacific region, which has a bigger business potential as compared to other developing regions. Due to the existence of different end-use industries in the region, the packaging sector in the region has seen rapid growth in the past few years. In the coming years, countries like India and China will influence the destiny of octabins. For example, several pharmaceutical companies in India use octabins for product storage and delivery, creating bigger opportunities for octabin packaging to grow in the region. Furthermore, with the improving economic situation in the Asia Pacific region, the logistics business is predicted to boom leading to driving the demand for the product in the region.

Octabin Market Companies and Competitive Landscape

The octabin market is highly fragmented with the presence of local as well as global companies. Some of the key players contributing to the market's growth include Smurfit Kappa, DS Smith, Mondi, International Paper, IBC International, Europac, Rondo Ganahl, VPK Group, and others.

The major players adopt several growth strategies such as product launches, acquisitions and collaborations, contributing to the octabin market's growth globally. The key manufacturers are following expansion and collaboration as the key strategy to build revenue for the company.

• For instance, in January 2017, Mondi, a global packaging and paper company, will invest in its Mondi Simet factory near Pozna to boost its heavy-duty corrugated capabilities in Europe. Mono and multi-material constructive packaging, Octabins for bulk packaging, and high volume corrugated containers, such as pak-(k)it® and stac-pac® pallet boxes, will all be part of the expanded offer.

VPK Group

Overview: DS Smith plc is a British multinational packaging company headquartered in London, England. The company manufactures packaging – plastic packaging, corrugated packaging, and recycled paper – with sites in 34 countries employing around 30,000 people.

Product Portfolio: The company has a product portfolio of octabin which includes-

• Octabin- As an alternative to despatching products in sacks or smaller containers, Octabin Intermediate Bulk Containers offers a cost-effective packing option. Furthermore, these products are ready for use types of boxes that are suitable for double stacking for worldwide shipment and components and smaller primary packages or simple loading and unloading of small packs within a large pallet box

Why Purchase the Report?

• Visualize the octabin market segmentation by type, capacity, end-user, region and highlight key commercial assets and players.
• Identify commercial opportunities in the octabin market by analyzing trends and co-development deals.
• Excel data sheet with thousands of data points of octabin market-level 4/5 segmentation.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players

The global octabin market report would provide access to an approx: 55 market data table, 52 figures and 180 pages.

Target Audience 2023

• Service Providers/ Buyers
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Research Professionals
• Emerging Companies
• Manufacturers.