Market Trends of RTP Industry
This section covers the major market trends shaping the Returnable Transport Packaging Market according to our research experts:
Drums and Barrels to Witness Significant Market Growth
- Drums play an essential role in the returnable transport packaging industry, as it is widely used to store and transport hazardous and non-hazardous liquids, ensuring maximum protection. Drums are majorly used in Oil & Gas and Petrochemicals industry, which is largely used for oil spill protection, during storage and transport.
- Various kinds of drums widely available in the market are plastic drums, steel drums, salvage drums, and fiber drums. Plastic drums used in the food industry are required to be suitably decontaminated and certified safe for carrying and storing consumable items in the long term. The plastic drums used in the food industry are also needed to be food grade approved and comply with other food safety standards.
- Besides the food industry, plastic drums are majorly used in the chemicals and oil industry, for their storage and transport. The extensive usage of plastic drums across industries is increasing due to its benefits, such as cost-efficiency, durability, and reusability.
- nRecently, the Intermediate bulk container and PE drum specialist Schütz Australia, invested approximately USD 20 million in technology and facilities in the manufacturing plant, to better service the Australian market. The company is majorly involved in the manufacturing and reconditioning of IBCs and polyethylene (PE) drums.
- However, the rising concerns towards the substantial increase in plastic waste generation, globally, alternative materials are being adopted to create industrial drums. For instance, steel drums are the most preferred option after plastic drums. This is due to the several benefits it offers over plastic, such as recyclability, ability to withstand extreme conditions, and lower lifecycle cost, among others.
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North America to have Significant Growth
- The North American region is one of the largest regions for the pharmaceutical plastic packaging industry due to its large pharmaceutical manufacturing base and the ability to introduce technological advancements to pharmaceutical packaging. According to PMMI, The Association for Packaging and Processing Technologies, there are more than 700 North American Manufacturers of equipment, components, and materials for processing and packaging.
- The returnable transport packaging market in the United States is bolstered by the presence of major market players and strong manufacturing industries, such as chemicals, pharmaceuticals, food and beverages, and automotive.
- The rigid plastic bulk containers are used in various industries, such as the food and beverage industry, industrial chemical industry, pharmaceutical industry, paints, inks, and dyes industry, and petroleum and lubricant industry. The Rigid Intermediate Bulk Container Association of North America fosters the interests of persons, firms, and corporations engaged in the business of manufacturing or assembling rigid intermediate bulk containers.
- The Unites States is the third-largest exporter after China and the European Union, and the second-largest importer of goods in the world. These goods mainly consist of industrial machinery, medical equipment, petroleum products, and automotive parts and supplies
- For instance, the United States reported a rise in exports from USD 13.6 billion from the previous month resulting in USD 158.3 billion in June 2020. Further, the region experienced the first gain in demand for exports of industrial goods and services since February thereby suggesting an improvement in global demand after being depressed by the pandemic.
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