Reconditioned Packaging Market: Overview
The primary aim of all packaging is to provide maximum protection and reduce wastage during transportation and storage. The industrial packaging products such as drums and IBCs are reconditioned to maintain high level of product safety with increasing environmental performance through enabling reuse. Many key players are moving towards reconditioned packaging, as it helps to reduce cost of manufacturing. With the help of reconditioned packaging, the manufacturers are renovating the packaging product and increasing its life expectancy. SERRED – the European organization of 14 countries and 28 corporate members, is continuously working for reconditioned packaging and its members are reconditioning rigid packaging solutions over 12 million steel and plastic drums and over 3 million IBCs per year.
According to the Industrial Packaging Association IPA, it is essential to select proper material for reconditioner which provides efficient performance of the packaging. Hence, in UK it is mandatory for the reconditioning of both steel drums and plastic drums to meet exact standard of UN and ADR for transport of dangerous goods as per the scheme given by Department for Transport UK, operated through the VCA. As many manufacturers are inclined towards potential ecological and economic advantage of reconditioned packaging, it is expected that the global market of reconditioned packaging will increase exponentially during the forecast period.
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Reconditioned Packaging Market: Dynamics
The fueling factor for driving the global market of reconditioned packaging is an emergence of sustainable, reusable and recyclable packaging for the products. The demand for reconditioned packaging is increasing because it saves energy and carbon emission through repeated reconditioning. Reconditioned packaging is considered as green alternative solution. Increasing opportunities for the growth of reconditioned packaging is witnessed as it reduces waste material landfills. Also it saves resources when compared to new product manufacturing. Hence Reusability is another driving factor for reconditioned packaging market.
The growth of reconditioned packaging market might slow down because of the technological upgradation.
The key trends supporting to increasing opportunities for reconditioned packaging market includes 3Rs, downgaugin, safety, and optimizing packaging shape. The 3Rs- Reduce, Reuse and Recycle, controls the environmental impact by reducing carbon footprints. Whereas downgauging and optimizing packaging size helps to reconditioned product packaging with minimum material assuring good safety.
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In August 2018, Cleveland, Ohio based North Coast Container company is acquired by General Steel Drum LLC. GSD followed this acquisistion for enhancing its services in terms of new steel drum, reconditioned drum and IBCs.
In June 2018, Industrial Containers Services, LLC is acquired by Centerbridge Partners, LP, a leading private investment firm. ICS is the largest provider of reconditioned container services in North America.
Reconditioned Packaging Market: Regional Outlook
Reconditioned packaging technology is accepted worldwide due to its increasing benefits. As per the survey (in 2016) done by Reusable Industrial Packaging association (RIPA), a U.S. based association manufacturer, reconditioner, and distributor of industrial containers such as drums and IBCs, the number of steel drum scrapped is decreased by 46%. The total reconditioned and remanufactured steel drum in U.S. is more than 27,601,000. In North America, United States market is expected to be the major key player followed by Asia Pacific. In China and India, lucrative opportunities for growing reconditioned packaging market is observed as industrial chemical packaging market is growing rapidly. Increasing industrialization and ecofriendly packaging demand in the European market, the reconditioned market is expected to increase exponentially during the forecast period.
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Reconditioned Packaging Market: Key Players
The key players of reconditioned packaging market are as follows:
- North Coast Container Corp.
- Metal Drum Co Ltd/The
- Industrial Container Services, Inc.
- InSight Packaging
- Mauser Packaging Solution
- Myers Container
- Ebullient Packaging Pvt Ltd.
- Balmer Lawrie (UAE)