Global Ratchet Wringer Market: Introduction
With the tremendous rise in industrial activities in emerging economies, the market for industrial packaging has gained a significant momentum across the world. Also, the increasing trade activities across the globe and the need for bulk transportation has led to a surge in the demand for bulk containers. The ratchet wringer facilitates an easy as well as hassle free discharge of the liquid products filled in the bulk containers. Ratchet wringer aids in keeping the bag taught thus allowing the product to move towards the discharge outlet. Not only this, ratchet wringer has also significantly reduced the snapping chances while the product is being discharged from the bulk container. The global ratchet wringer market is expected to witness wide acceptability across all end users.
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Ratchet Wringer: Drivers & Restraints
The global ratchet wringer market is expected to be driven by the rising demand of bulk containers all across the globe. Rising cross border activities is also facilitating the growth of the global ratchet wringer market. The shipping industry is rattled by volatility of freight rates and the traffic on the trade routes is reducing significantly. This has led to an alarming situation for the bulk container packaging market with the market growing at a snail’s pace, thus directly hampering the growth of the global ratchet wringer market. Moreover, North America, specifically the United States has a robust relationship with Europe and political uncertainties in Europe; for example, Britain’s exit from the European Union has led to a significant drop in the exports and imports between the two nations due to which the bulk container packaging market is struggling to maintain its momentum, hence the ratchet wringer market is significantly witnessing a slowdown in the region.
Global Ratchet Wringer Market: Segmentation
The global ratchet wringer market is segmented on the basis of material type, capacity type, end use, and geography.
On the basis of material type, the global ratchet wringer market is segmented into
On the basis of capacity type, the global ratchet wringer market is segmented into
- Up to 500 liters
- 500-1000 liters
- 1000-1500 liters
- Above 1500 liters
On the basis of end use, the global ratchet wringer market is segmented into
- Petroleum & Lubricants
- Industrial Chemicals Hazardous Chemicals Non-Hazardous Chemicals
- Food & Beverages
Global Ratchet Wringer Market: Regional Outlook
On the basis of geography, the global ratchet wringer market is segmented into Latin America, North America, Europe, Middle East & Africa, and Asia Pacific. North America is expected to lead the global ratchet wringer market due to high growth of the bulk container packaging market in the region. North America off late has been witnessing a steep rise in demand of its food and chemical produce. One third of the agricultural land in the U.S. is meant particularly for exports, which drives the need for bulk packaging. Bulk containers offer several advantages, such as reusability and cost efficiency, leading to their wide applicability across all regions of North America. Europe is expected to follow the North America market. Asia Pacific is expected to grow at the highest CAGR, attributed to rising trade activities in key economies such as India and China. Middle East & Africa is estimated to account for the smallest market revenue share in the global ratchet wringer market due to slowing economy.
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Ratchet Wringer Market: Key players
The global ratchet wringer market is highly fragmented. However, some of the key players operating in the global ratchet wringer market are Liquid IBC Container Systems LLC, PBA Containers, and TPS Rental Systems Ltd IBC Containers.