With a CAGR of 5.3 percent over the projected period, the worldwide, FIBC market is anticipated to reach a value of US$ 7.1 Bn by the end of 2022. (2022-2032). The global FIBC market is anticipated to account for one-third of the US$22 billion global IBC industry in 2022. Among the main reasons influencing the demand for FIBC is the development of the pharmaceutical and food industries, together with the increasing demands to reduce the overall load of bulk packaging. According to projections, businesses will carry grains, rice, and liquid chemicals used in biological products via FIBCs. IGC Petrochem, an FIBC production firm is gearing up to launch India as a leading recycled FIBC supplier in the world. Crushing the competition with its high-quality products IGC is ensuring that India’s name is secure worldwide for supplying good quality products.
Making Most of Market Opportunities
IGC, starting operation initially in 2019, opened its own full-fledged production factory in order to control product quality. Instead of opting for the traditional path as chosen by most competitors which focuses on increasing tonnage and production capacity, IGC is opting for a sustainable approach. “We are working on a lot of R&D on the recycled product, because there is a rising concern for the environment which has led
to our clients demanding recycled material. We agree with this demand and are focusing our efforts to create products which reduce our carbon footprint", says M. P. Singh, Co-Founder & CEO, IGC. As a result of such focused initiatives, IGC is already supplying 30 percent recycled materials and is working to increase the amount of recycled materials being used in their FIBC bags.
The company is producing a whole range of products including U-Panel Bags, Cross Corner Bags, Baffle Bags, Type-C Bags, Ventilated Bags, UN Certified Bags, and 1 and 2 Loops bags. Within these major categories, the company also provides a whole range of sub categories. All products are ultimately customized as per the client’s needs which is also a unique proposition offered by IGC. The type of bag supplied is based upon the kind of product to be carried inside it.
Charting the Path Ahead
In a short span of time since October 2020, the firm has supplied over 118 containers to clients across 19 countries, and with zero complaints. “IGC has been able to retain clients by offering quality recycled products of high tenacity which currently no other competitor can claim.” adds M. P. Singh. The firm’s dedication to development of a quality product has led them to conduct business of over INR 50 crores in a matter of one year. The firm is currently partnering with clients in Australia, Peru, Greece, Spain, Mexico, UK, France, Russia, Israel, and Canada.
IGC is planning to set up a 6000 MTPA recycling facility, utilizing which they intend to produce bags made of 70 percent recycled materials
In terms of future roadmap, IGC aspires to expand its global reach further, partnering with more clients. They also aim at introducing recycled bags made out of 30/50 percent RPP or some other 100 percent recycle plastic recycle plastic bags for cement industry, and encourage them to opt for those bags rather than those made completely from plastic. IGC is also planning to set up a 6000 MTPA recycling facility, utilizing which they intend to produce bags made of 70 percent recycled materials. “We have developed and started marketing our products with 30 percent, 50 percent & 70 percent recycle materials. Bag development is already in place with recycle and start supplying to UK market, until now we have supplied more than 100,000 bags with 30 percent & 50 percent recycle materials. We are also in process of developing conductive yarns for conductive bags, conductive yarn no one makes in India currently”, signs off M. P. Singh.
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