Global Hazardous Chemicals Packaging Market Size to Grow At 6% CAGR From 2023 to 2030

GLOBAL HAZARDOUS CHEMICALS PACKAGING MARKET (2023 - 2030)

As per our research report, the Global Hazardous Chemicals Packaging Market size is estimated to be growing at a CAGR of 6% from 2023 to 2030.

Hazardous chemical packaging offers safety not only to the products but also to the laborers. The risk of spilling, explosion, and corrosion is reduced by the efficient enclosing of the chemical products. This chemical packaging also deducts shipping damage and increases the life shelf of the product during transportation or storage. Chemical packaging offers protective solutions to hazardous chemicals which are extensively used in different industries.

The COVID-19 crisis hurt the market. Which resulted in restrictions in many locations to prevent the virus from spreading. The supply chain, manufacturing, logistics, and import-export trade were all interrupted, resulting in an economic downfall. It was estimated that approximately 85% of enterprises had disturbed supply chains.

Companies in this industry were motivated to increase their market share by various strategies such as acquisitions, partnerships, and investments. Companies are also investing money in the development of better products and eco-friendly alternatives while maintaining prices. The market has a vision of recycled and reusable packaging material, advanced safety features, and technological milestones. Sustainable development with less environmental effect is expected to extend the applications.

The major challenges in the market can be chemical waste which is killing creatures in a river or polluting region, creating environmental issues, or limiting an ecosystem's capacity. Any leaks and spills can affect humans which can lead to behavioral abnormalities, cancer, genetic mutations, and many more diseases. There are strict rules and regulations regarding the selling, manufacture, packaging, and handling of these harmful chemicals which the public needs to consider. These concerns and issues have made it mandatory for chemical-based companies to implement various measures for packaging these hazardous chemicals. The expansion of e-commerce business, standardized, modern adaptation, sustainable packaging, and demand for eco-friendly packaging solutions are all contributing to market growth.

Past few years a lot of improvements have been made in transportation import-export trade facilitation. The developing countries in certain chemicals as well as the abundant countries in these chemicals benefit from cross-border trade activities. This helps them to improve the economy of a country, provide employment opportunities, and improve relations with neighboring countries. This calls for the need for proper packaging to prevent serious damage to many lives like humans, animals, plants, and many more. Packaging ensures safety, sits well with various compliances and regulations of the countries, prevents any chemical reactions, the integrity of the product, prevents spilling, etc. All these factors make it very important to ensure proper packaging is done for these hazardous chemicals.

KEY MARKET INSIGHTS:

• Based on the product type, drums are considered the largest segment in this market as it is commonly used in industries like pharmaceutical, oil & gas, chemicals, etc. They can be easily transported, robust, and can be held in liters. Drums are made of different materials like plastic and other fibers. Its properties are durability, strength, ease of handling, versatility, chemical resistance, tight seals, and protection from environmental factors like dust, temperature, and UV rays, making it a perfect choice. On the other hand, Intermediate bulk containers (IBCs) are the fastest growing, holding a share of around 20% to 30%. This is because they take less space, offer bulkiness, can be reusable, have safety features, and require less manual interaction.  They do not have any chemical reactions and offer storage space for many chemicals.
• Based on the Material Type, plastic is the largest segment. On the other hand, Metals are the fastest-growing segment with a share of around 42%. Steel and Aluminum are the most commonly used, they offer pressure and fire resistance, can be recycled, have longevity, strength, and durability, and protect against environmental factors.
• Based on the End-User Industry, chemicals are the largest segment in the market. due to the increased demand for the scale of production. Different types of chemicals like flammable, toxic, and corrosive are manufactured according to their applications in different sectors. Petroleum is the major contributor. The pharmaceutical industry is the fastest-growing segment of the end user. This is because of an increase in research and developmental activities, bulk vaccination production, safety purposes, and various regulations that are enforced on storage conditions and marketing. It holds a share exceeding 20%.
• Based on the Region, Asia Pacific is the largest growing region in this market. North America is the fastest-growing region, around 29% of the market share. The United States and Canada are leading in the North American region. The European region is expected to have significant growth in the market, followed by the Middle East & Africa region which are focusing on the non-oil & gas economy by increasing the shipment & logistics market.
• Companies playing a leading role in the Global Hazardous Chemicals Packaging Market profiled in this report are Mauser Group, Nefab Group, Rigid Containers Ltd., Thermo Fisher Scientific Inc., Berry Global Group, Inc., Schütz GmbH & Co. KGaA, BWAY Corporation, Greif, Inc., Honeywell International Inc., Ardagh Group, and Time Technoplast Ltd.

Hazardous Chemicals Packaging Market Segmentation: 

By Product Type:

• Drums
• Intermediate bulk containers (IBCs)
• Pails
• Bottles
• Others

By Material Type:

• Plastics
• Metal
• Corrugated

By End-User Industry:

• Chemicals
• Pharmaceuticals
• Automotive
• Oil and Gas
• Others

Regional Analysis:

• North America
• Asia-Pacific
• Europe
• South America
• Middle East and Africa