According to a survey conducted by Future Market Insights, the industrial chemical packaging market is expected to grow steadily at a CAGR of 4.0% between 2021 and 2031.
The sales of industrial chemical packaging solutions were negatively impacted by the COVID-19 outbreak and the subsequent regulatory restrictions. However, in the coming years, the market is anticipated to experience long-term growth due to increased demand for chemicals and the growth of international trade in hazardous materials.
The development of new international trade routes and improvements in supply chain and logistics networks will facilitate faster delivery of goods across continents. As a result, there will be a heightened demand for durable and high-capacity packaging solutions for hazardous chemicals.
Manufacturers in the industrial packaging industry are adapting to the demands of the modern market. They recognize the need for continuous upgrades in production technology to remain competitive, regardless of their size.
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To ensure compliance with international safety standards and weight handling capacity requirements, state-of-the-art leak detection machinery and advanced testing solutions are being employed in the design and manufacturing processes of chemical packaging solutions. This focus on safety and quality control is crucial in meeting industry standards.
Key Takeaways from Industrial Chemical Packaging Market
- Intermediate bulk containers are the most widely used packaging format for safe and easy transportation of industrial chemicals, as these containers are versatile, pallet mounted cost-effective. IBC’s currently account for more than 64% of industrial chemical packaging solutions sold worldwide.
- Backed by the presence of the renowned pharmaceutical companies in the country, the U.S. is the largest consumer of chemical packaging solutions. The U.S. market is anticipated to offer incremental opportunities worth US$ 4.4 Bn over the next decade.
- Recyclable and re-usable features make plastic preferred material in the industrial chemical packaging market. It is expected to account for over 40% of packaging solutions produced over the forecast period.
- After witnessing slight decline in FQ-20, Germany market is expected to register a y-o-y growth of almost 4% in the year 2021.
- Specialty chemicals segment will offer incremental opportunity of US$ 36.5 Bn between 2021 and 2031.
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“Meteoric rise in demand for advanced packaging solutions for hazardous materials, due to the implementation of stringent international safety standards for storage and transportations of harmful chemicals is pushing the demand for advanced leak-proof packaging products,” says FMI analyst.
Industrial Chemical Packaging Market Landscape
Some of the key players dominating the global industrial packaging market are ProAmpac, Tote Systems International, LP, US Display Group, Myers Industries, Inc., Assmann Corp. of America, DENIOS Ltd., Hoover CS, Segezha Group GmbH, CLA Containers, Greif, Inc., RIKUTEC Group, Müller Group, Knack Packaging Private Limited, Mauser Group B.V., PVN Fabrics Pvt. Ltd., Time Technoplast Ltd., Pyramid Technoplast Pvt Ltd., Tripura Containers Private Limited, East India Drums & Barrels Mfg. Co and Schuetz GmbH & Co. KGaA.
Key segments
By Packaging Format:
- Intermediate bulk containers (IBCs)
- Flexitanks
- Drums
- Pails & Jerry Cans
- Bags & Sacks
- Others (Bins & Liners, etc.)
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By Material:
- Metal
- Plastic
- Paper & Paperboard
By Chemical Type:
- Specialty Chemicals
- Commodity Chemicals
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa (MEA)
About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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