Anticipated to demonstrate consistent growth, the industrial chemical packaging sector is poised to expand at a 4.0% Compound Annual Growth Rate (CAGR) by 2033. As per FMI projections, the revenue share of the market is expected to witness a substantial increase, climbing from US$ 133.58 billion in 2023 to reach US$ 197.52 billion by 2033. This positive trajectory reflects the robust demand for effective and secure packaging solutions within the industrial chemical sector, underlining the market’s pivotal role in meeting evolving needs and ensuring the safe transportation and storage of chemical products across various industries.
The global industrial chemical packaging market is poised for growth, propelled by a rising demand for chemicals crucial in the food and pharmaceutical sectors. Additionally, the uptick in requests for organic chemicals and diverse additives is fostering a market shift towards sustainable packaging solutions. This trend underscores the industry’s responsiveness to evolving consumer preferences and regulatory pressures, emphasizing the pivotal role of industrial chemical packaging in ensuring the safe and sustainable transport of diverse chemical products across the food, pharmaceutical, and related sectors.
Boasting a substantial market share of 16.5% and a value reaching US$ 21.30 billion in 2022, the United States stands at the forefront of global demand for industrial chemical packaging. Stringent regulations, such as the Federal Hazardous Substances Act (FHSA), mandate labeling and secure packaging for toxic, corrosive, flammable, and irritant products to prevent potential harm to individuals and the environment. The market’s momentum is further fueled by the escalating consumption of active pharmaceutical ingredients, a trend expected to persist due to the significant presence of leading pharmaceutical companies in the country.
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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.
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.
Packaging Format is Most Widely Used for Industrial Chemical Packaging
Comprising approximately 64% of the global industrial chemical packaging solutions market, intermediate bulk containers (IBC) play a pivotal role in facilitating the storage and transportation of various chemicals. Manufacturers worldwide produce a diverse range of IBCs, including rigid intermediate bulk containers made from plastic and stainless steel materials. Rigid intermediate bulk containers (RIBC) are poised to maintain their dominance, commanding a market share of 96.1% in 2022. Notably, IBCs with a capacity ranging from 800 to 1,250 liters emerge as the most widely used type, representing nearly half of the total intermediate bulk containers sold globally. The overall market for intermediate bulk containers presents a substantial incremental opportunity, exceeding US$ 34.1 billion between 2023 and 2033.
Recent Developments-
- In October 2020, Myers Industries, Inc. acquired Elkhart Plastics, Inc., which is the fifth-leading rotational molder in the United States, to strengthen its product portfolio. The move is seen as part of its long-term strategic plan for transforming the company into a high-growth producer of engineered plastic solutions.
- In April 2021, ProAmpac acquired two companies named IG Industries PLC and Brayford Plastics Ltd., based in the United Kingdom, for the production of recyclable packaging solutions.
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Key segments
By Packaging Format:
- Intermediate bulk containers (IBCs)
- Flexitanks
- Drums
- Pails & Jerry Cans
- Bags & Sacks
- Others (Bins & Liners, etc.)
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 Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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