The industrial chemical packaging market is predicted to be worth US$ 133.58 billion in 2023, and rise to US$ 197.52 billion by 2033. Demand is expected to increase at a CAGR of 4% throughout the projected period.
New packaging solutions allay safety worries, while also leaving a less environmental footprint. Pails and drums have historically been an important part of the product transportation process for many chemical producers.
Although these products offer multiple advantages over similar materials, new products are filling a huge sustainability gap in the market. For example, bag-in-box and industrial bulk containers allow for more product per package and are foldable, which lowers the amount of landfill area needed and the cost of transportation.
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The quick transition to eco-friendly packaging options encourages sack suppliers to develop and offer recyclable or sustainable sacks for industrial uses. Global shortages of industrial chemical packaging were caused by delays in containers and drums that lasted many weeks. Also, containers that got trapped in the wrong ports due to employee absence hampered overall production in the market.
Key Takeaways
- In 2022, the United States ruled the industrial chemical packaging market, with a share of 16.5%%.
- The industrial chemical packaging market increased at a 3.5% CAGR between 2018 and 2022, citing FMI’s study.
- The expansion in China is anticipated to expand at an adequate CAGR of 6.05% by 2033. China’s market is likely to generate a share of US$ 15.4 billion by 2033.
- Germany’s industrial chemical packaging market was expanding significantly, at a share of 4.8% in 2022.
- Between 2023 and 2033, the industrial chemical packaging sector is likely to increase in India with a size of US$ 13 billion.
- The expansion in the United Kingdom is anticipated to expand at an adequate CAGR of 3.64% by 2033.
- The Y-o-Y growth of industrial chemical packaging is expected to be 3.4% in 2023.
- Based on the packaging format, the RIBCs segment led with a market share of 96.1% in 2022 and continues to dominate the market during the forecast period.
- Based on material, plastic is projected to lead the market by 2033. Steel is likely to have significant growth, with a share of 75.8% in 2022.
- Based on chemical type, specialty chemicals are projected to dominate the market with a CAGR of 4.4% during the forecast period.
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Key Strategies in the Industry
With the field’s scope and rivalry expanding, businesses have been developing new technologies and forming varied tactics. To obtain a competitive edge, the top market participants are concentrating on product innovation, marketing strategies, and technological developments.
To provide technologically cutting-edge products at competitive rates, these firms are also making significant investments in research and development operations.
Recent Developments
- In 2018, a new company focused on sustainability, Mauser Packaging Solutions, was integrated with four packaging companies, BWAY, Mauser Group, Industrial Container Services, and National Container Group. The company now offers packaging solutions for chemicals, petrochemicals, agrochemicals, etc.
- To broaden its product offering, Myers Industries, Inc. purchased Elkhart Plastics, Inc. in October 2020, the fifth-leading rotational molder in the United States. The action is viewed as a component of the company’s long-term strategic plan to make it a high-growth producer of engineered plastic solutions.
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 Inc. (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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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