Anticipated to record a market value of US$ 11.32 billion in 2023, the global hazardous goods packaging market is set for substantial growth, with projections to amass a valuation of US$ 19.4 billion by showcasing a noteworthy Compound Annual Growth Rate (CAGR) of 5.5% from 2023 to 2033. This trajectory highlights the increasing demand for robust and secure packaging solutions in the transportation and storage of hazardous materials. As safety regulations and environmental concerns become more stringent, the hazardous goods packaging market is positioned to play a pivotal role in ensuring the protection of both people and the environment.
The hazardous material handling team needs trained personnel especially to handle dangerous goods that comprise materials that are flammable, pathogenic, oxidizing, corrosive, explosive, allergic, toxic, biohazardous, radioactive.
North America is expected to dominate the hazardous goods packaging market by accumulating over 44% market share by end of the forecast period. The growing population in the United States is augmenting the demand for oil which is creating a demand for hazardous packaging materials. Furthermore, large-scale petrochemical initiatives have reduced the demand for gasoline, aiding the product demand. The booming petrochemical industry in the United States has inevitably fuelled demand for transportation services to move hazardous oil & gas and chemicals.
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The Europe hazardous goods packaging market is experiencing significant growth Road transport is the key mode of transport of hazardous goods in Europe. According to the Eurostat database, in 2017, the transport of hazardous goods in the Europe more than 83 billion tonne-kilometres. European countries such as Germany, France, and Poland have highest share of hazardous material road transportation 27.5%, 17.8%, 8.7% respectively.
Competitive Landscape Analysis
The market survey conducted by FMI offers key trends and challenges in the packaging industry and its consequent impact of Hazardous Goods Packaging market. The survey provides a thorough market share analysis to offer an in-depth analysis of prevailing competition.
It also provides a list of leading players and recent development in the global Hazardous Goods Packaging market. Some of the players in the global Hazardous Goods Packaging market are
- NEFAB GROUP
- Pfizer Inc.
- THIMM THE HIGHPACK GROUP.
- Eagle Manufacturing Company
- Schutz Container Systems, Inc.
- HINRICH Industries
- Mauser Group B.V.
- others
Key Takeaways and Projections
- The U.S. is expected to lead the North America Hazardous Goods Packaging market, projecting the fastest growth in the region between 2023-2033
- Germany and the U.K. are expected to, collectively, hold the largest share in the Europe market over the assessment period.
- China will dominate the East Asia market, accounting for the largest demand share during the forecast period.
- India is expected to emerge as a highly remunerative market in South Asia, contributing the significant revenue share in the region through 2033.
Recent Developments-
- In 2021, NEFAB Group AB bought Reflex Packaging Group, the world’s leading producer of sustainable thermoformed cushioning, to further bolster their commitment to saving resources in supply chains. Reflex Packaging will continue to operate as separate bodies within the NEFAB Group.
- In September 2021, Mauser Group announced an investment of a significant amount in cutting-edge machinery to increase the production capacity of plastic drums and IBCs at its facility in Gebze, Turkey. The expansion of the site will also support customer growth strategies and offer additional support for the growing export markets in the Middle East and Eastern Europe.
Market Drivers:
- Stringent Regulations: Increasing regulations and standards regarding the transportation and handling of hazardous materials drive the demand for compliant packaging solutions. Companies are required to adhere to strict guidelines to ensure safety and environmental protection.
- Globalization of Trade: The growth in international trade and globalization has led to an increase in the transportation of hazardous goods across borders, creating a demand for secure and reliable packaging solutions to prevent accidents and spills during transit.
- Technological Advancements: Innovations in packaging materials and technologies contribute to the development of more efficient and secure packaging solutions for hazardous goods. This includes advancements in barrier materials, tracking technologies, and labeling.
- Rising Awareness of Environmental Impact: Increasing awareness of environmental issues and the need for sustainable practices drive the demand for eco-friendly and recyclable packaging solutions. Companies are exploring ways to reduce the environmental impact of hazardous goods packaging.
Market Restraints:
- High Costs: Developing and implementing packaging solutions that comply with stringent regulations can be expensive. The costs associated with testing, certification, and compliance may act as a restraint for some companies, particularly smaller ones.
- Complexity in Design and Testing: Packaging for hazardous goods requires careful design and thorough testing to ensure compliance with safety regulations. The complexity of these processes can be a barrier for companies, particularly those with limited resources or expertise.
- Challenges in Standardization: The lack of uniform international standards for hazardous goods packaging can pose challenges for companies operating globally. Adhering to different regulations in various regions may lead to additional complexities and costs.
- Limited Adoption of Sustainable Practices: While there is a growing interest in sustainable packaging solutions, the adoption of eco-friendly materials and practices in hazardous goods packaging may be limited due to regulatory constraints and the need for robust and secure packaging.
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Market Segmentation
By Product:
- Drums
- IBCs
- Flexitanks
- Others
By Material:
- Metal
- Plastic
- Other
Packaging Classes:
- Class 1: Explosives
- Class 2: Gases
- Class 3: Flammable Liquids
- Class 4: Flammable Solids
- Class 5: Oxidising substances and organic peroxides
- Class 6: Toxic and infectious
- Class 8: Corrosives
- Class 9: Miscellaneous
By End User:
- Chemical & Petrochemicals
- Oil & Gas
- Freight and Logistics
- Automotive
- Others
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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