The industrial chemical packaging market is projected to expand at a steady pace, registering growth at 4.0% CAGR between 2021 and 2031, as per the a survey conducted by Future Market Insights.
Due to the unprecedented outbreak of COVID-19, restrictions imposed by regulatory authorities have negatively impacted the sales of industrial chemical packaging solutions. However, in the coming years spike in demand for chemicals and growth in international trade of hazardous materials will result in long term growth of the global industrial chemical packaging market.
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Development of the latest international trade routes and improvements in supply chain and logistics networks will enable companies to deliver goods across continents in lesser time. These developments will therefore fuel the demand for durable and high-capacity packaging solutions for hazardous chemicals.
Manufacturers in the industrial packaging industry are adapting to the needs of modern-day markets. Continuous upgrades in production technology are made mandatory for all manufacturers, either small or large to stay competitive in the market.
State-of-the-art leak detecting machinery and advanced testing solutions are designed for making sure the chemical packaging solution is in tandem with international safety standards and complies with weight handling capacity.
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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.
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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.
Sustainability to be a Key Concern for Top Manufacturers
Increasing global pollution has compelled key players of the packaging industry to use eco-friendly raw materials, which are recyclable or offer re-usability. Along with that, manufacturers need durable materials to provide strength to the industrial chemical packaging solutions, which can carry heavy weight.
Producers are therefore shifting focus towards High-Density Polyethylene (HDPE), Low-Density Polyethylene (LDPE), Metallized Polyethylene Terephthalate (MET-PET), and other reusable materials, which are cost-effective and have a wide range of features.
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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.
Industrial Chemical Packaging Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the industrial chemical packaging market, analyzing historical demand from 2015-2020 and forecast statistics for 2021-2031.
The study reveals growth projections on the industrial chemical packaging market on the basis of packaging format (IBC, flexi tanks, drums, pails & jerry cans, bags & sacks and others), material (metal, plastic and paper & paperboard) and the chemical type (specialty chemicals and commodity chemicals) across seven regions.