The Industrial Chemical Packaging Market plays a crucial part in ensuring the safe handling, storage, and transportation of chemicals, promoting environmental sustainability and product safety. In this lengthy essay, we examine the nuances of this market and emphasize several aspects that show its significance and growth.
Industrial Chemical Packaging Market: A Snapshot
A crucial industry, the industrial chemical packaging market includes the production, development, and distribution of drums, containers, and packaging supplies made especially for chemicals and hazardous materials. Strict safety regulations are met during the engineering of these goods, guaranteeing the safety of the products inside as well as the environment.
Fueled by a projected 4.0% CAGR, the industry is poised for steady growth through 2033. As forecasted by FMI, the industrial chemical packaging market’s revenue share is anticipated to climb from US$ 133.58 billion in 2023 to US$ 197.52 billion by 2033.
With a market share of 16.5% and a value of US$ 21.30 billion in 2022, the United States leads the global demand for industrial chemical packaging.
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Key Takeaways from Industrial Chemical Packaging Market
- The most popular packaging type for the secure and convenient transportation of industrial chemicals is the intermediate bulk container because to its cost-effectiveness and versatility when mounted on a pallet. Currently, over 64% of industrial chemical packaging solutions sold globally are made with IBCs.
- The United States is the biggest user of chemical packaging solutions, supported by the existence of well-known pharmaceutical enterprises in the nation.Over the next ten years, it is projected that the U.S. market will present additional prospects valued US$ 4.4 billion.
- 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.
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.
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)