The global industrial chemical packaging market is poised for consistent expansion, with a projected CAGR of 4.0% from 2023 to 2033. According to a recent analysis by Future Market Insights (FMI), the revenue share of this market is expected to increase significantly, from USD 133.58 billion in 2023 to USD 197.52 billion by 2033.
The anticipated growth of the industrial chemical packaging sector is primarily driven by the robust expansion of global trade. Numerous factors are contributing to the rise in international commerce, including advancements in technology, increased industrial activity, regulatory shifts, and the establishment of new trade agreements. As the trade landscape evolves, the demand for industrial chemical packaging materials is expected to surge.
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In response to recent disruptions in global supply chains, governments across various nations have emphasized the importance of boosting production levels to avoid supply-side shocks, shortages, and interruptions. This proactive approach is aimed at ensuring the continued availability of essential products in industries such as food and consumer goods.
As a result, companies in the FMCG sector, including leading names like Britannia Industries, are pushing for an increased supply of industrial chemical packaging materials. The company has called on the Indian government to facilitate the seamless transfer of raw and packaging materials across state lines, thereby optimizing the supply chain for more efficient production processes.
The industrial chemical packaging market is well-positioned to benefit from these dynamic shifts in trade, technology, and regulatory developments. With governments and businesses focusing on improving resilience and efficiency in the supply chain, the future of industrial chemical packaging looks promising, offering ample opportunities for growth and innovation.
Key Takeaways From the Industrial Chemical Packaging Market
- The industrial chemical packaging market is expected to expand at a 4.0% CAGR between 2023 and 2033, showing a slight increase compared to the 3.5% CAGR from 2018 to 2022.
- Market size grew from USD 105.40 billion in 2016 to USD 129.13 billion in 2022.
- The United States holds the largest market share, accounting for 16.5% (USD 21.30 billion) of the global demand in 2022.
- The United Kingdom is estimated to create an incremental opportunity of USD 1.7 billion between 2023 and 2033.
- Germany’s market share stands at 4.8%, with a value of USD 6.25 billion in 2022.
- India’s industrial chemical packaging market is projected to register a 7.14% CAGR, reaching USD 13 billion by 2033.
- Intermediate bulk containers offer a significant incremental opportunity of over USD 34.1 billion between 2023 and 2033.
- Steel accounted for 75.8% of the market share in 2022, positioning it as the second-leading material after plastic.
Startups and Key Players Work Together for Better Industrial Chemical Packaging Solutions
Startups are becoming increasingly relevant in the industrial chemical packaging business as they improve their ability to deliver unique solutions to the market. Startups are leveraging new technologies such as big data, advanced analytics, robots, and artificial intelligence to create products that can improve the efficiency of packing operations.
These methods help to reduce operating costs while also improving packaging safety procedures. Start-ups are also introducing new materials and designs that may help to reduce package weight and boost sustainability. Additionally, start-ups provide novel packaging designs that are simpler and more user-friendly.
- 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 Players
- 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
Key Segments: Industrial Chemical Packaging Market
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 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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Website: https://www.futuremarketinsights.com
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