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.
The United States dominates the global industrial chemical packaging market with a substantial market share of 16.5% and a total value of US$ 21.30 billion in 2022. This commanding position is underpinned by stringent regulations enforced by the Federal Hazardous Substances Act (FHSA), which necessitates specific labeling and secure packaging for toxic, corrosive, flammable, and irritant products to prevent harm and damage during storage and transportation. The United States market is greatly influenced by these regulations, ensuring the safe handling of hazardous materials.
Furthermore, the market is propelled by the increasing consumption of active pharmaceutical ingredients, driven by the presence of leading pharmaceutical companies in the country. In the United Kingdom, the industrial chemical packaging market is bolstered by the presence of key industry players and is expected to create an incremental opportunity of US$ 1.7 billion from 2023 to 2033. Increasing investments in organic chemical production are set to further boost the demand for convenient packaging solutions. The United Kingdom is anticipated to witness a 1.5x growth in the demand for industrial chemical packaging, positioning it as the third-largest market in Europe.
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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.
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.
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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 (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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