Newark, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 11.62 Billion in 2022 hazmat packaging market will reach USD 23.37 Billion by 2032. Packaging is an important consideration for any sector as it ensures product safety and safeguards it throughout transportation. Hazardous materials are used to package goods that are dangerous to human health and require special handling during transit. Hazardous material packaging is a highly efficient method of preventing environmental or human injury when it comes to these materials. Moving trash and other dangerous materials can be done safely and effectively with this strategy. It consists of standard packing containers such as drums, IBCs, pails, and bottles for hazardous materials.
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Key Insight of the Hazmat Packaging Market
Asia Pacific is anticipated to expand at the highest CAGR of 8.52% over the projection period.
Asia Pacific is expected to grow at the highest CAGR of 8.52% over the forecast period. The rise of numerous end-user industries can be attributed to the growing processes of industrialization and urbanisation. In addition, the region's growing population and rising standard of living are anticipated to fuel demand from a variety of end-user industries, including the chemical, pharmaceutical, and oil and gas sectors, offering the HAZMAT packaging market significant expansion prospects.
The drums segment is expected to register the highest CAGR of 9.59% over the projected period in the hazmat packaging market.
The drums segment is anticipated to grow at the highest CAGR of 9.59% in the hazmat packaging market. Drums, which can hold about 200 litres, are used to store practically every kind of chemical, including liquid pharmaceuticals. For the past few years, manufacturers and logistics businesses have also reused the drums after taking significant safety measures as returnable shipment packaging. During the projected time, all of these reasons are anticipated to increase demand for the hazmat packaging market.
Over the projected period, the plastics segment is expected to register the highest CAGR of 8.95% in the hazmat packaging market.
Over the forecasted period, the plastics segment is anticipated to grow at the highest CAGR of 8.95% in the hazmat packaging market. This is supported by the strength, impact resistance, and stiffness of polymers. The need for plastic hazardous packaging is predicted to increase because to the growing usage of products including bottles, pails, IBCs, and drums. Furthermore, plastics are lightweight in comparison to materials like glass and metal. It is anticipated that all of these developments would fuel market expansion.
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Market Dynamics
Driver: Increasing numbers of rules
Adherence to strict rules and regulations maintained by regulatory authorities such as the DOT, IMO, and IATA is necessary for the safe transportation of hazardous cargo. Adherence to these requirements, which also ensure the security of handling and shipping hazardous chemicals, drives the demand for specific packaging solutions.
Restraint: Strict laws and expenses associated with compliance
The market for hazmat packaging is mostly governed by regulations, however because of their stringency and complexity, these regulations can be challenging. Producers and end users may discover that the overall cost of hazmat packing increases when it comes to training, certifications, testing, and documentation because of the multiple and ever-changing requirements that must be adhered to. Therefore, the stringent regulations and the corresponding costs of compliance may be one of the primary barriers to the market's expansion.
Opportunity: Technological developments in packaging
Advances in production, design, and packaging materials could bring about a significant transformation in hazardous material packaging. Opportunities arise from the development of high-performance materials with improved resistance to thermal, chemical, and physical dangers. New innovations such as smart packaging technologies can provide real-time monitoring of hazardous materials throughout transit, significantly enhancing safety and efficiency. Therefore, it is expected that advancements in packaging technology will offer a strong chance for market expansion during the course of the estimated period.
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Some of the major players operating in the hazmat packaging market are:
• Fibrestar Drums Limited
• Grief Inc.
• Meyer Steel Drum, Inc.
• Schutz Container Systems, Inc.
• Thielmann US LLC
• Balmer Lawrie & Co. Ltd.
• Mauser Group
• Sicagen India Ltd.
• Great Western Containers Inc.
• Peninsula Drums Cc
Key Segments cover in the market:
By Product Type:
• Intermediate bulk containers (IBCs)
• Bottles
• Drums
• Pails
• Others
By Material Type:
• Metal
• Plastics
• Corrugated
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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