Wilmington, Delaware, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Radioactive Packaging Market by by Type (Type A, Type B, and Others), Product (Bottles, Intermediate bulk containers (IBCs) , Drums, Pails, and Others), and Material (Plastic, Metal, and Others) : Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the radioactive packaging market was valued at $0.7 billion in 2023, and is estimated to reach $1.2 billion by 2032, growing at a CAGR of 5.1% from 2024 to 2032.
Prime determinants of growth
The radioactive packaging market is driven by increasing demand for nuclear energy to reduce carbon emissions, growth in the medical sector for diagnostic imaging and cancer treatments, and stringent regulatory requirements for safe handling and transport of radioactive materials.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $0.7 billion |
| Market Size in 2032 | $1.1 billion |
| CAGR | 5.1% |
| No. of Pages in Report | 245 |
| Segments Covered | Type, Product, Material, and Region. |
| Drivers | |
| Opportunities | |
| Restraint | |
By Type
The type A segment is expected to grow throughout the forecast period.
The type A segment is expected to experience faster growth in the radioactive packaging market due to stringent regulatory requirements for safe transportation, increased demand for medical isotopes, and advancements in nuclear medicine. In addition, increase in safety concerns and the expansion of nuclear power projects contribute to the rising need for robust and compliant packaging solutions, driving growth in this segment.
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By Product
The intermediate bulk containers (IBCs) segment is expected to grow throughout the forecast period.
The intermediate bulk containers (IBCs) segment is anticipated to experience growth in the radioactive packaging market due to their efficiency in handling and transporting large volumes of radioactive materials safely. Increased demand from the nuclear power and medical sectors, stringent safety regulations, and the need for durable, cost-effective, and compliant packaging solutions further drive the adoption of IBCs in this market.
By Material
The metal segment is expected to grow throughout the forecast period.
The metal segment is expected to experience growth in the radioactive packaging market due to its superior durability, shielding effectiveness, and compliance with stringent safety regulations. Metals like lead and stainless-steel offer robust protection against radiation, making them ideal for transporting and storing radioactive materials. In addition, the increasing demand from the nuclear energy sector, medical applications, and advancements in radioactive waste management contribute to the growing adoption of metal packaging solutions in this market.
By Region
Asia-Pacific to maintain its dominance by 2032.
Asia-Pacific held the highest revenue in the radioactive material packaging market share owing to its advanced nuclear energy infrastructure, stringent regulatory frameworks, and significant investments in nuclear power projects. The presence of leading nuclear technology companies and research institutions further boosts market growth. In addition, Asia-Pacific's commitment to nuclear safety and the transportation of medical isotopes for cancer treatment contribute to the high demand for reliable radioactive material packaging solutions in the region.
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Players: -
- Air Sea Containers
- Waste Control Systems
- ATB Group S.p.A.
- Waste Control Systems
- Kvark Ltd.
- General Plastics
- PerkinElmer
- Croft Limited
- Strategic Packaging Systems LLC
- Sosny Research and Development Company
The report provides a detailed analysis of these key players in the global radioactive packaging market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry News
- In March 2022, Pacific Northwest National Laboratory (PNNL) which is managed and operated by Battelle for the Department of Energy, successfully fabricated and delivered initial batch of DPP-3 units by a vendor in Spokane, Washington. The DPP-3 is a flexible package that replaced the DT-series packages to ship radioactive materials safely and securely.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." Allied Market Research has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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