Portland,OR, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Radioactive material packaging Market by Product Type (Drums, Intermediate Bulk Containers (IBCs), Pails, Bottles, Others), Packaging type (Type A, Type B and other) and Material Type (Plastic, Metals and Other): Global Opportunity Analysis and Industry Forecast, 2023–2032." According to the report, the global radioactive material packaging market was valued at $660.7 million in 2020, and is projected to reach $1.2 billion by 2032, registering a CAGR of 5.1% from 2023 to 2032.
Containers designed for the safe transportation and storage of radioactive materials are commonly known as radioactive material packaging. Because of the unstable atomic nuclei that undergo radioactive decay, resulting in the emission of ionizing radiation in the forms of beta particles, gamma rays, and alpha particles, it is crucial to transport and store radioactive materials with different levels of shielding to safeguard both the environment and people from potential harm. These packaging solutions are designed to prevent radioactive materials from leaking out while simultaneously providing shielding to safeguard individuals from the hazardous effects of ionizing radiation.
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Prime determinants of growth The global radioactive material packaging market is driven by factors such as rising demand for protective packaging materials from healthcare and consumer electronics Industry, growing demand for innovative packaging technologies and increasing understanding of the need of safety when moving hazardous goods. However, release of hazardous particles during manufacturing restrains the market growth to some extent. Nevertheless, government rules & regulations for safety packaging will provide remunerative growth opportunities in the upcoming years.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2020 | $660.7 Million |
| Market Size in 2032 | $1.2 Billion |
| CAGR | 5.1% |
| No. of Pages in Report | 209 |
| Segments Covered | Material, Type, Product and Region. |
| Drivers | Rising Demand for Protective Packaging Materials from Healthcare and Consumer Electronics Industry Growing Demand for Innovative Packaging Technologies Increasing understanding of the need of safety when moving hazardous goods |
| Opportunities | Government Rules & Regulations for safety packaging |
| Restraints | Hazardous particles released during manufacturing |
Covid-19 Scenario
· Due to the COVID-19 pandemic and the subsequent global lockdowns, the radioactive material packaging market faced a downturn.
· However, as the global situation started improving, the demand for radioactive material packaging was restored back. This, in turn, presented various growth opportunities for companies operating in the radioactive material packaging market.
The type b segment garnered the major share in 2020
Based on type, type B segment held the highest market share in 2020, accounting for nearly two-fifths of the radioactive material packaging market revenue, owing to the increase in demands for type B from nuclear power industry. As more countries consider using nuclear energy or expanding existing nuclear power plants, the demand for secure transportation and storage of nuclear fuels and radioactive material has increased. However, the type A segment is estimated to dominate the market share by 2032 and is projected to manifest the highest CAGR of 6.4% from 2022 to 2032, owing to the increased usage of radioactive material in various industries such as research industries, medical uses, and industrial processes
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The intermediate bulk containers (ibcs) segment maintained its leadership status throughout the forecast period.
Based on product, the intermediate bulk containers (ibcs) segment held the highest market share in 2020, accounting for nearly three-fifths of the radioactive material packaging market revenue and is estimated to maintain its leadership status throughout the forecast period, IBCs are eco-friendly packaging due to their usability and recyclable nature is expected to boost the growth of the market. Furthermore, the other segment is projected to manifest the highest CAGR of 12.7% from 2022 to 2032, Cans are another secured and reliable medium for bulk liquid/ chemicals packaging and transportation. It is a specially designed container that holds up to the standard 20 liters of liquid.
The metal segment maintained its leadership status throughout the forecast period.
Based on material, the metal segment held the highest market share in 2020, accounting for nearly half of the radioactive material packaging market revenue and estimated to maintain its leadership status throughout the forecast period, Metal is used for production of cans and bottles for packaging of alcoholic and non-alcoholic beverages, food, and other contents. However, the plastic segment is projected to manifest the highest CAGR of 6.6% from 2022 to 2032, there are a wide range of plastics used for radioactive material packaging. The commonly used plastics are high-density polyethylene (HDPE), polyethylene terephthalate (PET), and polypropylene (PP).
Europe to maintain its dominance by 2032.
Based on region, Europe held the highest market share in terms of revenue in 2020, accounting for nearly two-fifths of the radioactive material packaging market revenue, growth in manufacturing sector is dominated by the automotive, chemical, pharmaceutical, textile, and oil & gas industries which required packaging material in order to transport safely. However, LAMEA is expected to witness the fastest CAGR of 9.0% from 2022 to 2032, The developing industrial infrastructure is anticipated to boost the demand for radioactive material packaging in LAMEA.
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Leading Market Players: -
· Strategic Packaging Systems
· General Plastics
· Croft Limited
· Waste Control Systems (U.S.)
· Kvark Ltd.
· Air Sea Containers
· Waste Control Systems
· ATB Group S.p.A.
· Sosny Research and Development Company
· PerkinElmer
The report provides a detailed analysis of these key players of the radioactive material packaging market. These players have adopted different strategies such as new product launches, business expansion, acquisition, collaboration, 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.
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