Wilmington, Delaware, April 10, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, Hazmat Plastic Packaging Market by Product Type (Drums, Intermediate Bulk Containers (IBCs), Pails, Bottles, and Jerrycan), and End-user Industry (Chemicals, Pharmaceuticals, Oil and Gas, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032. According to the report, the global hazmat plastic packaging market was valued at $5.3 billion in 2022, and is projected to reach $9.3 billion by 2032, registering a CAGR of 5.5% from 2023 to 2032.
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Prime determinants of growth
The growing chemical industry is significantly contributing toward the market growth. However, countries such as the U.S., Germany, and other developing countries are focused on developing new manufacturing technologies in the hazmat plastic packaging industry to sustain their market share during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size In 2022 | $5.3 Billion |
| Market Size In 2032 | $9.3 Billion |
| CAGR | 5.5% |
| No. Of Pages In Report | 189 |
| Segments Covered | Product Type, End-User Industry, And Regions. |
| Drivers | Growing Regulatory Compliance Rise In Awareness About Safe Transportation Of Hazardous Goods Industrial Expansion In Developing Countries |
| Opportunities | Growing Demand For Innovative Packaging Technology |
| Restraints | Hazardous Particles Released During Manufacturing |
The drums segment dominated the market in 2022, and the jerrycan segment it is expected to grow at a significant CAGR during the forecast period.
On the basis of product type, the drum segment accounted for a higher market share in 2022, accounting for more than two-fifths of the market revenue.
Plastic drums are robust and durable, capable of withstanding rough handling, stacking, and transportation without compromising the integrity of the container or its contents. They are less prone to denting, rusting, or corrosion as compared to metal drums, thus, making them suitable for long-term storage and repeated use.In addition, plastic drums are compatible with a wide range of industrial processes and transportation modes, providing flexibility in handling hazardous materials across different applications and industries.
Plastic drums offer a combination of chemical resistance, durability, lightweight design, versatility, cost-effectiveness, and recyclability that make them well-suited for packaging hazardous materials while ensuring safety, compliance, and environmental responsibility. However, it is essential to select the appropriate type of plastic drum and adhere to relevant regulations and industry standards to minimize risks associated with the storage, handling, and transportation of hazardous substances.
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The chemical segment dominated the market in 2022. others segment is expected to grow at a significant CAGR during the forecast period.
Based on end-user industry, the chemical segment accounted for a more than half market share in terms of revenue in 2022. Chemical packaging is a way of enclosing chemical items to store, distribute, sell, and use them. Packaging safeguards, maintains, and identifies the chemical being stored and transported. Rise in demand for chemicals from the chemicals and petroleum industries is a major growth driver of the hazmat plastic packaging market. Major players are adopting various strategies such as product launch and acquisition to sustain the intense competition.
For instance, on December 15, 2022, Greif, Inc. acquired Lee Container Corporation Inc., which is a leading producer of conventional and high-performance barrier blow molded containers, specialized in serving growth-oriented customers in the agricultural, other specialty chemical, oil & lubricant, and pet care sectors in North America. This acquisition will immediately add to the worldwide portfolio's diversification, and Lee's market mix will facilitate the company's transition to less cyclical end market exposures. Hence, increase in production of chemical consumables will boost the growth of the hazmat plastic packaging.
The Asia-Pacific dominates the market share in terms of revenue in 2022
Region-wise, Asia-Pacific accounted for half of market share, and LAMEA is expected to grow at a significant CAGR throughout the forecast period. China holds the maximum share in the hazmat plastic packaging market industry in the Asia-Pacific region. The hazmat plastic packaging market in Asia-Pacific has gained traction in the recent years, owing to ongoing construction development in China, Japan and India. Asia-Pacific includes China, Japan, South Korea, India, and rest of Asia-Pacific. India is expected to grow at a CAGR of 6.8% during the forecast period. Rise in industrialization and urbanization, has led to the growth of various end-user industries.
Furthermore, growth in end-user sectors such as chemical, pharmaceutical and oil and gas provides lucrative growth opportunities for the hazmat plastic packaging market.
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Leading Market Players:
- Berlin Packaging LLC
- Berry Global Inc.
- Cjk Packaging Limited
- Crateco Pack LLC
- Fibrestar Drums Limited
- Greif, Inc.
- Mauser Corporate Gmbh
- Peninsula Drums LLC
- C.L. Smith Company
- Sohner Kunststofftechnik Gmbh
The report provides a detailed analysis of these key players in the hazmat plastic packaging market. These players have adopted different strategies such as new product launches, expansion, and acquisitions 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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