Global Economic and Environmental Factors Impacting Industrial...

Global Economic and Environmental Factors Impacting Industrial Chemical Packaging 2023-2033

Posted 2023-10-23 11:13:51

Introduction

The Industrial Chemical Packaging Market plays a crucial role in ensuring the safe storage and transportation of chemicals, contributing to both product safety and environmental sustainability. In this comprehensive article, we delve into the nuances of this market, covering various aspects that highlight its significance and evolution.

Industrial Chemical Packaging Market: A Snapshot

Industrial Chemical Packaging Market is a vital sector that encompasses the manufacturing, design, and distribution of containers, drums, and packaging materials specifically designed for chemicals and hazardous materials. These products are engineered to meet strict safety standards, ensuring the protection of both the products they contain and the environment.

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.

With a market share of 16.5% and a value of US$ 21.30 billion in 2022, the United States leads the global demand for industrial chemical packaging.

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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.

Key segments

By Packaging Format: