Hazmat Packaging Market Analysis: Surge in the Production of Drums to Outpace IBCs & Flexitanks in the Market During the Forecast Period
The global HAZMAT packaging market was valued at US$ 8.10 Billion in 2018 and is projected to expand at a CAGR of 5.8%, during the forecast period.
HAZMAT packaging refers to the packaging of hazardous materials that are capable of posing risk to health, safety, or property during transportation. HAZMAT packaging has emerged as an efficient way to protect environment from hazardous chemicals. The scope of this report includes primary packaging of hazardous materials and includes packaging of products through drums, flexitanks, industrial bulk containers, etc. The packaging done with corrugated boxes is a part of secondary packaging. HAZMAT packaging is usually meant for the storage and transportation of hazardous substances across the border. Shipping of such materials is not only dangerous but also requires adherence to the guidelines and regulations set by organizations such as U.S.DOT, IMO, IATA, and ICAO etc.
There are nine classes defined under HAZMAT packaging. These include explosives, gases, flammable liquids & solids, oxidizing substances, corrosives, toxic & infectious substances, etc. HAZMAT packaging solutions are designed to protect the cargo from explosions or leakage. The basic shipment description required for HAZMAT packaging consists of shipping name, hazardous material classification, identification number, and the packing group respectively. Labelling & marking are the two primary constituents that play a vital role in the HAZMAT packaging market. Improper HAZMAT packaging results in severe injuries or loss of human life as well as damage to the environment. Controlling exposure to occupational hazards is the fundamental method of protecting workers, in case any hazmat incident occurs.
The Need for Safe and Secure Packaging Solutions is Impelling the Demand for Hazmat Packaging
The growth of HAZMAT packaging is mainly driven by the need for safe and secure packaging solutions. Spilling and snapping of cases can be minimalized by using HAZMAT packaging. HAZMAT packaging is reliable as it ensures the safety of crude during transportation by rail or other methods.
Moreover, manufacturers and retailers find it difficult to get their products to the market efficiently. HAZMAT packaging plays a crucial role here. Also, many packaging manufacturers are opting for e-retail as a means to not only increase their sales, but also to maintain a competitive edge over other market players which, in turn, increases the demand for HAZMAT packaging.
Global HAZMAT Packaging Market: Taxonomy
The global HAZMAT packaging market has been segmented on the basis of product type, material type, class, end-use industry, and region.
On the basis of product, the HAZMAT packaging market study includes drums, industrial bulk containers (IBCs) and flexitanks, & other segments. Of these, HAZMAT packaging of the drums segment accounts for the major share of the global HAZMAT packaging market. This is primarily due to the cost-effectiveness offered by the drums as compared to IBC and other bulk containers.
The material type considered in the HAZMAT packaging market study includes metal and plastic segments. Of these, the plastic segment in HAZMAT packaging accounts for the major share of the global HAZMAT packaging market. Being lightweight and cost-effective, plastic is preferred over metals such as stainless steel.
On the basis of class, the HAZMAT packaging market has been segmented into nine classes. Of these nine classes, the class 3 segment will grow at a healthy CAGR in the global HAZMAT packaging market.
On the basis of end use, the global HAZMAT packaging market has been segmented into seven segments that are chemicals & petrochemicals, oil & gas, freight and logistics, automotive, pharmaceutical, agriculture and horticulture, & other manufacturing industries. Of these, the chemical & petrochemicals segment in the global HAZMAT packaging market is expected to heavily dominate the market during the forecast period.
Vendor Landscape Remains Highly Splintered in the Global Hazmat Packaging Market
The key manufacturers in the HAZMAT packaging market profiled in this report include– Greif Inc., SIA Flexitanks, Hoover Ferguson Group, Schutz Container Systems, Inc., Mauser Group B.V., HINRICH Industries, Thielmann US LLC, Eagle Manufacturing Company, Patrick J. Kelly Drums, Inc., Clouds Drums Dubai LLC., Balmer Lawrie & Co. Ltd., Sicagen India Ltd, Great Western Containers Inc., Fibrestar Drums Limited, Meyer Steel Drum, Inc., and Peninsula Drums Cc. Many local and unrecognized players are expected to contribute to the global HAZMAT packaging market during 2018-27.