The Chemical Packaging Market is expected to grow at a CAGR of 3.23% during the forecast period of 2022-2031.
According to the American Chemistry Council, basic chemicals including organic chemicals, inorganics chemicals, plastic resins, synthetic rubber, and manufactured fibers witnessed a global production increase of 1.4% between January 2022 and August 2022 and has not witnessed a substantial impact due to COVID-19. However, the production of specialty chemicals took a significant hit as the global production declined by 11.2%, and especially for specialty chemicals such as coatings, the production fell by 25.2% between January 2022 to August 2022, which negatively affected the usage of packaging in the specialty chemicals segment.
Download PDF Sample Report For More Information@ https://www.sdki.us/sample-request-114801
In the chemical industry, the packaging is a crucial component for chemical handling and safety. Without proper packaging of chemicals (bulk liquid), the risk of incidents and real danger to people’s safety and material protection becomes high, including product and asset damages and fatalities in the cases of fire explosions.
Several new packages satisfy the safety concerns, in addition to providing a greener footprint. Traditionally, many chemical manufacturers have significantly used pails and drums in transporting their products. While these products have several benefits over competitive materials, new products are satisfying a significant gap in the market sustainability. For instance, bag-in-box and industrial bulk containers allow for more product-per-package, and they are collapsible, reducing landfill space and reducing transportation costs.
Other than drums, Intermediate Bulk Containers (IBCs) are particularly suited to the chemical industry, as they can safely transport various solid or liquid products, including materials needing safe handling, as well as those identified as hazardous such as classes 3, 4, 5 and 9 and other chemicals such as edible liquids, lubricating and essential oils.
However, the changing regulatory standards, fluctuations in raw material costs and growing waste levels and increasing environment wastage regulations are expected to hamper market growth for some of the Chemical Packaging products.
Key Market Trends
Bags and Sacks to Witness Significant Growth rate
Paper and biodegradable sacks are being preferred over plastic sacks or bags, due to the increasing concern over plastic packaging waste generated across the globe. This has led to governments adapting to alternative sources such as biodegradable packaging. The United States accounts for only 4% of the world’s population and generates 2% of global Municipality Solid Waste (MSW). It is also stated that the United States produces about 106.2 kg of plastic waste per person per year.
In some regions, covid is stimulating companies from various industries to bring back single-use plastic bags rather than accept reusable ones. This is mainly done due to the ability of single-use plastics to reduce the risk of potential viral transmission. Hence, an increasing number of chemical companies have suspended the use of reusable containers, and states have begun to rescind plastic bag bans temporarily.
Access Free Sample Report Here@ https://www.sdki.us/sample-request-114801
The rapid shift towards sustainable packaging solutions is further stimulating the sack providers to innovate and provide recyclable or sustainable sacks for industrial purposes. For instance, ExxonMobil offers a range of performance PE polymers, including Exceed XP, and ExxonMobil HDPE, amongst other products to create several opportunities to create differentiated, sustainable heavy-duty sack solutions.
Further, today, Poland can be called the prominent country of the chemical industry in the region of Central and Eastern Europe. According to the Central Statistical Office, the chemical sector in Poland employs around 300,000 people, which accounts for 11% of employment in the total industry within Poland. The biggest breakthrough in the development of the chemical industry in Poland, which awaits the country in the coming years, will be the development of refining, petrochemical and plastics processing industries. Such trend would lead to more demand of bag and sacks in coming time.
Asia Pacific to hold the highest market share
The demand for steel drums & IBCs in China is driven by increasing spending on trade activities and growing demand for chemical packaging. For instance, China’s chemical industry has been the largest in the world, given revenue generation since 2011. The industry has contributed to half of the growth of the world chemical market for the past two decades and has played an important impetus for China’s high economic growth.
The growing incidents of storage and transportation of hazardous chemicals are further expected to foster the consumption of IBC and steel drums as they are perceived as safe packing solutions for such products. Further, owing to the health risks posed by chemicals upon leakage and leach followed by the demand for a solution that prevents exposure to the external environment continue to rise, drives the growth of the market in the region.
Moreover, with the landscape of the chemical industry-changing globally, China is expected to drive its chemical industry to the next stage of development by taking the lead by leveraging technology innovation and trade and prevailing in the international market.
The Chemical Packaging market is moderately competitive and consists of a significant number of global and regional players. These players account for a considerable share in the market and focus on expanding their client base across the globe. These players focus on the research and development activities, strategic alliances, and other organic & inorganic growth strategies to stay in the market landscape over the forecast period.
January 2022 – The Leeds-based waste and recycling sack supplier Cromwell Polythene purchased the Moorgreen Flexible Packaging from Duo Plastics Limited. Moorgreen Flexible Packaging recycles and manufactures polythene, film, bags, and sacks from recycled and prime virgin polythene.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
About SDKI :
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count ( SDKI ) provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
For more information, please contact:
Shibuya Data Count
Tel: + 81 3 45720790
For More Related Reports: