Transparency Market Research delivers key insights on the HAZMAT packaging market in its published report, titled “HAZMAT Packaging Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019–2027.” In terms of revenue, the global HAZMAT packaging market is estimated to expand at a CAGR of 5.8% during the forecast period, owing to numerous factors, about which TMR offers thorough insights and forecasts in the HAZMAT packaging market report.
HAZMAT packaging refers to the packaging of hazardous materials that are capable of posing risk to health, safety, or property when transported in commerce. HAZMAT packaging has emerged as an efficient way to protect environment from hazardous chemicals. Incidents involving HAZMAT packaging product types can involve risk of contamination, leakage, spillage fire, and explosions, which can threaten individual health and cause the breakdown or failure of equipment or processes and the performance of facilities below expected levels of capacity. So, HAZMAT packaging plays an important role in the shipment of hazardous goods.
The basic shipment description required for HAZMAT packaging consists of shipping name, hazardous material classification, identification number, and the respective packing group. Labelling & marking are the two primary constituents that play a vital role in the HAZMAT packaging market. The scope of this report is the primary packaging of HAZMAT goods. Primary HAZMAT packaging includes packaging of products through drums, flexitanks, industrial bulk containers, etc. Packaging done with corrugated boxes is a part of secondary HAZMAT packaging.
In the report, TMR suggests that developing countries such as India & China, are estimated to register impressive growth in the HAZMAT packaging market during the forecast period. The growth is supported by the rising concerns towards the safety of goods and the growing chemical & refinery industry. Moreover, increasing production of drums in China is driving the demand for HAZMAT packaging. Research also suggests that Europe is estimated to have promising potential in the development of the HAZMAT packaging market.
Also, stringent regulations imposed by the government regarding the transportation of HAZMAT goods are driving the demand for HAZMAT packaging. Global manufacturers in the HAZMAT packaging market are opting for U.S. /DOT, IMO approved products as the fine imposed, if rules are not followed is quite high. Also, key players are expanding their production capabilities in order to outpace their competitors in the market. For instance, Hoover Ferguson Group has expanded its production capabilities and provides the highest quality standards in HAZMAT packaging as its products are DNV, BV, UN, and IMO certified.
HAZMAT packaging ensures safety of crude during rail or other transportation methods. Using advanced technologies such as RFID in the HAZMAT packaging market can be seen as an opportunity during the forecast period. Many packaging manufacturers in the HAZMAT packaging market are opting for e-retail as a means to not only increase their sales but also maintain a competitive edge over other market players. For instance: Snyder Industries., Inc. and Hoover Ferguson Group, significant players in the HAZMAT packaging market have opted for online sales as a medium to increase their sales. This also helps in keeping a check on certified HAZMAT packaged products.
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However, disposal of flexitanks is a challenge for the HAZMAT packaging industry which can result in hampering the HAZMAT packaging market in the near future. Flexitanks are meant for single use only after which they have to be discarded. The escalation in the raw material prices and other input costs has led to increased prices of IBCs and drums, which can affect the 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 the period 2019-27.