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 the environment from hazardous chemicals. This type of 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.
Global Hazmat Packaging Market: Growth Factors
The growth of HAZMAT packaging market is mainly driven by the need for safe and secure packaging solutions. Spilling and snapping of cases can be minimalized by using HAZMAT packaging. It is reliable as it ensures the safety of crude during transportation by rail or other methods. Additionally, manufacturers and retailers find it difficult to promote or advertise their products. HAZMAT packaging plays a crucial role here. Also, many packaging manufacturers are choosing e-retail as a means to not only increase their sales but also to maintain a competitive edge over another market player which, in turn, increases the demand for HAZMAT packaging.
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Key Segments Covered in the HAZMAT Packaging Market
By Product Type
Drums
IBCs
Flexitanks & Others
By Material
Metal
Plastic
By Class
Explosives
Gases
Flammable and Combustible Liquids
Flammable Solids
Oxidizing Substances and Organic Peroxides
Toxic Substances and Infectious Substances
Radioactive Materials
Corrosives
Miscellaneous Hazardous Materials
By End Use
Chemical & Petrochemicals
Oil & Gas
Freight and Logistics
Automotive
Pharmaceuticals
Agriculture & Horticulture
Other Manufacturing
Based on regions, the global hazmat packaging market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America hazmat packaging market is expected to continue its dominance throughout the forecast period mainly attributed to well-established end-user segments in the region.
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On the other hand, the Asia Pacific hazmat packaging market is expected to expand at the highest CAGR due to rapid industrialization in key economies such as India and China. Middle East & Africa along with Latin America are together expected to witness growth at a sluggish pace due to slow paced development of end-user industries in the key economies. The European market has huge growth prospects and will contribute lucratively towards the overall market growth over the next few years.
Some of the major players operating in hazmat packaging market 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.
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