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Chemicals Packaging Market Size, Share, and Analysis, By Product Type (Bags and Sacks, Intermediate Bulk Containers, Pails and Drums, Flexible IBCs and Related Flexible Packaging Products, Other Product Types), By Material Type (Glass, Plastics, Composite materials, Metals), By Application (Pharmaceutical, Commodity Chemicals, Specialty Chemicals, Petrochemicals, Other Applications) and Regional Forecasts, 2022-2032
Chemicals Packaging Market size was USD 22.65 billion in 2021 and projected to grow from USD 24.2 billion in 2023 to USD 32.4 billion by 2032, exhibiting a CAGR of 3.3% during the forecast period.
Chemicals packaging denotes to the process and items utilized to maintain safety and protection, while transportation of different chemicals. Chemicals are present in various forms like solids, liquids, gases, and powders possessing different properties like toxicity, corrosiveness, flammability etc. Proper packaging is important to prevent the potential risk connected with these chemicals. Chemicals packaging plays vital role in confirming the safe storage, handling, and transportation of chemicals. Commonly used chemicals packaging materials are metals, plastics, glass, and composite materials.
Chemicals Packaging Market is expected to reach USD 32.4 billion, growing at a CAGR of 3.3% during forecast period owing to the increasing demand for safe and effective packaging solutions for different chemicals. The growing industrialization, rising trade, and increasing necessity for chemicals from various sectors like agriculture, pharmaceuticals, automotive, etc. is creating demand for the growth of the market. The evolution of creative packaging solutions that comply with safety regulatory guidelines may boost market growth. Growing focus on sustainability, safety, and customization is boosting the growth of the chemicals packaging market.
Chemicals Packaging Market is classified based on the Product Type into Bags and Sacks, Intermediate Bulk Containers, Pails and Drums, Flexible IBCs and Related Flexible Packaging Products, Other Product Types. Bags and Sacks segment is expected is expected to dominate the market in the forecast period owing to their availability in different shapes, sizes, and configurations, giving flexibility in packaging various chemical types. They are created to avoid spills, leaks, and contamination, while handling, storage, and transportation. Bags and sacks are cost-effective solution for packaging and are lightweight which assist in low transportation costs.
Chemicals Packaging Market is classified based on the Material Type into Glass, Plastics, Composite materials, Metals. Composite materials segment is expected to dominate the market in the forecast period as they can be composed to display high chemical resistance by maintaining safety and protection for various chemicals and can be created to be environment friendly. Composite materials resist exposure to corrosive substances, acids, aggressive solvents, bases, or reactive chemicals without compromising the integrity of packaging.
Increasing Demand for Chemicals is Expected to Boost the Growth of the Market
The demand for utilizing chemicals for various activities is increasing in different industries like agriculture, pharmaceuticals, consumer goods, automotive, construction etc. which creates the necessity for structural and reliable packaging solutions to verify the safety while transportation, storage, and handling. The development of trade and supply chains related to chemicals is increasing and they are transported over long distances which need rigid packaging that can resist the harshness while transportation and assure safety and compactness of chemicals.
Advancements in Technology Related to Packaging Material is Expected to Boost the Growth of the Market
Several developments for modern packaging solutions for various chemical materials are being evolved and the innovative technologies are expected to enhance the performance and effectiveness of chemicals packaging. Advancements include the use of high-performance barrier films, tamper-evident features, intelligent sensors included packaging, anti-counterfeiting measures which are expected to drive the demand for accepting new packaging solutions and thereby boosting the growth of the chemicals packaging market.
Strict Regulatory Issues May Restrain the Growth of the Market
Chemicals packaging market is required to comply strict regulatory requirements imposed by governments and following these regulations involve investments which may restrain market growth. The correct discarding and recycling of packaging materials is tough and costly process which may also hamper the market growth.
Chemicals Packaging Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific region dominated the chemicals packaging market in 2021 and is expected to continue its dominance in the market over the forecast period owing to the increasing developments in industrial sector, rising foreign direct investment and growing exchange rates which is expected to create demand for the growth of the chemicals packaging market in the forecast period. Several countries in this region are aiming in production and consumption of chemicals which is anticipated to create demand for the growth of the chemical packaging market.
The COVID-19 outbreak had resulted in the economic downfall. The transportation and travelling were disrupted due to the pandemic which resulted in the downfall of the economies globally. Pandemic caused notable economic disruptions globally. Irregularities in timings and extremeness of emergencies resulted in thoughtful spending. The chemical packaging market faced several challenges due to the decreased budgets, delay in starting projects which affected the market growth. Covid-19 had a negative impact on the growth of the Chemicals Packaging Market.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 3.3% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Product Type |
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Material Type |
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Application |
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By Region |
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Chemicals Packaging Market size was estimated at USD 22.65 billion in 2021 and is expected to reach USD 32.4 billion in 2032.
Bags and Sacks and Composite materials segment accounted for the highest growth rate in the Chemicals Packaging market.
Leading players: Ardagh, Fabri-Kal, The Dow Chemical Company, Emerald Packaging, DuPont, Mondi, Innovia Films, Gerresheimer, Nampak, Graham Packaging, Sonoco, Amcor and Other Prominent Players are the leading players in the Chemicals Packaging Market.
Increasing Demand for Chemicals and Advancements in Technology Related to Packaging Material are the factors driving the Chemicals Packaging market.
The necessity to comply strict regulatory requirements of government which involve investing are the challenges associated with the Chemicals Packaging Market.
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