HAZMAT Packaging Market Increasing Emphasis to Promote Growth Till 2026 with Major PLayers : Greif Inc., Hoover Ferguson Group, Inc., Mauser Group B.V., Eagle Manufacturing Company, Balmer Lawrie & Co. Ltd., Meyer Steel Drum

HAZMAT packaging, also known as hazardous materials’ packaging is used for storage and transportation of hazardous substances. The process of packaging starts with classification of hazardous materials. The classification allows to identify what material is inside the container and its hazardous nature. The classification also helps to identify what kind of packaging is required for the material.

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The hazardous material classification is regulated by the U.S. Department of Transportation. Appropriate packaging of hazardous material also depends on packing group of the material. According to Federal Aviation Administration of U.S., packing group is grouping of materials in accordance with degree of danger they present. The packing group is classified into packing group I: materials presenting high danger, packing group II: materials presenting medium danger, and packing group III: materials presenting low danger.

Market Dynamics

The growth of HAZMAT packaging market is attributed to growing need for safe and secure packaging for materials that require special handling. Moreover, non-compliance of shipping regulations for hazardous materials results in heavy penalty, therefore, end users prefer HAZMAT packaging that comply with shipping regulations. For instance, in the U.S. violation of hazardous transportation law can result in penalty of up to US$ 75,000 and if the violation of law results in death, severe injury, serious illness of any person, or destruction of property, the maximum penalty is US$ 1 75,000.

Market Outlook

Among region, Asia Pacific is expected to witness highest growth rate in the market over the forecast period. This is owing to increasing industrialization and urbanization in the region, which has led to growth of various end-use industries. According to India Brand Equity Foundation (IBEF), India’s chemical industry was valued at US$ 147 billion in 2017 and is expected to grow at a rate of 15-20% to reach US$ 300 billion by 2025. Therefore, growth of various end-use industries is expected to drive the market growth of HAZMAT packaging in the region.

Key Market Players

Major players operating in the global HAZMAT packaging market include Greif Inc., Hoover Ferguson Group, Inc., Mauser Group B.V., Eagle Manufacturing Company, Balmer Lawrie & Co. Ltd., Meyer Steel Drum, Inc., Hazmatpac, Inc., Air Sea Containers, Inc., Peninsula Drums, and Fibrestar Drums Limited.

Market Taxonomy

On the basis of product type, the global HAZMAT packaging market is segmented into:

Drums & Cans
Cartons & Boxes
Industrial Bulk Containers
Flexi tanks
Others

On the basis of material, the global HAZMAT packaging market is segmented into:

Plastics
Metals
Corrugated Paper

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