Hazmat Packaging Market to Benefit from Increasing Adoption of the Product During the COVID-19 Pandemic

HAZMAT packaging is required to secure hazardous materials. The hazardous materials include chemicals, biological weapons, toxins, nuclear weapons, and radioactive substances. Hazardous substances need special labeling so that it can be identified from other similar substances that are present in the surroundings. The regulations are enforced by various departments of the government like the Health and Safety Management Organization (HSMO) and other organizations.

The hazmat packaging is created using eco-friendly materials and can be used for various purposes. It can be used to store the dangerous agents or for the protective barriers against the harmful effects of the harmful agents. There are specialized companies that deal with hazardous materials and offer these services. These companies have special trucks to carry out the hauling of hazardous materials and provide the best packaging options to the clients.

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Market Dynamics

Increasing focus on safe lithium battery packaging is expected to propel the growth of the hazmat packaging market. For instance, in September 2020, KULR Technology Group, Inc., in partnership with Hazmat Safety Consulting, an organization that focuses on developing, influencing, and interpreting lithium battery safety regulations for the safe transport of lithium batteries, commenced work on helping establish updated industry safety standards for lithium battery packaging used to ship batteries commercially.

Significant growth in the pharmaceutical industry is also expected to aid in the growth of the HAZMAT packaging market. For instance, according to The European Federation of Pharmaceutical Industries and Associations’ Key Data 2019, the pharmaceutical sector in Europe was valued at US$ 139, 287 million in 2000, which increased to US$ 284, 028 million (est.) in 2018.

The emergence of the Covid-19 pandemic is expected to offer lucrative growth opportunities for players in the global HAZMAT packaging market. For instance, in April 2020, the Department of Transportation, U.S., issued notices announcing the relaxing of some of its compliance standards that are part of federal hazardous materials packaging regulations.

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The HAZMAT packaging market is witnessing several M&A activities. For instance, in April 2020, Pipeline Packaging, a U.S-based distributor of rigid industrial containers, acquired HAZMATPAC, Inc., a manufacturer and distributor of packaging containers for the safe transport of hazardous materials.

Competitive Analysis

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., Labelmaster, Air Sea Containers, Inc., Peninsula Drums, HAZMATPAC, Inc., and Fibrestar Drums Limited.

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This release was published on openPR.