Bulk Chemical Packaging Market to be Worth USD 27213.60 Million by 2033: Future Market Insights, Inc.

The global bulk chemical packaging market is on track for significant growth, with an expected valuation of USD 14,095.27 million in 2023, projected to reach USD 27,213.60 million by 2033. This expansion, driven by a steady compound annual growth rate (CAGR) of 6.8%, highlights the critical role of packaging in the chemical industry, particularly in ensuring the safe handling and transportation of hazardous materials.

As the chemical industry continues to evolve, the importance of robust and reliable packaging solutions cannot be overstated. The proper packaging of bulk chemicals is crucial in mitigating the risks associated with the handling and transportation of hazardous materials.

Without appropriate packaging, there is a heightened risk of accidents that can pose severe threats to human safety and property. In extreme cases, such as fire explosions, the consequences can be devastating, leading to significant damage to products, assets, and potential loss of life.

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Regulatory Influence in Europe

Regions such as Europe are at the forefront of enforcing stringent regulations governing the packaging of chemicals. The ADR European Agreement concerning the International Carriage of Dangerous Goods has set forth comprehensive guidelines that underscore the importance of selecting the correct packaging materials. The agreement mandates that Intermediate Bulk Containers (IBCs) and large packages used for transporting dangerous goods must not be compromised or significantly weakened by the substances they contain.

Additionally, the packaging must not initiate any harmful reactions with the contained chemicals. These stringent regulations drive the need for robust and compliant packaging solutions within the European chemical industry.

Key Takeaways:

• Asia Pacific Excluding Japan: The market in this region is projected to account for approximately 49.7% of the global market share in 2022.
• United States: The rising demand for chemicals is driven by key industries such as pharmaceuticals, food and beverage, and agriculture.
• Europe: The European market is expected to hold about 15.8% of the global share in 2022, with Germany's chemical industry being a significant growth driver.

Competition Landscape

The bulk chemical packaging industry is moderately competitive, with several global and regional competitors. These bulk chemical providers account for a significant portion of the market and are focused on expanding their client base around the world.

The majority of these firms are focusing on expanding their manufacturing capacities in order to address the unmet needs of a diverse variety of industries while also increasing their customer base. Meanwhile, several other bulk chemical providers are forming mergers, acquisitions, and joint ventures to alter their competitive position or the structure of their operations.

Recent Development

• In September 2021, Advanced Tooling Systems (ATS), one of the leading engineering service providers headquartered in the USA, opened a new division for the supply of complete packing line solutions and packing equipment. The company aims to cater to the high demand for packaging solutions from end markets, such as chemicals, food, and beverage, pharmaceutical, automotive, and cosmetics.
• In September 2020, Mauser Packaging Solutions, a manufacturer of sustainable packaging solutions based in the USA acquired EuroVeneta Fusti Srl (EVF) through the joint venture NCG-Maider in Italy. This acquisition would enable the former to expand its offering of steel drum packaging and plastic industrial packaging. At the same time, it would enable Mauser to strengthen its position in the Italian market by reconditioning its IBC services.

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Bulk Chemical Packaging Market by Category

Product Type:

• Drums
• IBC's
• Flexitanks & Others

Capacity Type:

• 100-250 Liters
• 250-500 Liters
• Above 500 Liters

End Use:

• Consumer Chemicals
• Specialty Channels
• Basic Inorganic Chemicals
• Polymers
• Petrochemicals

Region:

• North America
• Latin America
• Europe
• Asia Pacific Excluding Japan
• Middle East & Africa (MEA)

Have a Look at Related Research Reports on the Packaging Domain:

Europe Masking Tapes Market - https://www.futuremarketinsights.com/reports/europe-masking-tapes-market

United States Biodegradable Cups and Lids Market - https://www.futuremarketinsights.com/reports/united-states-biodegradable-cups-and-lids-market

Latin America In-mold Labels Market - https://www.futuremarketinsights.com/reports/latin-america-in-mold-labels-market

Asia Pacific Stick Packaging Machines Market - https://www.futuremarketinsights.com/reports/asia-pacific-stick-packaging-machines-market

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.