Hazmat Plastic Packaging Market Expected to Reach $9.3 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Hazmat Plastic Packaging Market," The hazmat plastic packaging market size was valued at $5.5 billion in 2022, and is estimated to reach $9.3 billion by 2032, growing at a CAGR of 5.5% from 2023 to 2032.

Hazmat plastic packaging is used in different industries, including storage and transportation of hazardous chemicals, material, and products. These industries include pharmaceutical industry, automotive industry, chemical industry, oil & gas industry, and others. With regulatory requirements becoming more stringent, hazmat plastic packaging companies are placing a greater emphasis on product safety, quality assurance, and regulatory compliance. This includes investing in robust quality management systems, conducting rigorous testing and certification processes, and providing comprehensive training and support to customers.

The drums segment secured the highest share of 37.5% % in the global market in 2022 and is expected to grow at a CAGR of 4.5% during the forecast period. Based on end user industry, the others segment is expected to contribute the highest market share in the coming years, as expansion in the chemical industry is estimated to fuel its growth.

Some types of hazmat plastic packaging are recyclable or made from recycled materials, aligning with the chemical industry's efforts to adopt more sustainable practices. Additionally, plastic packaging can be designed to minimize material usage while maintaining performance, reducing environmental impact throughout the product lifecycle.

The hazmat plastic packaging products such as plastic drums offer cost-effective packaging solutions compared to alternative materials such as metal or glass. They are lightweight, reducing transportation costs and facilitating handling and storage. Plastic drums are also reusable and recyclable, providing long-term cost savings and environmental benefits. Furthermore, plastic drums require less maintenance and are less prone to damage during transit, minimizing downtime and replacement costs.

Some plastic drums are made from recycled materials or are recyclable, contributing to sustainability efforts within the chemical industry. Plastic drums can be reused or recycled at the end of their lifecycle, reducing waste and environmental impact. Additionally, lightweight plastic drums help reduce carbon emissions associated with transportation, further supporting environmental sustainability initiatives.

Ongoing innovations in hazmat plastic packaging technology, such as the development of high-performance polymers and advanced manufacturing techniques, are driving the hazmat plastic packaging market growth. These advancements improve the strength, durability, and performance of plastic drums, making them increasingly attractive for storing and transporting hazardous materials.

Chemicals stored in hazmat plastic packaging are less likely to interact with the container material, ensuring the integrity and purity of the product. This is particularly important for sensitive chemicals or those prone to degradation when exposed to certain materials. Hazmat plastic packaging provides a reliable barrier, maintaining the quality and stability of the chemicals throughout transportation and storage.

Hazmat plastic packaging comes in various forms such as drums, jerricans, bottles, and intermediate bulk containers (IBCs), offering versatility to accommodate different types of hazardous materials and quantities. Plastic containers are lightweight yet durable, making them suitable for various transport modes and handling processes. Additionally, plastic packaging can be designed for single-use or reusable applications, providing flexibility to chemical manufacturers and distributors.

On the basis of region, the hazmat plastic packaging market share is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the market in 2022. The majority of the players have adopted strategies such as product launch & development and business expansion. Ongoing infrastructure projects in the Asia-Pacific region, including construction, transportation, and energy infrastructure, require the use of hazardous materials such as fuels, lubricants, and construction chemicals. Hazmat plastic packaging is essential for storing and transporting these materials safely and efficiently, supporting the development of infrastructure projects.

Key Benefits for Stakeholders

• The report provides an extensive analysis of the current and emerging hazmat plastic packaging market trends and dynamics.
• In-depth hazmat plastic packaging market analysis is conducted by constructing market estimations for key market segments between 2022 and 2032.
• Extensive analysis of the hazmat plastic packaging market is conducted by following key product positioning and monitoring of top competitors within the market framework.
• A comprehensive analysis of all the regions is provided to determine the prevailing hazmat plastic packaging market opportunity.
• The global hazmat plastic packaging market forecast analysis from 2022 to 2032 is included in the report.
• The key players within hazmat plastic packaging market overview are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the hazmat plastic packaging industry.