Radioactive Material Packaging Market Expected to Reach $1.2 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Radioactive Material Packaging Market," The radioactive material packaging market size was valued at $660.69 million in 2020, and is estimated to reach $1.2 billion by 2032, growing at a CAGR of 5.1% from 2023 to 2032.   

Radioactive material packaging refers to the packaging used to transport and store radioactive materials safely. These substances have unstable atomic nuclei that undergo radioactive decay and emit ionization radiation in the form of beta particles, gamma rays, and alpha particles when transported and stored with various levels of protection from the environment and from people. The packaging is designed to protect against the damaging effects of ionizing radiation while also preventing the leakage of radioactive elements. 

Increase in use of radioactive material packaging from varoius packaging indutries sector, due to it offers several benifits such as ease of storage, transportation, and customer preference for safe and secure packaging handeling propel the growth during radioactive material packaging market forecast period. Intelligent packaging solutions, such as hazardous chemicals packaging, are in high demand to protect and transport chemical commodities. Chemical packaging manufacturers provide a variety of alternatives for storing hazardous chemicals, such as IBCs, drums, and bins.

Organizations are also investing in innovative packaging methods to achieve long-term results. For instance, in April 2021, Mauser Packaging Solutions acquired Global Tank Srl in Italy through the Joint Venture NCG-Maider. Mauser Packaging Solutions intends to expand its supply of industrial packaging goods and services in the Italian market through this purchase, while also enhancing the company's position as the global industry leader in reconditioning. As a result, such acquisitions and business plans have the potential to fuel the expansion of the radioactive material packaging market growth.  Pails and drums have traditionally been used extensively in the transportation of chemical materials by various industries. Although these products offer several advantages over similar materials, new products are filling a huge sustainability gap in the radioactive material packaging market share.

However, to ensure safety there are restricted national international rules and regulations that must be followed when transporting and storing radioactive material it can be difficult to compile with these rules which could be a problem for the user and producer of the packaging that and such problem can hinder the growth of Radioactive Material Packaging Industry. 

Furthermore, the industry is predicted to experience opportunities during the projection year due to the government's strict laws and regulations. Carriers of products must have a usable identification label or mark on hand while transporting hazardous commodities. Additionally, this will make transportation safer. Packaging for hazardous goods must adhere to safety standards. Each package containing a harmful or hazardous substance, for instance, needs to have its own class label. On vehicles carrying hazardous materials, tachographs that monitor acceleration, time speed, and other vitals are required. This factor is anticipated to provide lucrative opportunities for the expansion of the radioactive material packaging market opportunities for packaging radioactive materials throughout the course of the anticipated timeframe. 

Moreover, to transport, preserve, and protect a variety of products, corrugated paper is a practical and affordable type of packaging. The corrugated paper is an essential part of the packaging business due to a number of features like recyclability, biodegradability, and light weight. Corrugated boxes are currently replacing plastic packaging in a number of significant e-commerce transactions. For instance, Amazon started employing corrugated cardboard boxes as the primary packaging as of June 2020. Corrugated boxes are also very adaptable and can be used in a variety of ways in addition to being a box. Additionally, hazardous material is packaged in corrugated boxes as an additional layer of protection. Combination packing is also common for transporting various hazardous materials. Consequently, all of these developments and trends are anticipated to fuel growth. in addition, the growing demand for radioactive material packaging market analysis from the various end-users such as chemicals, paint & dyes, pharmaceuticals, and petroleum is expected to boost the growth of the market during the forecast period.  

Key Findings of the Study   

• The report provides an extensive analysis of the current and emerging radioactive material packaging market trends and dynamics.    

• By product, the Intermediate bulk containers (IBCs) segment was the largest revenue generator in 2022.   

• By material, the Metal segment generated the highest revenue in 2022.   

• By type, type A segment generated the highest revenue in 2022.   

• Region-wise, Europe generated the highest revenue in 2022.