CAGR: 4.0%Current Market Size: USD 2.8 BillionFastest Growing Region: Europe
Largest Market: APACProjection Time: 2023-2030Base Year: 2022
The Global Inorganic Chemical Packaging market is expected to grow from USD 2.8 billion in 2022 to USD 3.83 billion by 2030, at a CAGR of 4.00% during the Projection period 2023-2030. The growth of this market is mainly driven by increased in the market demand with chemicals mostly used in the food and medicinal sectors.
A class of compounds known as inorganic chemicals lacks carbon and its derivatives as its main constituents. This class does not include cyanides, carbonates, carbides, carbon disulphide, or cyanates. Packaging for inorganic chemicals is a difficult task. There are frequently a lot of packaging possibilities for some compounds. The industrial inorganic chemical may be made useless, have an unfavourable long-term effect on the environment, injure the end user or warehouse employees, or all three. The packaging has a big role in the handling and security of inorganic chemicals. Without proper chemical packaging, there is a real risk to both human safety and material security, keeping in mind the potential for resource and item injury and fatalities, such as in the event of fire explosions. Chemicals that include two or more elements besides carbon are known as inorganic chemicals. Carbon-containing substances that are inorganic, although having carbon, include carbon monoxide, carbon dioxide, carbides, carbonates, and cyanides. One of the key drivers likely to propel market expansion is the increasing demand for inorganic chemicals in the fertilisers sector. China and India are the chosen production hubs for international businesses due to their low labour costs. This lowers the total cost of manufacturing inorganic compounds. Market participants are influenced by rising environmental awareness and stricter restrictions to switch technologies and produce environmentally friendly goods.
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Demand for industrial chemical packaging has sharply increased as a result of increased production capacities in a number of end-use industries, including food and beverage production and chemical processing, a wide range of new industrial applications for chemicals in cosmetics and personal care products and automotive, and R&D services.
Board, paper, aluminium, polymer, glass, and steel are a few of the main raw materials used by packaging firms. Both industrial and consumer packaging uses these materials. The packaging firms are potentially vulnerable in the value chain due to the shifting pricing of these raw materials. Large companies are frequently the primary material suppliers since they have the purchasing ability to pass on increased commodity costs, which raises the cost of commodities and hence input prices. The cost of materials and, consequently, input prices rise as a result of key material suppliers being typically enormous organisations with the financial muscle to pass on their increasing commodity costs.
The packaging industry, which is driven by innovation, consistently develops packaging solutions that are more efficient than conventional options. The demand for safe packing solutions that are specifically made for carrying expensive items has grown in recent years. Innovative bulk packaging solutions, including intermediate bulk containers, created for the secure packaging of dangerous chemicals, are designed to accommodate a variety of uses. Flexible intermediate bulk containers are meant to facilitate the transfer of chemicals in powdered form, whereas rigid intermediate bulk containers are created for liquid and granulated chemical commodities.
The chemical packaging market was significantly impacted by stringent restrictions from regulatory agencies mandating the exact labelling of all sorts of hazardous compounds on containers.
The global Inorganic Chemical Packaging market has been segmented based on Material, Packaging Format, and Regions.
The Material segment includes Metal and Plastic. The Plastic segment led the largest share of the Inorganic Chemical Packaging market with a market share of around 60% in 2022. Plastic has become the material of choice for industrial chemical packaging makers, according to FMI. High-density polyethylene (HDPE), low-density polyethylene (LDPE), polypropylene (PP), and polyvinyl chloride (PVC) are some of the most well-known recyclable plastics because they provide the strength and durability needed for simple handling of industrial chemicals. Heavy research and development expenditures have allowed manufacturers to create metallized polyethylene terephthalate (MET-PET), which does not absorb moisture and is 100% recyclable, making it ideal for the secure transportation of dangerous and valuable chemicals to remote locations.
By Packaging Format
The Packaging Format segment includes Intermediate bulk containers (IBCs), Flexitanks, Drums, Pails & Jerry Cans, Bags & Sacks, and Others. The IBCs segment led the Inorganic Chemical Packaging market with a market share of around 22% in 2022. Manufacturers all around the world make a wide range of intermediate bulk containers, including rigid intermediate bulk containers made of plastic and stainless steel. The most popular variety of intermediate bulk containers, with a capacity of 800-1,250 litres, accounts for about half of all intermediate bulk containers supplied.
Global Inorganic Chemical Packaging Market- Sales Analysis
The sale of Inorganic Chemical Packaging types expanded at a CAGR of 3.50% from 2016 to 2022.
The industrial packaging sector's manufacturers are adjusting to meet the demands of today's consumers. Therefore, as market participants strive for a competitive edge, the emphasis is on ongoing advancements in production technology.
Automated technologies are already in use in developed markets for the cutting, welding, and shaping of various packaging solutions needed by diverse sectors.
Modern leak detection equipment and sophisticated testing methods are created to ensure that chemical packaging solutions comply with weight handling capacity and international safety requirements.
Thus, owing to the aforementioned factors, the global Inorganic Chemical Packaging Market is expected to grow at a CAGR of 4.00% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analysed for the Inorganic Chemical Packaging market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The Asia Pacific region dominated the Inorganic Chemical Packaging market and held a 39% share of the market revenue in 2022.
Global Inorganic Chemical Packaging Market- Country Analysis:
Germany’s Inorganic Chemical Packaging market size was valued at USD 0.16 billion in 2022 and is expected to reach USD 0.48 billion by 2030, at a CAGR of 15% from 2023 to 2030. Increased demand for paints and coatings, together with diverse dyes and pigments, will open up sales prospects in Germany.
China’s Inorganic Chemical Packaging market size was valued at USD 0.18 billion in 2022 and is expected to reach USD 0.63 billion by 2030, at a CAGR of 17% from 2023 to 2030. The rise in trade activity spending and the requirement for chemical packaging are the main factors driving the demand for steel drums and IBCs in China. For instance, based on revenue creation since 2011, China's chemical sector has been the largest in the world. For the past two decades, the sector has contributed nearly half of the growth of the global chemical market and has been a significant driver of China's rapid economic expansion.
India's Inorganic Chemical Packaging market size was valued at USD 0.20 billion in 2022 and is expected to reach USD 0.80 billion by 2030, at a CAGR of 19% from 2023 to 2030. India is the world's second-largest producer of food. Opportunities for the sale of industrial chemical packaging will arise as a result of the last decade's growth in the use and production of various fertilisers, pesticides, and agrochemicals.
Key Industry Players Analysis:
To increase their market position in the global Inorganic Chemical Packaging business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, type developments, collaborations, partnerships, joint ventures, etc.
2.8 billion in 2022
By Material, By Packaging Format, and By Region.
Revenue Projection, competitive landscape, company ranking, growth factors, and trends
Greif, CL Smith, Schutz Container Systems, BWAY Corporation, Industrial Container Services, Sonoco Products Company, The Cary Company, TPL Plastech, Milford Barrel, Hoover Ferguson Group, Orlando Drum & Container Corporation, International Paper, Berry Global, Sealed Air, DS Smith, and Snyder Industries.
By Packaging Format
Scope of the Report
Global Inorganic Chemical Packaging Market By Material:
Global Inorganic Chemical Packaging Market By Packaging Format:
Global Inorganic Chemical Packaging Market By Region:
Global Inorganic Chemical Packaging market is expected to grow from USD 2.8 billion in 2022
The global Inorganic Chemical Packaging market is expected to grow with a 4.00% CAGR during the Projection period.
The Asia Pacific Inorganic Chemical Packaging market was projected to gain a global market share of 39% in 2022.
Greif, CL Smith, Schutz Container Systems, BWAY Corporation, Industrial Container Services, Sonoco Products Company, The Cary Company, TPL Plastech, Milford Barrel, Hoover Ferguson Group, Orlando Drum & Container Corporation, International Paper, Berry Global, Sealed Air, DS Smith, Snyder Industries and Others
The growth of this market is mainly driven by increased in the market demand with chemicals mostly used in the food and medicinal sectors.
Political Factors- inorganic chemical packaging market should closely examine pressure group, social/environment, and worker union protests since they have a significant impact on how policies are made. Close cooperation with these organisations may improve Smith Ds Plc capacity.'s for community engagement and the accomplishment of long-term corporate objectives. Additionally, a well-developed governance structure and a democratic political climate improve the business climate for markets like the inorganic chemical packaging market The business climate is badly impacted by bureaucracy and corruption. The business environment is becoming more uncertain for the inorganic chemical packaging market when it operates in nations with high levels of corruption and lax law enforcement because of the weakened public confidence in corporate institutions and the entire political and economic system.
Economic Factors- The ability of the inorganic chemical packaging market to implement its long-term growth goals will depend on the GDP growth rate. A high GDP also indicates that consumers are able to spend more money on the goods being offered. The availability of surplus labour at relatively lower salaries is indicated by high unemployment. The cost of production for Inorganic Chemical Packaging Market can be reduced by operating in such a market. The interest rate and how it affects borrowing capacity and investment mindset should also be carefully taken into account by the company. The high interest rate will promote an investment-friendly mindset and broaden the Inorganic Chemical Packaging Market's potential for growth. Finally, the profitability and global trade can both be impacted by exchange rate fluctuations. For Inorganic Chemical Packaging Market, the high local currency volatility may be a major source of worry.
Social Factors- International marketing managers value culture as a key variable. Every civilization has unique norms and values that are crucial in determining how people behave as consumers. inorganic chemical packaging market should establish local alliances and teams to understand better local opinions and social mores in order to produce marketing plans that are tailored to the local environment. Inorganic Chemical Packaging Market also values the observation of social class stratification. inorganic chemical packaging market will need to implement niche marketing methods in order to provide luxury goods at premium pricing to a market where the high-end market is comparatively underrepresented. Market segmentation based on social class may also be unsuccessful in areas with limited social class stratification.
Technological Factors- To comprehend how new technologies affect the firm's value chain and current cost structure, the inorganic chemical packaging market must take into account the investments made by rivals on a micro and macro level. In a setting where creative disruption is prevalent, research and development efforts are crucial. inorganic chemical packaging market should invest in disruptive technologies in such a situation to maximise earnings and reinvest the money in even more disruptive technologies in the future. The lifecycle of developing new products has been shortened by the adoption of new technology. New products are created swiftly today, and supply chain partners have more clout as well.
Environmental Factors- The use of green/eco-friendly items is becoming more popular. inorganic chemical packaging market might seize the chance and implement green business strategies to gain the confidence of stakeholders. Priorities for product innovation are changing as a result of regulatory organisations' emphasis on ensuring conformity with environmental standards. inorganic chemical packaging market must put a higher priority on promoting the eco-friendliness of their products than on conventional value propositions. inorganic chemical packaging market may face criticism from the media, environmental organisations, customers, and the general public if it uses excessive amounts of resources.
Legal Factors- As certain nations have substantial requirements to maintain labour safety, the inorganic chemical packaging market must abide by the laws governing employee/labor health and safety. Inorganic Chemical Packaging Market has an ethical and moral duty to give its employees a safe working environment. In a similar vein, anti-discrimination laws (such as equal employment opportunity laws) also need to be carefully considered when developing human resource practices as discriminatory lawsuits against employers harm the organizational image and affect organizations' capacity to attract and retain talent.
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