Transparency Market Research delivers key insights on the HAZMAT packaging market in its published report, titled “HAZMAT Packaging Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019–2027.” In terms of revenue, the global HAZMAT packaging market is estimated to expand at a CAGR of 5.8% during the forecast period, owing to numerous factors, about which TMR offers thorough insights and forecasts in the HAZMAT packaging market report.
HAZMAT packaging refers to the packaging
of hazardous materials that are capable of posing risk to health,
safety, or property when transported in commerce. HAZMAT packaging has
emerged as an efficient way to protect environment from hazardous
chemicals. Incidents involving HAZMAT packaging product types can
involve risk of contamination, leakage, spillage fire, and explosions,
which can threaten individual health and cause the breakdown or failure
of equipment or processes and the performance of facilities below
expected levels of capacity. So, HAZMAT packaging plays an important
role in the shipment of hazardous goods.
The basic shipment description required
for HAZMAT packaging consists of shipping name, hazardous material
classification, identification number, and the respective packing group.
Labelling & marking are the two primary constituents that play a
vital role in the HAZMAT packaging market. The scope of this report is
the primary packaging of HAZMAT goods. Primary HAZMAT packaging includes
packaging of products through drums, flexitanks, industrial bulk
containers, etc. Packaging done with corrugated boxes is a part of
secondary HAZMAT packaging.
In the report, TMR suggests that
developing countries such as India & China, are estimated to
register impressive growth in the HAZMAT packaging market during the
forecast period. The growth is supported by the rising concerns towards
the safety of goods and the growing chemical & refinery industry.
Moreover, increasing production of drums in China is driving the demand
for HAZMAT packaging. Research also suggests that Europe is estimated to
have promising potential in the development of the HAZMAT packaging
market.
Also, stringent regulations imposed by
the government regarding the transportation of HAZMAT goods are driving
the demand for HAZMAT packaging. Global manufacturers in the HAZMAT
packaging market are opting for U.S. /DOT, IMO approved products as the
fine imposed, if rules are not followed is quite high. Also, key players
are expanding their production capabilities in order to outpace their
competitors in the market. For instance, Hoover Ferguson Group has
expanded its production capabilities and provides the highest quality
standards in HAZMAT packaging as its products are DNV, BV, UN, and IMO
certified.
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