ALBANY, New York, June 11, 2020 /PRNewswire/ -- There have been several improvements across the safety domain of industries and manufacturing units. Use of high-end packaging technologies has been the epicentre of advancements across the packaging sector. Several industries have shifted packaging technologies to the slab of the most useful domains and focus areas. This has been done to ensure safety, durability, and safe transportation of products and goods. The relevance of Hazmat packaging in the contemporary times cannot be undermined. Several industries are required to store and transport hazardous goods and substances. This necessitates the use of Hazmat packaging that can help in protecting reactive chemicals, fragile surfaces, and other materials. In light of these factors, the total value of the global Hazmat packaging market is set to reach unprecedented heights in the years to follow.
It is estimated that the global Hazmat packaging market would grow at a CAGR of 5.80% over the period between 2019 and 2027. The total worth of the global Hazmat packaging market was US$ 8.10 Billion in 2018, and is expected to reach new heights in the years to follow. Several industries have given their consent to the use of high-end packaging technologies, and this trend shall drive sales across the global market.
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Transport of Hazardous Substances
Several industries are required to transport materials across large distances, creating fresh demand for Hazmat packaging. The transport of fuels, explosives, and reactive substances has caused an uptick in the demand for this form of packaging. Furthermore, use of corrugated boxes under Hazmat packaging has also created fresh revenues for growth within the global market. There has been an increase in revenues flowing into the Hazmat packaging market from the healthcare sector. This owes to the outbreak of the novel coronavirus across the globe. Manufacturing of Hazmat suites that can protect medical practitioners from contracting the virus from infected persons has played an integral role in market expansion.
The need for Hazmat packaging is not restricted to a particular industry. Several high-end industries such as automobiles, chemicals, and healthcare use this form of packaging to ensure safety of people and goods. Furthermore, Hazmat packaging has been tested across multiple research centers and organizations, each of them giving a seal of credibility to its performance. The aforementioned trends and dynamics suffice to prove that the global Hazmat packaging market is ascending along a lucrative pathway. Several researchers have also suggested the use of Hazmat packaging in new areas such as agriculture, farming, and horticulture. This trend could cause an uptick in the volume of Hazmat packaging units manufactured annually.
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Global Hazmat Packaging Market: Growth Drivers
- In the contemporary times, the total value of the global Hazmat packaging market has increased alongside advancements in petrochemical manufacturing.
- The oil and gas industry has emerged as the largest consumer of Hazmat packaging, majorly due to the reactivity of oil fossils and oils.
- Key industries such as pharmaceuticals, freight and logistics, and manufacturing have also become key consumers of Hazmat packaging in recent times.
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Global Hazmat Packaging Market: Key Companies
- Eagle Manufacturing Company
- Schutz Container Systems, Inc.
- HINRICH Industries
- Mauser Group B.V.
- Thielmann US LLC
Global Hazmat Packaging Market: Segmentation
- Flammable and Combustible Liquids
- Flammable Solids
- Chemical & Petrochemicals\
- Oil & Gas
- Freight and Logistics
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