LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global chemicals packaging market was valued at USD 9.87 billion in 2016 and is expected to grow at a CAGR of more than 3%.
This research report titled ‘Global Chemicals Packaging Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The chemical industry is the major end-user of drum packaging. Many research conducted in the field of chemicals has led to the discovery of new elements such as ununtrium (Uut), ununpentium (Uup), ununseptium (Uus), and ununoctium (Uuo). These chemicals require special storage and handling systems. The constant need to change product lines due to the shift to new packaging materials and the type of packaging used due to the discovery of new chemicals pose a serious challenge for the manufacturers.
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Technavio’s analysts categorize the global chemicals packaging market into four major segments by product type. They are:
The top three segments based on product type for the global chemicals packaging market are discussed below:
Global chemicals packaging market by sacks
Packaging sacks are standardized, flexible bulk bags used in industrial packaging mainly for dry, lose, or granulated materials. Packaging sacks are generally made of plastic, paper, or jute for a range of cargo loads with varying structural strength. These sacks are suitable for numerous applications in the construction, chemical, and food industries.
According to Shakti Jakhar, a lead packaging research analyst from Technavio, “The growing demand for plastic-based packaging sacks, especially from industries such as the specialty chemical sector, will contribute to the growth of the market. APAC is expected to be the major revenue-generating region during the next five years.”
Global chemicals packaging market by drums
The drums segment accounted for the second largest share in the chemicals packaging market in 2016. Drums are manufactured by using various materials such as steel, rigid plastics, and fibers (paperboard). Drums are manufactured in varying sizes for different cargo carrying capacity. One such size widely used is the 55-gallon drum with a storage capacity of 200 liters.
Global chemicals packaging market by FIBC
FIBCs are standardized containers that come in various forms and types, suitable for packaging in the chemical industry. These containers are used for packaging industrial products such as dry, granular, and semi-liquid goods.
One of the main factors that are positively affecting the market is the growth of the chemical industry. FIBCs offer flexibility with respect to the structural modifications required for the chemical industry. They also provide different opening and discharge options and are easy to lift and transport.
The top vendors highlighted by Technavio’s research analysts in this report are:
- The Dow Chemical Company
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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