HAZMAT PACKAGING MARKET ANALYSIS
Market Dynamics
The growth of HAZMAT packaging market is attributed to growing need for safe and secure packaging for materials that require special handling. Moreover, non-compliance of shipping regulations for hazardous materials results in heavy penalty, therefore, end users prefer HAZMAT packaging that comply with shipping regulations. For instance, in the U.S. violation of hazardous transportation law can result in penalty of up to US$ 75,000 and if the violation of law results in death, severe injury, serious illness of any person, or destruction of property, the maximum penalty is US$ 175,000.
Market Outlook
Among region, Asia Pacific is expected to witness highest growth rate in the market over the forecast period. This is owing to increasing industrialization and urbanization in the region, which has led to growth of various end-use industries. According to India Brand Equity Foundation (IBEF), India’s chemical industry was valued at US$ 147 billion in 2017 and is expected to grow at a rate of 15-20% to reach US$ 300 billion by 2025. Therefore, growth of various end-use industries is expected to drive the market growth of HAZMAT packaging in the region.
Market Taxonomy
On the basis of product type, the global HAZMAT packaging market is segmented into:
On the basis of material, the global HAZMAT packaging market is segmented into:
On the basis of hazardous material classification, the global HAZMAT packaging market is segmented into:
On the basis of end-use industry, the global HAZMAT packaging market is segmented into:
On the basis of region, the global HAZMAT packaging market is segmented into:
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