Specialty Chemical Packaging Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Specialty Chemical Packaging Market is Segmented By Capacity (100-250 liters, 250-500 liters, Above 500 liters), By Product (Drums, IBCs, Flexitanks, Others), By Type (Specialty Mining Chemicals, Water Treatment Chemicals, Basic Inorganic Chemicals, Specialty PolymersSpecialty Oilfield Chemicals, Food Additives, Specialty Enzymes, Pigments, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Specialty Chemical Packaging Market Overview

The global specialty chemical packaging market is estimated to reach at a high CAGR during the forecast period (2023-2030).

A complex, interconnected industry produces specialty chemicals. Specialty chemicals are chemical products sold based on their performance or function rather than their composition. They can be formulations or single-chemical entities and how they are put together will greatly affect how the customer's product performs and is processed. Products and services related to specialty chemicals require in-depth understanding and continual innovation. Specialty chemicals are created as a result of their functionality or performance. They may be formulations or single-chemical entities whose makeup affects the processing and functionality of the final product.

Specialty chemistry creates these high-value chemicals, which are used in critical consumer and industrial products and then serve a variety of important markets such as performance chemicals, agricultural chemicals and pharmaceuticals. Unlike commodity chemicals, specialty chemicals have only one or two primary applications. Specialty chemicals are more diverse in the global marketplace, while commodity chemicals account for most product volume.

Specialty Chemical Packaging Market Scope

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Specialty Chemical Packaging Market Dynamics

Thanks to the booming industrial industry, specialty chemical packaging services are in high demand worldwide. Industrial output and organizations' requirements for specialty chemical packaging are closely related. Consistent chemical manufacturing results have fueled a demand for specialty chemical packaging activities in recent years.

Increasing industrial activities

The global specialty chemical packaging market will expand due to the high demand for specialty chemicals used in the food and pharmaceutical industries. Furthermore, the increased demand for specialty chemicals and other additives drives sales of sustainable chemical packaging solutions.

In the forecasted years, it is anticipated that industrial operations in the food, agricultural, cosmetics and other manufacturing sectors will rise in developing nations like India and Brazil, leading to the overall demand for specialty chemicals. Furthermore, specialty chemicals are increasingly being used in water treatment. The use of specialty chemicals in industrial water treatment has grown with the introduction of more sophisticated water treatment technologies such as ion exchange.

Environmental concerns and innovation-driven specialty chemicals packaging

Concerns about the detrimental effects of conventional chemicals on the ecosystem and individuals have increased the demand for user-friendly and environmentally friendly specialized chemicals. Therefore, several players' focus has changed towards developing and marketing specialty chemicals to edge out from the conventional fine and commodity chemical manufacturers.

The packaging industry, which is driven by innovation, consistently develops packaging solutions that are more efficient than conventional alternatives. In recent years, the demand for safe packaging solutions has increased, specially designed for transporting high-value goods. Innovative bulk packaging solutions developed for the safe packaging of harmful chemicals, such as intermediate bulk containers, are made to cater to a wide range of applications.

Fluctuations in raw material price

Import shortages limit raw material supply, causing delays and rising raw material costs. As a result, the profitability of specialty chemical packaging manufacturers is constrained. Fluctuating raw material prices and stringent regulations governing specialty chemicals will hinder the growth of the Specialty chemical packaging market during the forecast period.

COVID-19 Impact Analysis

Due to the COVID-19 pandemic's rapid spread, manufacturing plants' supply chains were disrupted by the implementation of rigorous regulations and lockdowns. The food and beverage and pharmaceutical industries continued production and movement because certain exceptions for essential items were made.

Demand for food and feed additives remained high, particularly as more people turned to impulse purchases. Along with that, the pharmaceutical industry has seen a drastic increase in the use of Specialty chemical packaging due to the rising demand for medical equipment and vital pharmaceuticals. As a result, demand for Specialty chemical packaging may become even higher.

Specialty Chemical Packaging Market Segment Analysis

By product type, the specialty chemical packaging market is segmented into drums, IBCs, flexitanks and others.

Flexitank to hold the lion’s share

The flexitank segment is predicted to expand the most during the projection period. Instead of ISO tank containers, flexitanks can export oils, wines, food-grade liquids and non-hazardous chemicals worldwide. Liquids have always been costly and difficult to transport and store. It enables flexible and economical storage and transportation of dry and liquid products.

The rise of the business is primarily due to increased product demand for construction materials, specialty polymers, detergents and powdered non-hazardous chemicals. It's a conductive, antistatic, flame retardant, dissipative bag for various packaging applications.

Specialty Chemical Packaging Market Geographical Share

The growing use of specialty chemicals in various end-use industries in Asia-Pacific

Increased spending on trade activities and expanding demand for specialty chemical packaging are driving demand for drums and IBCs in China. China's chemical sector, for example, is the world's largest. Over the past decades, the industry has contributed half of the increase in the global chemical market and has been a significant driver of China's rapid economic expansion. Paints and coatings, water treatment, personal care products and cosmetics, electronics, agriculture and other sectors employ specialty chemicals in Asia-Pacific.

Furthermore, rising living standards in most developing nations, trade liberalization, increased demand for electronics and technological advances are essential drivers of specialty chemical industry growth. Furthermore, rising urbanization and industrialization in countries like China, India and Japan fuel demand for paints & coatings and fuel demand for construction chemicals drives the specialty chemicals market throughout the projection period. Furthermore, the need for water treatment chemicals in Asia-Pacific, particularly in China and India, is predicted to fuel the demand for specialized chemicals due to an increase in the demand for potable water in the home and industrial applications of the rising population.

Specialty Chemical Packaging Market Companies and Competitive Landscape

Specialty chemical packaging is a moderately competitive market with many international and regional competitors. These companies control a sizable market and extend their global client base. These companies will focus on R&D, strategic alliances and other growth initiatives to be relevant in the market over the projected period. Greif, Inc., for example, purchased a minority investment in Centurion Container LLC in April 2020. In May 2020, Greif Inc. developed GCube Connect IBCs, used to store and transport free-flowing liquids materials, collaborating with Sigfox 0G network connectivity.

Key players operating in the global market for specialty chemical packaging include Grief Inc., Mondi Group, Mauser Group B.V., Schutz Container Systems, Inc., Industrial Container Services (ICS), Ampac Holdings, Alpha Packaging, Inc, Orlando Drum & Container Corporation, TPL Plastech Ltd. and Great Western Containers Inc.

Grief Inc.

Overview: Greif is a global leader in industrial packaging goods and services to be the world's best customer service company in the industry. The company produces various specialty products, including tubes and cores, steel, plastic, fiber drums, intermediate specialty containers, refurbished containers, flexible products, containerboard, uncoated recycled paperboard, coated recycled paperboard and flexible products. Greif also has wood properties in the Southeast that it manages. The organization maintains key sites in over 40 countries to serve global and regional consumers.

Product Portfolio: It produces packaging accessories and gives diverse industries filling, packaging and other services.

Key Development: Greif, Inc., a leader in industrial packaging solutions, said today that Consumer Packaging Group had been sold to Graphic Packaging Holding Company for the previously announced price of US$85 million in cash. The debt will be settled with the money raised from the sale of CPG