Chemical Storage Cabinets Market size to grow by USD 571.69 million during 2022-2027 | Manufacturing industries driving the consumption of specialty chemicals to drive the market’s growth – Technavio

NEW YORK, Sept. 27, 2023 /PRNewswire/ — The chemical storage cabinets market size is expected to grow by USD 571.69 million between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 4.69% during the forecast period. The market is segmented by Type (Below 30 gallons, 30-60 gallons, and Above 60 gallons), Application (Flammable and combustible chemicals, Toxic chemicals, Corrosive Chemicals, and Others), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). Manufacturing industries driving the consumption of specialty chemicals drives the chemical storage cabinets market. Owing to its functions and performance, specialty chemicals are used in various industrial applications. They are manufactured in small quantities and used to make personal care products and cosmetics, water chemicals, organic chemicals, polymers, plastic additives, dyes, pigments, foods, construction products, electronics, and surfactants. In the specialty chemicals supply chain, warehousing and storage are important aspects. It must be ensured they are safely stored before being shipped to the end-user or the next stage of the supply chain. Hence, such factors drive the growth of the chemical storage cabinets market during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the chemical storage cabinets market: AltMet Pty Ltd., asecos GmbH, DENIOS SE, Ecolab Inc., ECOSAFE SA, Fami S.r.l., Justrite Mfg. Co. LLC, Kewaunee Scientific Corp., LabGuard India Pvt. Ltd, Merck KGaA, Safety Storage Systems Ltd., Shanghai SYSBEL Industry and Technology Co. Ltd., Spectrum Laboratory Products Inc., Stericox India Pvt. Ltd., SYSPAL Ltd., and Alfa Chemistry
• Chemical Storage Cabinets Market is fragmented in nature.
• Market to observe 3.87% YOY growth in 2023.

Market Dynamics:

Trend

• The increasing use of flame retardants in end-user industries is an emerging chemical storage cabinet market trend.
• In order to prevent ignition or to slow or retard combustion, flame retardants are chemicals added to combustible materials.
• In the production of flame retardants used in the production of epoxy resins, paints and coatings, polyolefins, unsaturated polyesters, and polyvinyl chloride (PVC), chemicals like bromine, chlorine, phosphorus, aluminum, magnesium, and boron are most commonly used.
• Furthermore, BFRs are used in the production of polystyrene foams, plastics, and polymers, and thus, the growth in the polymer industry is expected to increase the consumption of BFRs.
• This results in increased demand for flame retardant chemicals during the forecast period. 

Challenge

• Stringent regulations associated with chemical storage cabinets challenge the growth of the chemical storage cabinets market.
• Several Regulations for Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) and Classification, Labeling, and Packaging (CLP)will decline the production of specialty chemicals because of this, the manufacture of chemical storage cabinets requires a high degree of precision.
• Storage cabinet facilities must maintain Material Safety Data Sheets (MSDSs) for all chemicals regulated under the Occupational Safety and Health Administration (OSHA) and Hazard Communication Standards (HCS) (29 CFR 1910.1200) and it includes the chemical name, physical and chemical properties of the chemical, associated health hazards, routes of entry, exposure limits, and other information.
• Hence, such challenges impede the growth of the chemical storage cabinets market during the forecast period.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing the report

Keg Segments:

The below 30-gallon segment is significant during the forecast period. Safety cabinets with this capacity are the most viable option for storing a wide variety of chemicals such as flammable and non-flammable. Such cabinets are ideally designed to store small amounts of chemicals for easy maintenance and most laboratories and research centers require small amounts of chemicals. Hence, such factors drive the growth of the below 30-gallon segment of the chemical storage cabinets market during the forecast period. Get a glance at the market contribution of the segments, Request Free Sample

Related Reports:

The chemical warehousing and storage market size is estimated to grow at a CAGR of 3.88% between 2022 and 2027. The size of the market is forecast to increase by USD 7,321.57 million. This market report extensively covers market segmentation by application (commodity chemicals and specialty chemicals), type (general warehouse and specialized warehouse), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The rise in international trade is notably driving the chemical warehousing and storage market growth.

The semiconductor materials market size is estimated to grow at a CAGR of 4.8% between 2022 and 2027. The market size is forecast to increase by USD 19.25 billion. This semiconductor materials market report extensively covers market segmentation by product (fab materials and packaging materials), application (consumer electronics, manufacturing, automotive, telecommunications, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America). Growing automotive electronics is notably driving the market growth.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

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