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The chemical storage cabinets market size is estimated to grow at a CAGR of 4.69% between 2022 and 2027. The market size is forecast to increase by USD 571.69 million. The growth of the market depends on several factors, including manufacturing industries driving the consumption of specialty chemicals, the rise in international chemical trade, and increasing demand for temperature-controlled storage cabinets for chemicals. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
This report extensively covers market segmentation by type (below 30 gallon, 30-60 gallon, and above 60 gallon), application (flammable and combustible chemicals, toxic chemicals, corrosive chemicals, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
Chemical Storage Cabinets Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Specialty chemicals are used in various industrial applications due to their functions and performance. The addition or use of these chemicals imparts performance benefits and functionality to the final product. Specialty chemicals 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.
Moreover, warehousing and storage are important aspects of the specialty chemicals supply chain. It is critical that specialty chemicals are safely stored before being shipped to the end-user or the next stage of the supply chain. Therefore, the rising demand for specialty chemicals from the processing industry and their increasing distribution are expected to boost the demand for chemical storage cabinets, further driving the growth of the market during the forecast period.
Flame retardants are chemicals added to combustible materials to prevent ignition or to slow or retard combustion. Bromine, chlorine, phosphorus, aluminum, magnesium, and boron are most commonly used in the production of flame retardants used in the production of epoxy resins, paints and coatings, polyolefins, unsaturated polyesters, and polyvinyl chloride (PVC). Chemicals, and others.
Moreover, there are different types of brominated flame retardants (BFRs), including polybrominated biphenyls (PBBs), polybrominated diphenyl ethers (PBDEs), octabromodiphenyl ether, decabromodiphenyl ether, and pentabromodiphenyl ether. BFRs are used in the production of polystyrene foams, plastics, and polymers. Thus, the growth in the polymer industry is expected to increase the consumption of BFRs, resulting in increased demand for flame retardant chemicals during the forecast period.
Various Regulations for Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) and Classification, Labeling, and Packaging (CLP) as well as stringent regulations of the Environmental Protection Agency (EPA) and the Biocidal Products Directive (BPD) will decline the production of specialty chemicals. For this reason, the manufacture of chemical storage cabinets requires a high degree of precision.
Moreover, 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). The Safety Data Sheet should include the chemical name, physical and chemical properties of the chemical, associated health hazards, routes of entry, exposure limits, and other information. Hence, the global chemical storage cabinets market operates under a highly strict regulatory environment, which is expected to impede the growth of the market during the forecast period.
The below 30-gallon segment will account for a major share of the market's growth during the forecast period.? Safety cabinets with a capacity of less than 30 gallons are the most viable option for storing a wide variety of chemicals such as flammable and non-flammable. These cabinets are designed to store small amounts of chemicals for easy maintenance. Most laboratories and research centers require small amounts of chemicals. Therefore, cabinets with a capacity of less than 30 gallons have separate cabinets inside to properly store all kinds of chemicals.
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The below 30-gallon segment was valued at USD 832.23 million in 2017 and continued to grow until 2021.?These cabinets are fitted with secure locking mechanisms to limit access to authorized personnel and these chemicals are properly labeled with warning labels. Also, safety cabinets with a capacity of less than 30 gallons are easy to maintain. However, handling these chemicals requires regular supervision and trained workers. Therefore, safety cabinets with a capacity of less than 30 gallons are expected to grow during the forecast period, mainly due to increasing demand from various industries such as chemical, pharmaceutical, and biotechnology due to their safety benefits. Such factors will increase segment growth during the forecast period.
Based on application, the market has been segmented into flammable and combustible chemicals, toxic chemicals, corrosive chemicals, and others. The flammable and combustible chemicals?segment will account for the largest share of this segment.? Flammable and combustible chemicals ignite very easily and burn quickly. Flammable and combustible chemicals are stored in special cabinets to protect workers from exposure to these dangerous chemicals. In addition, these cabinets are well-ventilated and protected from direct sunlight, ignition sources, and heat storage. Flammable and combustible chemicals can decompose or oxidize at some point when exposed to external factors such as air, moisture, and dust particles. Thus, these storage cabinets provide a controlled environment and can also extend the stability and shelf life of these hazardous chemicals. Hence, the flammable and combustible chemicals segment in the global chemical storage cabinets market is expected to grow during the forecast period.
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North America is estimated to contribute 41% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The significant growth of the chemical industry in the region and the growing demand for specialty chemicals in various end-use industries in countries such as the US, Canada, and Mexico are some of the major factors driving the growth of the market in the region. In North America, the demand for chemical cabinets mainly comes from the US. However, there is moderate demand for chemical cabinets in Canada and Mexico.
Moreover, the increasing demand for specialty chemicals in the US, especially from the construction and agricultural industries, is driving the growth of the chemical storage cabinet market in the region. Specialty chemicals are widely used in coatings, adhesives, sealants, and elastomers. The chemical storage cabinet market is undergoing a transformation as chemical manufacturers switch to shale gas for heat and power generation. Growing demand for specialty chemicals from end-use industries such as automotive is expected to drive the growth of the chemical storage cabinet market in the region during the forecast period.
The COVID-19 pandemic was one of the most prevalent contagious diseases in North America in 2020. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown restrictions, and business operations resumed. The demand for chemical storage cabinets in North America raised with growing demand from end-users to safely store hazardous chemicals. Furthermore, the end-users of chemical storage cabinets will focus more on cost reduction and will implement new technologies to reduce storage costs. Hence, such factors will boost the chemical storage cabinets market in the region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AltMet Pty Ltd.: The company offers chemical storage cabinets such as industrial and small safety cabinets, intelligent safety cabinets and big-sized outdoor chemical storage cabinets.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
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
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The chemical storage cabinets market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Chemical Storage Cabinets Market Scope |
|
Report Coverage |
Details |
Page number |
153 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.69% |
Market growth 2023-2027 |
USD 571.69 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.87 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 41% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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 |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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