The Global Safety Cans Market size was valued at USD 5.40 billion in 2022 and is growing with a CAGR of 6.1% during the forecast period (2023–2031).
Safety cans refer to equipment used for transporting flammable or potentially hazardous liquids more securely. They are usually made of stainless steel or steel. These cans are generally used on a large scale in pharmaceutical laboratories, chemical and petrochemical sectors, and research laboratories.
Safety cans are used in the chemical industry to handle flammable liquids used in manufacturing processes as well as disposing of end-waste products. Additionally, they are used in handling petrochemicals such as acetylene, benzene, propane, and ethylene derived from the refining of petroleum and used in end-products such as paper, paints, textiles, and pharmaceuticals.
Over the last few years, the chemical and pharmaceutical industries have been witnessing a considerable surge in growth. In 2018, the top ten chemical-producing countries accounted for about 86.7% of global chemical sales. Safety remains one of the top priorities in these industries as they deal with chemicals and hazardous solutions every day. Thus, the safety cans market’s growth is expected to trail that of the global chemical and pharma sector.
The chemical industry is pivotal for the economic development of growing countries such as India. India’s chemical industry accounts for about 10.5% in its foreign trade. Although chemicals are vital, their implications on human health and environmental degradation are immense. The chemical industry is expected to witness a gradual shift towards Asia, looking at the debouching trends and proclivities in the manufacturing sector. This will further bolster the growth of Asia-Pacific’s safety cans market. China alone accounted for USD 1,338,320 million, which was almost equivalent to both Europe and NAFTA chemical sales of USD 1,223,260 million in 2018.
Globally, governments have imposed stringent regulations on chemical companies for maintaining the safety of the environment and handlers of such hazardous chemicals. All safety cans and containers are required to abide by occupational safety, health administration, and uniform fire codes. In Europe, chemical handling regulations are highly stringent and austere, offering significant growth opportunities for the market. REACH—Registration, Evaluation, Authorization, and Restriction of Chemicals—mandates companies engaged in chemical manufacturing to frequently review their portfolio and replace hazardous chemicals with less harmful substitutes.
The burgeoning global pharmaceutical industry is another key factor driving the market. It uses a lot of safety cans made of steel to store and transport drugs and medicines. Today, India is one of the largest providers of generic drugs worldwide, and the expansion of the pharmaceutical sector in the country has further propelled the demand for safety cans. In 2017, the Indian pharmaceutical industry observed about 46 merger and acquisition deals worth USD 1.47 billion. As per the IBEF, In October 2018, the Uttar Pradesh State (India) Government declared that it would set up and launch six pharma parks in the state and invested about USD 712–855 million.
Steel is one of the major components used in the manufacturing of safety cans. Although there is no major restrain for the growth of the safety cans market, unauthorized and unregulated production of steel can pose a threat to the market growth in certain regions. Developing countries such as India have a lot of black markets for steel production. The National Fire Protection Association (NFPA) and the International Code Council (ICC) have laid down guidelines for the safe use and maintenance of combustibles and flammable solutions under UFC. It is not mandatory to follow the regulations unless the central, state or local government body chooses to do so. As a result, there are a number of small markets that produce safety cans without following standard norms.
The ongoing trade war between the U.S. and China will further impact the sale of safety cans. China is the largest producer of steel worldwide, and the U.S. is the largest importer. The trade war has affected the demand-supply chain of the global steel market, which, in turn, has affected the growth of the safety cans market. The price hike usually leads to a reduction in the demand as it becomes inaccessible and prohibitively expensive for small warehouse owners to bear the extra incurred cost. For instance, the U.S. has imposed a 10% tariff on the import of Chinese goods, which also includes steel.
| Study Period | 2020-2032 | CAGR | 6.1% |
| Historical Period | 2020-2022 | Forecast Period | 2024-2032 |
| Base Year | 2023 | Base Year Market Size | USD XX Billion |
| Forecast Year | 2032 | Forecast Year Market Size | USD XX Billion |
| Largest Market | North America | Fastest Growing Market | Asia Pacific |
The metal cans market will be dominated by North America during the duration of the projection. This is a result of the increasing demand for metal cans in the area. Due to its widespread use of food and drinks like beer and other alcoholic beverages, North America dominates the metal cans industry. Leading manufacturer of safety cans, Justrite Manufacturing Corporation is well-known throughout North America. To create and produce the newest product lines that satisfy customer and safety criteria, the company engages in product innovation, research, and development. It recently bought Eagle Manufacturing Company in West Virginia, which enabled it to increase both the size of its distribution network and its market presence. Eagle is a well-known producer of more than 1,000 items, including safety cans, spill containment items, safety cabinets, poly barrels, and other goods for material handling.
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Although the 5 Galsegmentholds the largest share of the global market, 2.5 Gal is pegged to be the fastest-growing segment with the largest market share in coming years. Safety cans are used to store hazardous liquids and serve the essential function of controlling vapors to mitigate the risk of fire for protecting both employees and workplace facilities. They are made of various materials ranging from galvanized steel, polyethylene, and stainless steel, among others. The cans are available in two major categories: 2.5 Gal and 5 Gal.
2.5 Gal safety cans are equipped with a single spout and used for both pouring and filling, whereas 5 Gal safety cans contain separate openings for filling and pouring, which is ideal for repetitious use. The pharmaceutical industry needs a range of specialty chemicals and liquid substances that are used in laboratories for research and development activities. With growing investments in R&D activities in developing countries such as India and China, a number of acquisitions and partnerships are being observed in the pharmaceutical sector, which is expected to boost the demand for safety cans in years to come.
By application, the pharmaceutical sector held the largest share of the safety cans market, accounting for around 29% of the global market share in 2019. As per the data provided by the Observatory of Economic Complexity(OEC), sales of specialized pharmaceuticals were valued at USD 12.2 billion in 2017 and is expected to witness growth in coming years. Some of the flammable liquids that are commonly found in health facilities and research centers include anesthetic ether, kerosene, and acetone, among others.
As per data provided by the European Federation of Pharmaceutical Industries and Associations, the market witnessed rapid growth in research activities, especially in developing countries such as Brazil, India, and China, among others. These markets grew by 11.5%, 11%, and 9.4%, respectively, which was higher than the average of the first five ranked European Union markets. This highlights the immense potential of safety cans for storing and disposing of the end-waste generated from the manufacturing of drugs and chemicals.
After the pharmaceutical industry, the chemical industry held the second-largest share accounting for around 26.7% of the global market in 2019. Global chemical sales were valued at around USD 3,730 billion in 2018. The chemical industry is an integral part of the world economic landscape and plays an essential role in economic growth across the globe. Growth and developments in the chemical industry are essential to meet the various targets set by the United Nations Sustainable Developmental Goals (SDGs).
The market is witnessing a significant upsurge in FDI and government investments in the chemical and petrochemical industries. Globally, several governments have introduced favorable policies in terms of aid and subsidies for boosting industrial growth. As per the data provided by Oxford Economics, the total contribution of the chemical industry to the global GDP was valued at around USD 5.7 trillion, and the total global amount spent on R&D activities accounted for USD 51 billion. This highlights the immense potential of the chemical industry in years to come.
