Growth and Regional Insights of the Hazardous Label Market
The global hazardous label market is projected to grow from USD 1.91 billion in 2023 to USD 2.83 billion by 2034, reflecting a compound annual growth rate (CAGR) of 3.77% between 2024 and 2034.
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The hazardous label industry is expected to experience significant growth in the coming years. These labels, known as “hazard class labels,” are designed to meet regulatory standards and identify specific types of hazards. They help ensure safe packaging and transportation of materials, allowing both shippers and receivers to recognize potential risks. It’s the responsibility of shippers to choose the correct labels for their shipments.
Incorrect labeling can lead to costly transportation delays, fines, and accidents. Regardless of language, these labels provide crucial information about the potential risks of chemicals inside packages, and they must be clearly visible on the outside of the packaging throughout transportation.
The growth of the hazardous label market is driven by factors such as increasing global trade, industrialization, and stricter regulations like those from GHS, OSHA, and regional transportation authorities. Additionally, rising awareness about workplace safety and the environmental impact of hazardous substances is expected to further boost the market.
Technological advancements, such as integrating RFID and QR codes for better traceability, along with the growing demand for eco-friendly and sustainable label materials, are also contributing to the market’s expansion. The continued growth of the chemical and logistics sectors is likely to support further development in the hazardous label market in the near future.
Recent Developments by Key Market Players:
In February 2024, Reliance Label Solutions introduced a new initiative aimed at helping businesses enhance and streamline their chemical labeling processes. Their free, confidential service, called the GHS L.A.B.E.L. Profile (Leading Assessment for Best Practices and Efficacy of Labels), offers expert evaluations to ensure companies handling hazardous chemicals comply with best practices in labeling and safety.
In August 2023, Japan’s Ministry of Health, Labor, and Welfare (MHLW) announced updates to the Ordinance on Prevention of Hazards from Specified Chemical Substances and the Industrial Safety and Health Law (ISHL). These changes require that all hazardous chemicals classified under the Globally Harmonized System (GHS) be accompanied by labels and safety data sheets (SDSs). A portion of the new rules took effect immediately, impacting over 2,000 chemicals.
Key Market Players:
The hazardous label market features several prominent companies, including:
- CCL Industries Inc.
- Avery Dennison Corporation
- Brady Corporation
- 3M Company
- UPM Raflatac
- Herma GmbH
- Mondi Group
- LINTEC Corporation
- Dow Inc.
- Ashland Global Holdings Inc.
- Resource Label Group, LLC
- SATO Holdings Corporation
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