GHS Label Market Set to Achieve Steady Growth with a 3.4% CAGR through 2034 | Future Market Insights Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
6 min read
Future Market Insights Global and Consulting Pvt. Ltd.
The globally Harmonized System of Classification and Labelling of Chemicals (GHS) is an internationally agreed-upon system to standardize chemical hazard classification and communication.
NEWARK, DEL, March 27, 2024 (GLOBE NEWSWIRE) -- The GHS label market is expected to be valued at US$ 1,668.4 million in 2024. Rapid adoption of the GHS system by countries has been a boon for the market. The growth of the labeling sector is also contributing to the uptick in demand for the labels.
The market is set to register a CAGR of 3.4% over the period from 2024 to 2034. The chemical industry looking for tough material that expounds on the hazardous nature of the material inside is set to invigorate market demand. The incorporation of barcodes and other identifying marks to help in the tracking of hazardous materials is also predicted to enhance demand for GHS labels.
The market’s value is forecasted to jump up to US$ 2,330.7 million by 2034. Increasing laboratory and research use of chemical materials is marked to add considerable value to the market. An increase in import-export activities related to chemicals is also positively impacting the market.
There are, however, factors that slow down the growth of the GHS label market. Certain countries have been slow in the adoption of GHS, such as India where the labeling is not yet mandatory, or have not adopted the system entirely. Other labeling standards such as NFPA and HMIS, though they often are in conjunction with GHS, also limit market growth.
“To satiate the need for rigid GHS labels, manufacturers are turning to thermal paper. While the market does have to contend with certain drawbacks, the widened functionality of the product and the boosting of the chemical sector are factors that offer much promise to stakeholders,” opines Ismail Sutaria, Principal Consultant at Future Market Insights
Key Takeaways from the GHS Label Market
The GHS label market is projected to be valued at US$ 1,668.4 million in 2024.
Thermal transfer is the prevailing printing technology in the market. It is expected to account for 63.4% of the market share in 2024.
Direct thermal paper tops the material segment. For 2024, it is anticipated to account for 35.4% of the market share.
India is a promising country for the market. For the forecast period, the CAGR for India is estimated to be 4.5%.
China and Thailand are pegged to be similarly promising countries for the market. The CAGR for both China and Thailand over the forecast period is predicted to be 4.0%
The market is expected to register a CAGR of 3.9% in Japan over the forecast period.
Making the label-production process more efficient is concentrated upon by market players. Reputed companies are targeting innovation with the help of various inks and printers.
Key Companies in the GHS Label Market
Avery Dennison Corporation
UPM Raflatac
PPG Industries, Inc.
Brady Worldwide, Inc.
3M Company
CCL Industries Corp.
Reliance Label Solution, Inc.
HERMA GmbH
Weber Packaging Solutions, Inc.
SATO AMERICA, LLC
Brandywine Drumlabels, LLC
TCI America, Inc.
Loftware, Inc.
Nippon Shokubai America Industries, Inc.
Teklynx Newco SAS
Recent Developments in the GHS Label Market
In February 2024, the GHS L.A.B.E.L. Profile program was launched by Reliance Label Solutions.
In December 2022, Polysciences made the switch to Epson ColorWorks printers for its GHS labeling needs.
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Explore FMI’s Extensive Coverage in Packaging Domain:
The linerless label market is likely to reach US$ 3.0 billion by 2033. The market is further expected to surge at a CAGR of 4.9% during the forecast period 2023 to 2033.
The global labeling equipment market is projected to reach US$ 6,011.9 million by 2033. During the 2023 to 2033 forecast period, sales of labeling equipment are likely to rise at a CAGR of 4.9%.
The global in-mold labels market is projected to reach US$ 1,568.1 million by 2033, rising at a CAGR of 3.3% from 2023 to 2033.
The global hazardous goods packaging market is projected to accumulate a valuation of US$ 19.4 billion by exhibiting a CAGR of 5.5% in the forecast period 2023 to 2033.
The nanotechnology packaging market size is projected to be valued at US$ 17,210.0 million in 2023 and is expected to rise to US$ 87,412.0 million by 2033.
The FMCG packaging market is likely to hold a revenue of US$ 443.1 billion in 2023 while it is anticipated to cross a value of US$ 778.7 billion by 2033.
The global beverage packaging market is expected to be worth US$ 164 billion by 2033, exhibiting a CAGR of 4.2%. In 2023, the market is anticipated to be valued at US$ 108.7 billion.
The global perfume pack market is expected to grow at a CAGR of 4.7%. The market value is projected to increase from US$ 2.3 Billion in 2022 to US$ 3.6 Billion by 2032.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
