Between 2022 and 2030, the global GHS Labels Market is expected to grow at a CAGR of 4.8 percent, bringing the total market value to US$ 2.3 billion. The global GHS labels market is growing in tandem with improvements in chemical manufacture. The demand for worldwide harmonised systems has risen dramatically as a result of the requirement to manage chemicals in a safe and seamless manner (GHS). The United Nations is at the forefront of innovations in the GHS labelling field. GHS labels, in reality, were developed by the UN and are governed by the same authority. Several countries have stated that they will follow the GHS labelling system’s recommendations. The usage of these labels to classify chemicals in the lab has provided enormous growth potential for the worldwide GHS labels market.
The way industries manage and minimise the dangers of chemicals and other harmful substances may improve in the coming decade.
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This syndicated article on the worldwide GHS labels market examines the trends and developments that have emerged in this industry. To avoid unnecessary disasters, the basis of chemical management is careful storage and use of harmful chemicals. The advent of new sectors in the chemical business, such as threat management, easy compliance, and emergency response, has fueled market growth. The adoption of GHS labels in the manufacturing sector has increased, owing to an increase in the number of incidences of death and property damage caused by chemical misuse.
Competitive Landscape for GHS Labels in the Global Market
It’s worth noting that the United Nations is in charge of administering and developing the GHS labelling. As a result, vendors are in a position to be held accountable for adhering to the UN’s criteria and benchmarks. Furthermore, regional authorities control the management of labels relating to the chemical sector. Several other regulatory authorities, such as the Occupational Safety and Health Administration, have aided the leading competitors in the global GHS labels market. These organisations or bodies assist in ensuring that GHS labels and other similar requirements are adhered to with conviction and vigour.
Demand for GHS Labels (2015-2021) vs. Market Expectations (2022 to 2030)
In 2020, the market for GHS labels was worth US$ 1.46 billion, and by 2030, it is estimated to be worth US$ 2.3 billion. The growth of the GHS labels market is being influenced by the increased export of chemicals, fertilisers, and pharmaceuticals around the world, particularly from emerging nations. GHS labels are generally used to identify chemical containers that must be handled with caution during transport and storage.
Several end-use industries, including chemicals, fertilisers, agriculture, and pharmaceuticals, are projected to see increased demand for GHS labelling. Market participants have a lot of options because the cost of secure packaging and delivery is continually increasing.
Insights by Country
China’s chemical sector spends over US$ 14 billion on chemical research and development, the most of any country. The demand for GHS labels has been fueled by China’s booming chemical sector. As a result, the FMI projects that the East Asian market would increase at a CAGR of 5.4 percent over the next decade, giving China a significant growth opportunity for GHS labels, with a market share of more than 40% by 2030.
Germany has emerged as a prospective GHS label market. Because of its large production capacity, it is likely to outperform other European regional markets. According to the FMI estimate, Germany’s market is expected to be worth US$ 51.9 million by 2030, with a market share of 15% in the GHS labels market.