The industrial drums market is estimated at US$ 12.5 Bn in 2022 and is projected to reach US$ 17.6 Bn by 2027, at a CAGR of 7.1% from 2022 to 2027. By volume, the industrial drums market has been projected to grow at 6.6% CAGR during the period 2022-27.
The study conducted by Future Market Insights estimates that industrial drums market will grow 1.5 times during the period 2022-27, which is expected to generate lucrative opportunities for players in the industrial drums market. The APEJ region is expected to be drive the industrial drums market and is estimated to hold a significant market share of 38% in 2022.
FMI team further estimates that in 2022, the Chinese industrial drums market will grow 9% year-over-year. Across the APEJ region, total valuation of industrial drums market is projected to reach US$ 4.7 Bn in 2022.
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After a brief overview of the Global Industrial Drums market, the report analyzes the market dynamics. This study discusses the major market growth drivers and the major market growth constraints. The research also lists the dangers and opportunities that businesses operating in the sector should be aware of. The most influential trends that will shape the market during the forecasting period are also covered in this report. The research also goes into detail about current market development trends including partnerships, M&As, collaborations, etc. Moreover, the report elaborates on the regulatory scenario governing the Industrial Drums market and its potential effects on the market in the foreseeable future.
The study includes a thorough business overview, revenue analysis, strategies, and SWOT analyses of the major companies. Players in the Global Industrial Drums market are aiming to expand their operations to emerging regions. Further, companies in the Industrial Drums market are focusing on innovation and positioning their products at competitive prices. The report’s in-depth supply chain research will help readers comprehend the Industrial Drums market.
How will the manufacturers’ growing preference for industrial drums for packaging nonhazardous liquids fuel market expansion?
Industrial drums are among the most popular packing alternatives among other bulk container options by the makers in the trading operations of products like wine, vegetable oils, and other beverages. The fact that the barrels are typically set up on pallets makes it easier to load and unload them, which is highly desired since it greatly lowers the likelihood of damage or leaks.
When compared to other options on the market for packaging non-hazardous liquid items, industrial drums are also a relatively affordable kind of bulk packaging.
Industrial barrels are becoming more and more popular among producers as an efficient and affordable packaging option for nonhazardous liquids.
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Leading industrial drums manufacturers are committed to launching new products in the market targeting specific end-use industries. Key players in the industrial drums market are also making investments to increase their manufacturing capabilities and geographical footprint in an attempt to increase their market share.
For instance, in September 2021 Mauser Packaging Solutions announced the plan to invest in its Gebze, Turkey facility for increasing the manufacturing capacity of plastic drums and IBC production.
In February 2020, Greif Inc. announced the expansion of its California, U.S. facility with the addition of a blow molder for tight head and open head plastic drums.
Key Companies Profiled
- Greif, Inc.
- Mauser Group B.V.
- Schutz Container Systems, Inc.
- Sicagen India Limited
- Myers Container, LLC
- Eagle Manufacturing Company
- Time Technoplast Ltd
- Balmer Lawrie & Co. Ltd.
- TPL Plastech Limited
- U.S. Coexcell Inc.
- The Metal Drum Company
- Three Rivers Packaging, Inc
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Industrial Drums Market by Category
By Product Type:
- Steel Drum
- Plastic Drum
- Fiber Drum
- Up to 100 Liter
- 100 to 250 Liter
- 250 to 500 Liter
- Above 500 Liter
By End Use:
- Food & Beverages
- Chemical & Fertilizers
- Petroleum & Lubricants
- Building & Construction
- Paints, Inks, & Dyes
- Other End Uses