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Industrial Drums Market Report
Industrial Drums Market Size, Share, Trend, Forecast, & Industry Analysis: 2022-2028
The Industrial Drums Market is Segmented by Product Type (Steel Drums, Plastic Drums, and Fiber Drums), by End-User Industry Type (Food & Beverage, Chemicals and Fertilizers, Pharmaceuticals, Petroleum and Lubricants, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
Industrial Drums Market is likely to grow from USD 12.75 billion in 2022 to USD 19.36 billion by 2028 at an impressive CAGR of 7.21% during the forecast period of 2022-2028.
Industrial drums find a wide range of application for storage and transportation of materials for the delivery of mass freight and offer favourable features such as higher operational efficiency, cost-effective transport packaging solutions for shipment of both dangerous and non-dangerous materials such as chemicals, fruit juices, and wines.
The excellent features offered by industrial drums such as higher operational efficiency and effectiveness in shipping bulk quantities of commodities in the form of liquid, their wide utilization for the packaging of chemicals and fertilizers, petroleum and lubricants, among others, and the growing cross-continent trade across the end-user industries are the major factors driving the growth of the industrial drums market during the forecast period.
Based on the product type, the market is segmented as steel drums, plastic drums, and fiber drums. Steel drum product type is estimated to account for the largest share of the market during the forecast period owing to the increasing demand for chemicals and petroleum lubricants from various end-user industries and the excellent features offered by it, such as high strength, gas barrier properties, and superior processing performance. Factors such as its capability to be rolled into various thickness of the sheet, foil, rolling, sheet stamping, and welding made of different shapes and sizes of the packaging container, and its utilization as packaging solutions for transporting and storing hazardous goods are expected to fuel the product demand in the market over the forecast period.
In terms of regions, Asia-Pacific is estimated to be the fastest-growing region in the market with China, India, and Indonesia being the major countries with rapid evolution of manufacturing sector during the forecast period. Moreover, growing exports in vegetable oil and wines, and more preference given to industrial drums by the exporters in the regional market is expected to accelerate the growth of the market over the forecast period. Europe and North America are also expected to offer substantial growth opportunities during the forecast period.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Industrial Drums Market Research Report - Features |
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Market Segmentation |
3 |
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Regions Covered |
4 |
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Countries/Sub-Regions Covered |
17 |
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No. of Figures & Tables |
>150 |
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Company Profiles |
10 |
The industrial drums market is segmented into the following categories.
Some of the key players in the industrial drums market are-
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.
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The excellent features offered by industrial drums such as higher operational efficiency and effectiveness in shipping bulk quantities of commodities in the form of liquid, their wide utilization for the packaging of chemicals and fertilizers, petroleum and lubricants, among others, and the growing cross-continent trade across the end-user industries are the major factors driving the growth of the industrial drums market during the forecast period.
The industrial drums market is expected to witness an impressive growth of 7.21% CAGR in the foreseeable future.
Balmer Lawrie & Co. Ltd., Eagle Manufacturing Company, Greif Inc., Industrial Container Services LLC, Mauser Group NV, SCHÜTZ GmbH & Co. KGaA, Sicagen India Ltd., Time Technoplast Ltd., TPL Plastech Ltd., and U.S. Coexcell Inc are among the key players in the industrial drums market.
Asia-Pacific is expected to be the fastest growing industrial drums market during the next five years.
Steel drum product is expected to account for the largest share of the industrial drums market in the coming years.
The industrial drums market size is expected to reach USD 19.36 billion in 2028.
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