The global steel drum market is projected to witness linear growth between 2022 and 2031 at a CAGR of 4.9%, reaching US$ 18.6 Billion by the year 2031.
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Growth forecast for the market remains positive in response to the consistently rising demand for safe & secure and cost-effectiveness solutions. Steel drums are often preferred for transporting chemicals because they are environmentally friendly, fire resistance, and have various other advantages. Considering the availability, steel drums are available in two different materials, stainless steel and carbon steel. Of these, carbon steel is preferred more.
Over the past few years, the steel drum is gaining popularity among various end-use industries especially for storage and transportation of liquid materials as it offers safe and secure packaging solution. Also, rising concerns about sustainability is creating growth opportunities. Future Market Insights forecasts the market to continue growing at a positive rate between 2021 and 2031.
Key Takeaways from Steel Drum Market
- Driven by rising demand for effective packaging solutions, steel drums market will rise at 5% CAGR between 2021 and 2031
- Within the U.S., the chemicals industry will account for maximum sales of steel drums
- Moderate growth is likely in the U.K. market, driven by increasing application in chemicals and petroleum & lubricants industries
- Germany and France will remain highly lucrative markets for steel drums within Europe
- Exceptional growth is likely in China, as demand continues increasing across diverse industries including chemicals, paints, inks & dyes, and petroleum & lubricants sectors
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Rise in Demand for Steel Drum in Chemical Sector Augmenting Sales
The demand for steel drums in the chemical industry is rising due to the changing way of industrial packaging solution by pooling and leasing the containers and drums. The standards for using steel drums are set by various countries and various regulations such as the U.S. Department of Transportation (DOT), United Nations regulations. Majorly the steel drums are used by the chemical industry to store and transport hazardous and non-hazardous materials.
Also, the steel drum offers high safety and easy warehousing benefit which bolster their demand in the chemical industry. The steel drum is highly used for liquid chemicals in the global industrial packaging market. The chemical segment is expected to hold more than 35% of the steel drums market and estimated to witness faster-growing demand in the next five years, owing to favourable transportation regulations and international trade.
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