The global nestable drums market is likely to create opulent growth over the assessment period by registering a CAGR of 7% from 2022 to 2032. The global market is expected to reach a market share of US$ 23.61 Billion in 2032, from US$ 12 Billion in 2022. The growth of the market is attributed to the rising market of the transportation & logistics industry. In order to suit the demand for nestable drums, a variety of capacities are available.
Nestable drums are gaining traction over the assessment period because they are easy to handle, reusable, sustainable, and stacked, giving them an advantage in sales of nestable drums. The demand for nestable drums is high as they conserve space by lowering the amount of empty packaging that needs to be kept and shipped. Food safety and migration legislation are both ensured by nestable drums, which is augmenting the nestable drums market share.
Owing to its widespread application, demand for nestable drums is high. Safe and convenient shipment of materials is used in a variety of end-use sectors, including chemical, food and beverage, and oil & gas, to name a few. Throughout the projection period, the global outlook for the nestable drums market is expected to be positive.
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Report Highlights
Nestable drums have gained popularity over the years among manufacturers as they are safe to transport hazardous solids. Since these drums are easily transferable from one place to another, manufacturers in every industry are utilizing them.
Nestable drums are surrounded by tamper-evident characteristics, and as a result, they are used in a variety of end-use sectors, boosting the sales of nestable drums. Furthermore, the demand for these drums has witnessed a significant increase as the transportation and logistics business has grown.
Nestable drums are projected to expand in popularity as petrochemical demand grows. The cost-effectiveness of nestable drums is one of the primary factors impacting the sales of nestable drums.
Recent Developments
The sales of nestable drums are augmenting as they are more cost-effective than metal drums. As a result, nestable drums are preferred by manufacturers and converters. Nestable drums provide reusability and cost savings, resulting in a diverse range of applications across the globe, expanding the sales of nestable drums.
Nestable barrels are excessively utilized for industrial packing to save money and control pallet loading. The aforementioned factors are expected to propel the worldwide nestable drums market share.
Despite the favorable aspects, there are certain obstacles to the growth of the global nestable drums market. Due to the availability of an alternative product on the market, demand for nestable drums may fall.
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Competitive Landscape
Greif Inc, Time Technoplast Ltd, Snyder Industries, Inc, CurTec, Greystone Logistics, Inc, Drums Food International Pvt Ltd, Bewi Norplasta, and Drum Workshop Inc are some major key players in the nestable drums market which are taking advantage of every opportunity available in the nestable drums market.
According to the studies conducted by FMI, it delves into the parent market trends, macroeconomic data, and governing factors, as well as market potential and the attractiveness of the nestable drums market by segment. The study also maps the qualitative impact of major market parameters on market segments and geographies, as well as their corresponding effects on the sales of nestable drums.
Key Segments
By Capacity:
- 7- 13 Gallon
- 13-19 Gallon
- 19- 40 Gallon
- Above 40 Gallon
By End Use:
- Pharmaceuticals
- Chemicals
- Food & Beverages
- Petroleum
- Others
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More Insights into the Nestable Drums Market
There are six primary regions likely to dominate the global nestable drums market over the evaluation period. These regions comprise North America, Latin America, Europe, the Middle East, and Africa (MEA), East Asia, South Asia, and Oceania. During the projected period, Europe is expected to drive demand for nestable drums.\
The presence of several prolific chemical firms in this region, particularly in Germany, is thought to be the cause. The nestable drums market in North America is projected to follow that of Europe.
The United States is predicted to dominate the North American nestable drums market share, while Canada is expected to rise significantly during the forecast period. During the next decade, sales of nestable drums are predicted to increase in the Asia Pacific excluding Japan (APEJ).
Latin America is another key region to see healthy growth in the sales of nestable drums. During the forecast period, the global nestable drums market is predicted to grow slowly in the Middle East and Africa (MEA).
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