Between 2023 and 2033, the global steel drum market is anticipated to increase linearly at a CAGR of 5.6%, reaching US$ 20.8 billion.
Carbon steel or stainless steel is used to make the steel drum, a safe and secure rigid packing solution. Steel drum demand is increased by the notable qualities of steel container drums, such as affordability, ease of handling, safety & security while shipping, fire resistance, reusable, recyclable, and many more.
Several end-use sectors utilize safe and secure packaging, which results in an astounding demand for steel drums. With the support of all these elements, the worldwide steel drum market appears appealing and expanding.
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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.
Steel Drum Market Landscape
Greif Inc., Mauser Packaging Solution, and SCHÜTZ GmbH & Co. KGaA are the top players operating in the steel drum market. Furthermore, Time Technoplast Ltd., Balmer Lawrie & Co. Limited, Nippon Steel Drums Co. Ltd., are some of the companies operating in the steel drum market. The Tier 3 players in the market hold 75-80% in the global steel drum market.
“Companies operating in the market are focusing on improving designs of steel drums to make them more light-weight, efficient, and cost-effective. Also they are focusing on expanding footprint via strategic collaborations,” says an FMI analyst.
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.
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Demand for Effective Transportation of Large Volume of Liquid Driving Growth
The increasing production of manufacturing and industrial sector is one of the major factors augmenting sales of steel drum. The low manufacturing cost in developing economies such as India and China has led key players of various end-use industries to move their production facilities and expand their market in the South & East Asia. This will lead to growth in trade volume in the region. Also, East and South Asia will emerge as a global trade hub, increasing opportunities for the global steel drum market.
Steel Drum Market by Category:
Capacity
55 Gallon Steel Drum, Other than 55 Gallon Steel Drum
Head Type
Tight Head Steel Drum, Open Head Steel Drum
Material
Carbon Steel, Stainless Steel Expansion of Paints, Inks, & Dyes Industry Pushing Steel Drum Sales
Steel drums usage is rising in shipping and storing of liquid materials such as paints, inks & dyes. They are considered the most suitable rigid packaging solutions for transporting hazardous and non-hazardous material especially liquid material. Also, steel drums are easy to handle and are considered more effective for storage.
The paints, inks, & dyes industries demand safe and secure packaging solutions for their product protection. As per the American Coating Association, almost half of the coating and paint products are regulated by the U.S. Department of Transportation’s (DOT) modal regulations and are required to meet the criteria for hazardous materials.
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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