According to a study conducted by Future Market Insights, the industrial drums market is poised for significant growth in the coming years. The market, estimated at US$12.5 billion in 2022, is projected to reach US$17.6 billion by 2027, with a compound annual growth rate (CAGR) of 7.1% during the period. In terms of volume, the market is expected to grow at a CAGR of 6.6% from 2022 to 2027.
The Asia Pacific region, particularly the APEJ region, is expected to be a major driver of this growth, holding a significant market share of 38% in 2022. The industrial drums market in China, in particular, is projected to grow by 9% year-over-year in 2022. The total valuation of the industrial drums market across the APEJ region is estimated to reach US$4.7 billion in 2022.
However, there are challenges that the industry needs to address. Fluctuating raw material prices and supply chain complexities are key factors that can affect the growth rate of the market. Additionally, the slow adoption of automation technology among drum manufacturers may hinder the industry’s progress and limit the number of advance orders from end-use industries. It is important for the industry to address these challenges and explore opportunities for automation to streamline processes and enhance efficiency in order to sustain growth in the market.
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Key Takeaways:
- The industrial drums market is projected to reach US$17.6 billion by 2027, with a CAGR of 7.1% during the period 2022-2027.
- The APEJ region, led by China, is expected to be a significant driver of market growth, holding a 38% market share in 2022.
- Fluctuating raw material prices and supply chain complexities are challenges affecting the industry’s growth rate.
- Slow adoption of automation technology among drum manufacturers may impede the industry’s progress and limit advance orders from end-use industries
Country-wise Insights
Why is Germany Considered One of the Most Lucrative Markets for Industrial Drums?
The industrial drums market in Germany is estimated to reach a market valuation of US$ 50 Bn by the end of 2022. Germany is estimated to be the largest market for industrial drums across the Western European region. According to the annual report published by the Association of the German Automotive Industry in 2020, the German automotive industry accounted for around one-third of the total research and development expenditure of the automotive industry globally.
Also, the sales of automotive manufacturers in Germany grew by 2% year on year from 2018 reaching a total of EUR 435.3 billion in 2019. The significant growth of the automotive industry in the country is anticipated to raise the demand for industrial drums in the petroleum & lubricants end-use in Germany.
How will the Consistent Growth of Agriculture Sector in India Augment the Demand for Industrial Drums?
In the APEJ region, India is the second-largest market for industrial drums after China, with an estimated market share of 28% by the end of 2022. As per Invest India, a National Investment and Facilitation Agency, India is the largest producer of spices, cashew, pulses and jute across the globe.
Furthermore, the country is also the second-largest global producer of vegetables and fruits. The vast agriculture sector of the country is anticipated to create significant demand for steel drums for the chemical and fertilizer end use of the industrial drums market during the foreseeable future.
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Competitive Landscape
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 Players:
- 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.
Country-wise Insights:
Germany: Lucrative Market for Industrial Drums
Germany is considered one of the most lucrative markets for industrial drums due to several factors. Firstly, the German automotive industry plays a significant role in driving the demand for industrial drums. The industry accounts for a substantial portion of the global research and development expenditure, and the sales of automotive manufacturers in Germany have shown consistent growth. As a result, the demand for industrial drums in the petroleum and lubricants end-use sector is expected to rise.
India: Growing Agriculture Sector Boosts Demand for Industrial Drums
In the Asia-Pacific, India holds the position of the second-largest market for industrial drums after China. The consistent growth of the agriculture sector in India contributes to the demand for industrial drums. India is the largest producer of spices, cashew, pulses, and jute globally. Additionally, it is the second-largest producer of vegetables and fruits. With such a vast agricultural sector, there is a significant need for steel drums in the chemical and fertilizer end-use segment of the industrial drums market.
Overall, Germany’s thriving automotive industry and India’s robust agriculture sector are driving the demand for industrial drums in these respective countries. The specific end-use requirements in each market contribute to the growth and attractiveness of the industrial drums industry in Germany and India
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Industrial Drums Market by Category
By Product Type:
- Steel Drum
- Plastic Drum
- Fiber Drum
By Capacity:
- Up to 100 Liter
- 100 to 250 Liter
- 250 to 500 Liter
- Above 500 Liter
By End Use:
- Food & Beverages
- Chemical & Fertilizers
- Pharmaceuticals
- Petroleum & Lubricants
- Building & Construction
- Paints, Inks, & Dyes
- Other End Uses
About Us:
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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