The global steel drums & IBCs market is estimated to hit a market value of US$ 13,995.9 million in 2023. The market is expected to reach US$ 21,735.2 million expanding at a CAGR of 4.5% from 2023 to 2033.
The Steel Drums & IBCs Market refers to the industry involved in the manufacturing, distribution, and supply of steel drums and intermediate bulk containers. Steel drums, also known as steel barrels, are cylindrical containers made from steel, typically used for the storage and transportation of liquids, chemicals, and hazardous materials. On the other hand, IBCs are large containers designed to store and transport bulk quantities of liquids or granulated substances.
FMI’s new study estimates growth to hover at 4.8% mark during the next decade. Increasing global trade and growing proclivity to invest in efficient transportation are supporting market growth, according to the authors of the report.
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The Steel Drums & IBCs Market has witnessed significant growth in recent years, driven by the increasing demand for reliable and robust packaging solutions across diverse industries. Steel drums and IBCs offer several advantages over conventional packaging options, such as plastic containers or wooden crates. Let’s delve deeper into the factors contributing to the market’s expansion.
Emerging Trends in the Steel Drums & IBCs Market
The Steel Drums & IBCs Market is continuously evolving to meet the dynamic needs of industries. Several trends have emerged, shaping the future of industrial packaging solutions. Let’s explore some of these trends:
Trend 1: Technological Advancements in Manufacturing
Advancements in manufacturing technologies have led to the development of innovative steel drum and IBC designs. Manufacturers are incorporating advanced fabrication techniques, such as robotic welding and seamless construction, to enhance the strength, durability, and performance of their products. These advancements result in superior quality packaging solutions that can withstand the most demanding environments.
Trend 2: Sustainable Packaging Solutions
Sustainability has become a key focus in the packaging industry, and the Steel Drums & IBCs Market is no exception. Manufacturers are increasingly adopting eco-friendly practices, including the use of recycled materials, reducing carbon footprint, and implementing recycling programs. Steel drums and IBCs offer inherent recyclability, making them an environmentally conscious choice for industries aiming to minimize their impact on the planet.
Trend 3: Customization and Versatility
Industries have diverse packaging requirements, and customization has gained prominence in the Steel Drums & IBCs Market. Manufacturers are offering customization options, allowing customers to tailor the dimensions, features, and branding of their packaging solutions. This flexibility enables industries to optimize their packaging processes and reinforce their brand identity.
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Chemical Industry Remains the Largest Consumer
Major consumption of steel drums and IBCs is witnessed across the chemical sector. The chemical segments is expected to hold approximately 40% share in the global steel drums & IBCs market in 2022. The growing incidents of storage and transportation of hazardous chemicals is expected to support this consumption as steel drums & IBCs are perceived to be safe packaging solutions for such goods.
As chemicals pose health risks on leakage and leach, the demand for packaging solutions that prevent exposure to external environment continues to rise, driving steel drums & IBCs’ demand. Another factor supporting the growing consumption of steel drums & IBCs for chemical packaging is the increasing inclination towards sustainable packaging solutions, considering the negative environmental impact of plastic which has been previously used for chemical storage and transport owing to its higher safety standards.
The Major Key Players Are:
- Greif Inc.
- Hoover Ferguson Group
- Snyder Industries, Inc.
- SCHÜTZ GmbH & Co. KGaA
- Mauser Packaging Solutions
- Thielmann US LLC
- Time Technoplast Ltd.
- Custom Metalcraft, Inc.
- Automationstechnik GmbH
- Transtainer
- Hawman Container Services
- Schafer Werke Gmbh
- Obal Centrum s.r.o.
- others
Steel Drums & IBCs Market by Category
By Capacity Type:
- Steel Drums
- 200 Litre
- More than 200 Litre
- IBCs
- Up to 500 Litre
- 501-1,000 Litre
- 1,001-1,500 Litre
- Above 1,500 Litre
By End Use:
- Chemicals
- Petroleum & Lubricants
- Paints, Inks, & Dyes
- Food & Beverage
- Building & Construction
- Healthcare & Pharmaceuticals
- Others (Agriculture, etc.)
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