Introduction
In the world of industrial packaging, Steel Drums & IBCs (Intermediate Bulk Containers) have emerged as essential assets for the safe and efficient transport of goods. These robust containers cater to various industries, ensuring the protection of contents during storage and transit. The Steel Drums & IBCs Market has witnessed remarkable growth due to their durability, versatility, and environmental advantages.
Steel Drums & IBCs Market: A Closer Look
Steel Drums and IBCs play pivotal roles across a wide spectrum of industries. From chemical and pharmaceutical to food and beverage sectors, these containers ensure the integrity and quality of the products they hold. Let’s delve deeper into the key aspects of this market.
Anticipated to reach a market value of US$ 21.7352 billion by 2033, the global steel drums & IBCs market is projected to grow at a steady compound annual growth rate (CAGR) of 4.5% from 2023. In 2023, the market is estimated to be valued at US$ 13,995.9 million, highlighting its significant growth potential.
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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.
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
The Growth and Future of the Steel Drums & IBCs Market
The Steel Drums & IBCs Market continues to grow steadily due to their widespread usage across industries and the ever-increasing demand for efficient storage and transportation solutions. The market is expected to witness further expansion in the coming years due to the following factors:
1. Rising International Trade and Logistics
The global economy’s growth leads to increased international trade, necessitating secure and efficient container solutions. Steel Drums & IBCs provide a cost-effective means of transporting goods across borders, fostering the growth of the market.
2. Shift Towards Sustainable Practices
As environmental consciousness grows, industries are turning to sustainable packaging and storage solutions. Reusable IBCs align with this trend, encouraging the market’s expansion.
3. Advancements in Manufacturing Technology
Technological advancements in container manufacturing have led to the production of lightweight yet durable Steel Drums & IBCs, making them even more appealing to industries looking to optimize their logistics processes.
4. Expanding Chemical and Pharmaceutical Industries
The chemical and pharmaceutical sectors are witnessing substantial growth, driving the demand for containers to handle and transport their products safely.
5. Growing Need for Bulk Material Storage
Industries such as agriculture, construction, and manufacturing require efficient bulk material storage solutions, leading to a steady demand for IBCs.
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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.
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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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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