Steel Drums & IBCs Market: Anticipated to reach a value of US$ 21.7352 billion by 2033, With compound annual growth rate (CAGR) of 4.5% by 2033

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Introduction

Welcome to the world of steel drums & ibcs market, a thriving sector that plays a vital role in various industries. In this comprehensive guide, we will delve into the nuances of this market, exploring its growth, applications, and everything you need to know. Whether you’re a business professional, a curious enthusiast, or a prospective investor, this article will equip you with valuable insights.

Steel Drums & IBCs Market: Unveiling the Basics

Steel Drums & IBCs (Intermediate Bulk Containers) serve as essential containers for the storage and transportation of various substances. These containers are known for their durability, strength, and versatility.

The United States’ steel drums and IBCs market is poised to hit a significant milestone, with a projected value of US$ 1,314.9 million by the year 2023. A notable trend driving this growth is the rising preference for environmentally conscious and sustainable packaging solutions. Additionally, there is a growing appetite for tailored solutions designed to meet the unique needs of industries like food and beverage and pharmaceuticals.

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.

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.

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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.)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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