Steel Drum Industry Analysis in Southeast Asia Anticipating US$ 835 million by 2033: A Comprehensive Report by FMI

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The Steel Drum Industry in Southeast Asia plays a pivotal role in the region’s industrial and logistical landscape, providing robust and reliable solutions for the containment and transportation of various liquids and materials. Steel drums, also known as steel barrels or steel containers, are widely utilized across diverse sectors, including chemicals, petroleum, food and beverage, and hazardous waste management. As Southeast Asia experiences economic growth and industrial development, the demand for durable and secure packaging solutions propels the steel drum industry forward.

The total sales of steel drums Industry in Southeast Asia are poised to be valued at an estimated US$ 423.6 million in 2023, with projections reaching US$ 835 million by 2033. This reflects an anticipated expansion at a Compound Annual Growth Rate (CAGR) of 7.0% during the assessment period from 2023 to 2033.

The Southeast Asia steel drum market, concluding 2022 with a valuation of US$ 395.8 million, is expected to showcase a Year-on-Year (y-o-y) growth of 7.5% in 2023. Notably, the chemical segment, categorized by end-use, is projected to account for over one-fifth of the market share in terms of value by the year 2023.

The demand for steel drums in Southeast Asia has seen a steady rise, primarily driven by the region’s expanding industrial sector. Increasing manufacturing activities, coupled with the growing need for efficient storage and transportation solutions, have significantly contributed to the ongoing growth trajectory of the steel drum market in Southeast Asia.

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Market Drivers

  1. Sustainability and Environmental Concerns: Steel drums gain prominence as businesses and consumers increasingly prioritize sustainability and environmental responsibility. The inherent durability and recyclability of steel drums make them an environmentally friendly packaging option, aligning with the growing trend toward reducing single-use plastics and minimizing carbon footprints.
  2. Industrial Expansion and Construction Boom: The continuous demand for steel drums in Southeast Asia is driven by ongoing industrial expansion and construction activities. Rapid industrialization in countries like Indonesia, Thailand, Vietnam, and Malaysia necessitates reliable packaging solutions, making steel drums a preferred choice for the secure transportation and storage of various industrial products.
  3. Cost-Effectiveness and Longevity: The cost-effectiveness and longevity of steel drums contribute significantly to their market dominance. Businesses favor steel drums for their durability, providing a robust packaging solution that ensures the safe transport and storage of goods. The long lifespan of steel drums makes them a cost-effective choice for industries looking for reliable and sustainable packaging options.

Industry Opportunities

The sustained demand for steel drums in Southeast Asia can be attributed to the region’s continual industrialization and construction activities. Countries such as Indonesia, Thailand, Vietnam, and Malaysia, at the forefront of industrial development, rely on steel drums for the secure packaging of a diverse range of industrial products. The ongoing expansion of these sectors fuels the consistent need for reliable and robust packaging solutions, further establishing steel drums as a vital component in supporting industrial and construction initiatives.

Steel drums are positioned to gain significant traction in Southeast Asia as the region intensifies its focus on sustainability and environmental considerations. With a growing emphasis on reducing the environmental impact of packaging materials, steel drums emerge as a favorable alternative. Their inherent resilience and recyclability align with the broader goal of minimizing single-use plastics, making steel drums an attractive and sustainable choice for industries seeking eco-friendly packaging solutions in Southeast Asia.

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Business Landscape

The Southeast Asia steel drum industry is poised for significant growth throughout the forecast period, with projections indicating a substantial surge in sales from 2023 to 2033. The forecast anticipates the creation of additional opportunities, resulting in a remarkable expansion to US$ 439.2 million, nearly doubling the current market value.

Steel drums, renowned for their durability and extended lifespan, stand out as a highly sustainable and cost-effective packaging solution. This not only benefits consumers but also aligns with environmental considerations. As awareness about environmental issues continues to escalate, businesses and consumers alike are increasingly inclined toward packaging solutions that are both eco-friendly and contribute to minimizing carbon footprints.

Key Players

  • Mauser Packaging Solutions
  • Greif Inc.
  • Balmer Lawrie & Co. Limited
  • Time Technoplast Ltd.
  • Schütz GmbH & Co. KGaA.
  • PT Rhem Indonesia, Tbk.
  • PT Karya Sarana Drumindo.
  • Pelangi Indah Canindo
  • Malayan Metal Works
  • Sicagen India Limited
  • Nippon Steel Drum Co. Ltd.
  • Saeng Thai Metal Drum Co., Ltd.
  • HAS Industries Pte Ltd
  • Jurong Barrels & Drums Industries Pte Ltd
  • Global Barrels Industries Pte Ltd
  • EcoDrum Sdn Bhd
  • PT. PRAJAMITA INTERNUSA

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Industry Outlook by Category

By Capacity:

  • 55 Gallons Steel Drums (Standard Size)
  • Other than 55 Gallon

By Material:

  • Carbon Steel
  • Stainless Steel

By Head Type:

  • Tight Head
  • Open Head

By End-use:

  • Chemicals
  • Petroleum and Lubricants
  • Paints, Inks, and Dyes
  • Food and Beverages
  • Building and Construction
  • Healthcare and Personal Care
  • Others

By Country:

  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Burma (Myanmar)
  • Cambodia
  • Brunei
  • Timor-Leste
  • Laos

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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