Steel Drums & IBCs Market on the Rise: Anticipated to Reach US$ 21,735.2 Million by 2033

Steel Drums & IBCs Market

Projected to attain a market value of US$ 13,995.9 million in 2023, the global steel drums and IBCs market is set to expand significantly, reaching US$ 21,735.2 million with a Compound Annual Growth Rate (CAGR) of 4.5% from 2023 to 2033. This trajectory underscores sustained growth and demand for durable and versatile industrial packaging solutions. The steady expansion of the market reflects the crucial role played by steel drums and IBCs in ensuring secure storage and transport of various liquids and materials across diverse industries, positioning them as integral components in the global packaging landscape.

Future Market Insights projects a comprehensive comparative and review analysis of the dynamics within the steel drums & IBCs industry, primarily influenced by various industry factors. Additionally, the market faces specific challenges related to the availability of alternatives such as fiber drums and Flexi tanks, which are expected to impede its growth.

Germany: The steel drums & IBCs market in Germany is poised to reach US$ 668.6 million in 2023. Increasing demand for IBCs and customized solutions for industries like chemicals and pharmaceuticals is a notable trend. Automation and new technologies are enhancing transportation and storage efficiency in the market.

Request Sample Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-10079

European Flexible Intermediate Bulk Container Association (EFIBCA): EFIBCA represents over 50 IBC manufacturers in Europe. IBCs were declared a ‘priority product’ during the COVID-19 pandemic, playing a crucial role in transporting essential healthcare and food items. IBCs were used to transport safe food supplies, protective equipment, and vital supplies, and they continue to be essential in the European food and healthcare sectors. France, a leading food producer in Europe, relies heavily on IBCs for transporting its products. The growing demand for food and healthcare products in Europe is expected to drive further demand for IBCs in the region.

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 Recent Developments:

  • In 2019, Schutz Container Systems announced a strategic partnership with Greif, Inc. to expand its product offerings and increase its global presence.
  • In Jan 2022, Greif Inc. had a joint venture with Gulf Refined Packaging (GRP) to diversify 50% of its shares. This is expected to help the company with debt repayment.
  • In November 2020, Hoover Ferguson Group opened up a new art-of-state facility for the chemical tank and tanker truck servicing.

Growing Demand for Steel Drums & IBCs in the Chemical Industry to Propel Market Growth in 2023

Anticipated to reach a value of US$ 5,675.7 million in 2023, the chemicals segment is poised to lead the steel drums & IBCs market. Steel drums & IBCs stand out as the preferred choice for storing and transporting chemicals, attributed to their durability, corrosion resistance, and cost-effectiveness. The increasing demand for chemicals across diverse industries, including agriculture, pharmaceuticals, and manufacturing, is expected to drive the demand for steel drums & IBCs in the upcoming year. Furthermore, the industry’s focus on eco-friendly and sustainable solutions is projected to further propel growth within this segment.

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

Ready to Learn About Our Approach? Explore Our Methodology: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-10079

Market Drivers:

  1. Growing Industrialization: The increasing industrialization in various regions typically drives demand for steel drums and IBCs, as they are widely used for storage and transportation of various liquids and chemicals.
  2. Stringent Regulations: Environmental and safety regulations regarding the transportation and storage of hazardous materials often drive the demand for secure and durable packaging solutions like steel drums and IBCs.
  3. Rising Demand in Chemical Industry: The chemical industry is a significant consumer of steel drums and IBCs due to the need for safe and efficient handling of various chemicals.
  4. Global Trade Growth: The expansion of international trade and logistics activities contributes to the demand for reliable and durable packaging solutions like IBCs for the transportation of goods.
  5. Increasing Awareness of Sustainability: As environmental concerns grow, there is a rising demand for reusable and recyclable packaging solutions. Steel drums and some types of IBCs can be environmentally friendly, contributing to sustainability goals.

Market Restraints:

  1. Cost Concerns: Steel drums and IBCs, particularly those made of stainless steel, can be relatively expensive compared to alternative packaging materials. This may limit adoption, especially in cost-sensitive industries.
  2. Alternative Materials: The availability of alternative packaging materials, such as plastic and composite materials, may pose a challenge to the steel drums and IBCs market. Some industries may opt for lighter and more cost-effective options.
  3. Limited Product Differentiation: The products in the steel drums and IBCs market may face challenges in differentiation, as the basic design and functionality of these containers are relatively standardized.
  4. Logistics and Handling Issues: Steel drums, being heavy, can pose logistical challenges in terms of transportation and handling. This can be a concern for industries looking for more lightweight and easily manageable packaging solutions.
  5. Corrosion Concerns: While steel is a robust material, there can be concerns about corrosion, especially when handling corrosive substances. This may lead some industries to explore alternative materials.

Buy Now/Purchase: https://www.futuremarketinsights.com/checkout/10079

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.

Contact Us:        

Nandini Singh Sawlani  

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: 
sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedInTwitterBlogs | YouTube

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.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like these