Steel Drums & IBCs Market Set to Reach US$ 21,735.2 Million, Expanding at a 4.5% CAGR by 2033

Steel Drums & IBCs Market

Projected to achieve a market value of US$ 13,995.9 million in 2023, the global steel drums & IBCs market anticipates a significant expansion, aiming to reach US$ 21,735.2 million by 2033, with a Compound Annual Growth Rate (CAGR) of 4.5% over the forecast period. This growth trajectory reflects the persistent demand for steel drums & IBCs across various industries, driven by factors such as increasing industrial activities, stringent regulations concerning safe transportation of goods, and growing emphasis on sustainable packaging solutions. The market’s steady progression underscores its crucial role in facilitating efficient storage and transportation of liquids and chemicals worldwide.

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.

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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.

Market Drivers:

  1. Increasing Industrial Activities: Growth in industrial activities across sectors such as chemicals, petroleum, pharmaceuticals, and food & beverages is driving the demand for reliable and durable packaging solutions like steel drums and IBCs.
  2. Stringent Regulations: Stringent regulations regarding the safe handling, storage, and transportation of hazardous materials are pushing industries to adopt high-quality packaging solutions like steel drums and IBCs, which offer robust containment and durability.
  3. Growing Global Trade: Expansion of global trade and logistics activities is fueling the demand for efficient and secure packaging solutions. Steel drums and IBCs are preferred for their ability to withstand varying environmental conditions during transportation.
  4. Focus on Sustainability: Increasing awareness about environmental conservation is prompting industries to opt for reusable and recyclable packaging options. Steel drums and certain types of IBCs can be reused multiple times, offering a sustainable packaging solution.
  5. Product Innovations: Ongoing advancements in manufacturing technologies are leading to the development of innovative steel drum and IBC designs that offer improved functionality, safety features, and cost-effectiveness, thus driving market growth.

Market Restraints:

  1. High Initial Costs: The initial investment required for procuring steel drums and IBCs, especially those equipped with advanced features, can be relatively high compared to alternative packaging options, which may deter small and medium-sized enterprises from adopting them.
  2. Limited Compatibility: While steel drums and IBCs are versatile packaging solutions, they may not be suitable for certain types of products or industries due to compatibility issues with specific chemicals, materials, or transportation requirements.
  3. Environmental Concerns: Although steel drums and IBCs are recyclable, their production processes and material sourcing may still have environmental implications. Additionally, the disposal of damaged or obsolete containers can pose challenges in terms of waste management and recycling.
  4. Competition from Alternatives: The steel drum and IBC market faces competition from alternative packaging solutions such as plastic drums, flexitanks, and bulk containers, which may offer advantages in terms of cost, weight, or specific product compatibility.
  5. Transportation Constraints: Steel drums and IBCs, especially when fully loaded, can be heavy and bulky, posing challenges in terms of transportation logistics, handling, and storage, particularly in regions with inadequate infrastructure or strict weight regulations.

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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

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Key Segmentations:

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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