The global steel drum market was estimated projected reach US$ 11.7 billion in 2022 after expanding at a 1.9% annual rate from 2017 to 2022. The steel drum market is expected to have a net worth of US$ 12.1 billion in 2023, according to the FMI study report. Moreover, it is projected that the market would grow at a CAGR of 5.6% through 2033 and end up valued at US$ 20.8 billion.
Global demand for steel drums is primarily being driven by the growing needs of the chemical, fertilizer, and petroleum lubricant sectors. But one major factor that is expected to hinder the growth of steel drum sales is the availability of substitutes.
These days, better substitutes like plastic barrels and containers are becoming more popular due to their insulating properties and lightweight design. Another common substitute that has somewhat halted the market’s growth is perforated steel barrels, which are lightweight and easy to handle.
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The growing demand for industrial steel drums is anticipated to be driven by an increase in chemical requirements from a variety of end-user sectors. Moreover, a considerable effort to improve the supply-chain capabilities of petroleum refineries is poised to increase the sales of steel drums in the coming days.
Key Takeaways from the Steel Drum Market Study Report
- China is a leading region in the production of steel container drums with a market size poised to reach US$ 10 billion by 2033. As per the FMI report, China steel drum market is poised to develop at an annual growth rate of 6.8%.
- The Unites states comes second in the list for yearly sales of steel drums in the world and may register a CAGR of 3.6% through 2033. By the end of this forecast period, the United States steel drum market is projected to reach a valuation of nearly US$ 1.6 billion.
- Meanwhile, Germany is the leading producer of steel drums in Europe region predicted to register a CAGR of 3.2% in the next ten years. With the growth of petroleum imports, Germany steel drum market is poised to reach a valuation of US$ 793.1 million by 2033.
- The demand for steel drums in India is skyrocketing these days after the progress in its chemical industry. As per the market analysis report, the regional market is anticipated to progress at 8% and reach an overall valuation of nearly US$ 1 billion.
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Competitive Landscape for the Steel Drum Market Players
Greif Inc., Mauser Packaging Solutions, Time Technoplast Ltd., Sicagen India Limited, Balmer Lawrie & Co. Limited, Industrial Container Services, Inc., Great Western Containers Inc., SCHÜTZ GmbH & Co. KGaA, Peninsula Drums CC, Patrick J. Kelly Drums, Skolnik Industries Inc.,Nippon Steel Drums Co. Ltd., Stavig Group, PT Pelangi Indah Canindo Tbk, Müller AG Verpackungen, A W Stokes & Son (Drums) Ltd., PT. Rheem Indonesia, Indonesia Raya Makmur PT., and the Metal Drum Company among others are few of the leading players in the global steel drum market.
To meet consumer demand, most steel container drum businesses are significantly inventing and creating new items while enhancing their production skills. For instance, JSW Steel committed US$ 20 million in October 2021 to expand its regional manufacturing capacity by constructing another steel facility in India.
Key Segments Covered In Steel Drum Industry Research
By Capacity:
- 55 Gallon
- Other than 55 Gallon
By Head Type:
- Tight Head
- Open Head
By Material Type:
- Carbon Steel
- Stainless Steel
By End-Use Verticals:
- Chemicals
- Petroleum & Lubricants
- Paints, Inks, & Dyes
- Food & Beverages
- Building & Construction
- Healthcare & Personal Care
- Others
By Region:
- North America
- Latin America
- Europe
- Middle East and Africa (MEA)
- East Asia
- South Asia
- Oceania
About Future Market Insights Inc. (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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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