The fiber drums market is likely to be worth US$ 1.1 billion in 2023, with a CAGR of 5.7% from 2023 to 2033. The fiber drums industry is expected to reach US$ 1.80 billion by 2033.
Demand for Lightweight Bulk Containers is growing
The two main reasons driving the fiber drums market are the growing retail sector and consumers’ inclination for lighter bulk containers. One of fiber drums’ main advantages is that they are 100% recyclable.
Fiber drums that are used for the transportation and storage of liquid products, such as adhesives and dyes, can have a range of coatings or insoluble materials, such as polyester, silicon, or polyethylene, coated inside of them. To evaluate a fiber drum’s performance and quality, two crucial experiments are performed: the drop test and the stacking or compression test.
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End-use Industry Demand is Swelling
Fiber drums are widely used for many different purposes and applications, such as paints, adhesives, sanitary chemicals, food and beverage, and pharmaceutical products. The needs of various end-use industries vary. For instance, the food and beverage industry needs FDA-compliant containers, which round fiber drums may provide.
The insertion of internal and external liners is made possible by new manufacturing processes, which boost performance and resistance for a variety of novel applications. Square fiber drums are another option for products that are lighter and have fewer volume.
Both styles and designs are UN-approved and suitable for packing hazardous solids. Because fiber drum barrels are so cheap, many end users prefer them to other options. It is projected that the chemical industry would hold a significant portion of the market for fiber drums during the forecast period.
Regional Assessment:
Asia-Pacific region has the leading fiber drums market share throughout the projection period due to the presence of an increasing number of manufacturing units and emerging economies in countries such as China, India, Australia, and Indonesia.
These are the countries that export packaging materials as well as fiber drum packaging all over the world. Due to low labor costs and the availability of native raw materials in this region, manufacturers prefer this manufacturing unit for the packaging sector.
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Key Takeaways
- From 2023 to 2033, the metal closure category may expand at a CAGR of 5.7% by closure type in the fiber drums market.
- The food and agro-allied industry category might develop at a CAGR of 5.9% from 2023 to 2033, according to the end-user segment.
- Between 2023 and 2033, China market might expand at a CAGR of 6.8%, reaching US$ 346.8 Million.
- By 2033, Japan fiber drums market may have increased at a CAGR of 5.6%, reaching US$ 96.6 million.
- By 2033, the United States market is anticipated to record a CAGR of 4.2% and reach US$ 239.2 Million.
- By 2033, Canada market can have grown at a CAGR of 4.9%, reaching US$ 92.6 million.
- Germany fiber drums market could have expanded at a CAGR of 4.8% by 2033 and may have amounted to US$ 94.5 Million.
Competitive Landscape:
The presence of local players, followed by international firms, has helped to consolidate the fiber drums market, which has contributed significantly to market growth.
A few significant fiber drum manufacturers include Greif Inc., Abzac Corporate, Great Western Container, Fiberstar Drums, Schutz Container Systems, CL Smith, Industrial Container Services, TPL Plastech, Sonoco Product, Three Rivers Packaging, Enviro-Pak, Mauser Group, Orlando Drum & Container, and others.
The key competitors are utilizing a variety of fresh tactics to control the market, such as expansions, acquisitions, and partnerships, which are boosting the demand for fiber drums on a global scale.
Recent Developments:
· Greif, Inc. Announced A Deal In 2021
To transfer ownership of 69,200 acres of forest in southwest Alabama to Weyerhaeuser Company in exchange for $149 million in cash.
· In February 2020, Grief Started a Significant Expansion
Started expansion of its plastic activities on the West Coast of the United States. In their Merced, California, company, they are setting up blow molding equipment for plastic drums.
· In June 2019, Balmer Lawrie & Co.Ltd. Inaugurated Industrial Packaging Factory
For the production of steel drums, in Vadodara, Gujarat. With a 34% market share, this company controls India market for 210L MS Drums.
Key Segments
By Capacity:
- Below 25 Gallons
- 25-50 Gallons
- 50-75 Gallons
- Above 75 Gallons
By Closure Type:
- Metal Closure
- Plastic Closure
- Fiber/ Cardboard Closure
By End Use:
- Chemical Industry
- Food & Agro Allied Industry
- Pharmaceutical Industry
- Building & Construction Industry
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa
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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