The global Steel Drums & IBCs Market is expected to hit a market value of US$ 16 Bn by 2022, and is expected to reach US$ 22.5 Bn expanding at a CAGR of 4.8% from 2022-2029.
The global demand for Steel Drums & IBCs Market accounted for revenues equating US$ 13 Bn in 2021; FMI’s new study estimates growth to hover at 4.8% mark during the next decade. Increasing global trade and growing proclivity to invest in efficient transportation are supporting market growth, according to the authors of the report.
| Market Size (2022) | US$ 16.3 Bn | |
| Projected Steel Drums & IBCs Market Size (2029) | US$ 22.5 Bn | |
| Value CAGR (2022-2029) | 4.8% | |
| Top 5 Companies Market Share | 37% | |
Request a report sample to gain comprehensive insights at https://www.futuremarketinsights.com/reports/sample/rep-gb-10079
Increasing focus on achieving cost-effectiveness in logistics, along with growing transportation of hazardous and non-hazardous materials have brought steel drums and IBCs at the center stage. Moreover, as steel drums & IBCs are considered as one of the safest forms of packaging for dangerous goods such as chemicals, demand has remained steady over the years. The market is likely to be influenced by reusability that results in cost-savings in reverse logistics and traceability that enhances consumer services.
Growing Demand for Steel Drums & IBCs in China
East Asian countries continue to offer significant opportunities for steel drums & IBC manufacturers. The demand for steel drums & IBCs in China, South Korea, and other East Asian countries is majorly driven by increased spending on trade activities and the growing demand for chemical packaging. The growing investments in increasing production facilities is likely to create significant growth opportunities for market players over the course of the forecast period.
In addition to East Asia, South Asia is likely to remain a lucrative region for the steel drums & IBCs market on account of the expansion of end-use industries which are likely to push the demand during the assessment period. Expanding cross-border trade witnessed across this region is expected to propel sales of steel drums & IBCs. Further, key investments in the European economies focused at IBC production by companies such as Mauser Packaging Solutions and Greif reflect the opportunities offered by the European economies.
For any Queries Related with the Report, Ask an Analyst@ https://www.futuremarketinsights.com/ask-question/rep-gb-10079
Scope of the Report
| Attribute | Details |
| Forecast Period | 2022-2029 |
| Historical Data Available for | 2014-2021 |
| Market Analysis | US$ Million for Value and ‘000 Units for Volume |
| Key Regions Covered | North America, Latin America, Europe, Asia Pacific, South Asia, East Asia, Oceania and the Middle East & Africa |
| Key Countries Covered | US, Brazil, Mexico, Germany, U.K., China, India, Japan, Australia, and GCC Countries |
| Key Segments Covered | Capacity, End Use, and Region |
| Key Companies Profiled | • 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. • Sicagen India Limited • Balmer Lawrie & Co. Limited • Industrial Container Services, Inc. • Myers Container, LLC. • Orlando Drum & Container Corporation • Great Western Containers Inc. • Meyer Steel Drum, Inc. • Peninsula Drums CC |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
Chemical Industry Remains the Largest Consumer
Major consumption of steel drums and IBCs is witnessed across the chemical sector. The chemical segments is expected to hold approximately 40% share in the global steel drums & IBCs market in 2022. The growing incidents of storage and transportation of hazardous chemicals is expected to support this consumption as steel drums & IBCs are perceived to be safe packaging solutions for such goods.
As chemicals pose health risks on leakage and leach, the demand for packaging solutions that prevent exposure to external environment continues to rise, driving steel drums & IBCs’ demand. Another factor supporting the growing consumption of steel drums & IBCs for chemical packaging is the increasing inclination towards sustainable packaging solutions, considering the negative environmental impact of plastic which has been previously used for chemical storage and transport owing to its higher safety standards.
We Offer tailor-made Solutions to fit Your Requirements, Request Customization @ https://www.futuremarketinsights.com/customization-available/rep-gb-10079
Companies operating in the steel drums & IBCs market focus on maximizing the production on account of the constant demand growth from the chemical and petroleum and lubricants. Apart from these sectors, newer solutions are also being designed to address the requirements of the food processing and pharmaceutical sectors which include exceptional performance, enhanced handling and labor savings.
Moreover, manufacturers continue to emphasize production of customized solutions that are designed to meet specific end-use requirements. Leading manufacturers of steel drums & IBCs are likely to consider expansion of global footprint through acquisitions or collaborations with regional providers.
Explore FMI’s Extensive ongoing Coverage on Packaging Domain
Steel Ring Pull Caps Market – Innovation had always be a key success factor for the growth of any product in the market. The requirement of modern and fast opening cap is required, that does not need a cap opener and which also offers better performance than traditional closures.
Stainless Steel Water Bottles Market – Stainless steel water bottles are the fine alternative to single-use water bottles. Stainless steel water bottles have great stability and strength, which creates them as a perfect choice for customers.
Steel Containers Market – Steel containers are expected to gain significant traction over the forecast period. The increasing demand for steel containers in the food industry for the handling, storage, and shipping of various food products is likely to drive the growth of steel containers during the forecast period.
Stainless Steel Foil Market – Corrosion is the biggest problem for most of the end users which need metals for packaging applications. As a result of this, manufacturers are looking for corrosion resistant metal packaging applications like stainless steel foil which provide an edge over other metal packaging applications.
Foldable Steel Containers Market – Foldable Steel containers is a reusable industrial container designed for the storage and transport of bulk liquid products. The sides of foldable steel containers can be folded inward when the unit is empty allowing the container to collapse into a much smaller package for return shipment or storage.
Steel Roll-on Tube Market – Steel roll-on tube is co-extruded plastic base seamless tubes with steel ball placed as a primary closure. The steel roll-on tube are manufactured from a material such as polypropylene, polyethylene terephthalate, polyethylene, and other material.
Steel Salvage Drums Market – Steel salvage drums manufacturers are looking for cost effective packaging solutions for overcoming the challenges related to bulk packaging. Hence, many industrial packaging manufacturers are focusing on creating innovative packaging solutions like steel salvage drums to satisfy up-coming demands from end use industries.
Reconditioned Steel Drums Market – Mounting environmental concerns over recycling / safe disposal of packaging containers have headed to the emergence of new regulations / policies, thus mandating companies to recover their packaging products.
Carbon Steel IBC Market – Carbon steel IBC is an industrial grade reusable container for bulk storage and is painted exterior with carbon steel. Carbon steel IBC is used for transporting and storing bulk liquids. Carbon steel IBC is also known as a tote and is capable of stacking and can be moved by a pallet jack or forklift.
Stainless Steel Casks Market – Packaging is essential to good beer and proper serving and brewing methods. Stainless steel casks are barrels that are used to store beer for secondary fermentation. With developed taste and aroma, stainless steel casks enable brewers to differentiate easily between ale and processed beer.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Contact:
Future Market Insights,
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com/
Report: https://www.futuremarketinsights.com/reports/steel-drums-and-ibcs-market
