A recent Future Industry Insights report predicts substantial expansion in the industrial drums industry over the next few years. With a Compound Annual Growth Rate (CAGR) of 7.1% during the forecast period, the market is poised to grow from US$12.5 billion in 2022 to US$17.6 billion by 2027. The Asia Pacific region, particularly the APEJ area, is expected to play a crucial role in driving this growth, accounting for a sizable market share of 38% in 2022. However, certain challenges need to be addressed to sustain the industry’s progress.
Market Growth and Projections: The industrial drums market is projected to witness remarkable growth, with a CAGR of 7.1% from 2022 to 2027, reaching an estimated value of US$17.6 billion by 2027. In 2022, the market was valued at US$12.5 billion. Additionally, the market volume is anticipated to expand at a CAGR of 6.6% within the same period.
Role of the APEJ Region: The Asia Pacific region, particularly the APEJ area, is expected to be a significant driver of the industrial drums market’s growth, holding a substantial market share of 38% in 2022. Among the countries in the region, China is projected to play a crucial role in this growth, with its industrial drums market expected to expand by 9% in 2022. The market size for industrial drums in the APEJ region is estimated to reach US$4.7 billion in 2022.
Challenges Impacting Growth: The industry faces certain challenges that can potentially impact its growth rate. Fluctuating raw material prices and complexities in the supply chain are critical factors that need to be addressed. These factors can affect production costs and ultimately influence the market’s growth trajectory.
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Slow Adoption of Automation Technology: One significant challenge is the slow adoption of automation technology among drum manufacturers. The reluctance to embrace automation may hinder the industry’s progress and limit the number of advance orders received from end-use industries. Exploring opportunities for automation can streamline processes and enhance efficiency, contributing to sustained growth in the market.
Conclusion: The industrial drums industry is set to experience substantial growth, with the market projected to reach US$17.6 billion by 2027. The Asia Pacific region, led by China, will play a pivotal role in driving this expansion. However, challenges related to raw material prices and supply chain complexities, coupled with slow adoption of automation technology, require attention to ensure sustained progress and future opportunities in the market
Competitive Landscape
Leading industrial drums manufacturers are committed to launching new products in the market targeting specific end-use industries. Key players in the industrial drums market are also making investments to increase their manufacturing capabilities and geographical footprint in an attempt to increase their market share.
For instance, in September 2021 Mauser Packaging Solutions announced the plan to invest in its Gebze, Turkey facility for increasing the manufacturing capacity of plastic drums and IBC production.
In February 2020, Greif Inc. announced the expansion of its California, U.S. facility with the addition of a blow molder for tight head and open head plastic drums.
Key Players:
- Greif, Inc.
- Mauser Group B.V.
- Schutz Container Systems, Inc.
- Sicagen India Limited
- Myers Container, LLC
- Eagle Manufacturing Company
- Time Technoplast Ltd
- Balmer Lawrie & Co. Ltd.
- TPL Plastech Limited
- U.S. Coexcell Inc.
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Country-wise Insights: Thriving Industries Drive Demand for Industrial Drums:
Germany’s automotive sector plays a crucial role in driving demand for industrial drums. The industry’s substantial research and development expenditure and consistent growth in automotive sales create a heightened need for industrial drums in the petroleum and lubricants end-use sector.
In India, the growing agriculture sector boosts the demand for industrial drums, making it the second-largest market for such drums in the Asia-Pacific region after China. India’s position as the largest producer of spices, cashew, pulses, jute, and the second-largest producer of vegetables and fruits, creates a significant need for steel drums in the chemical and fertilizer end-use segment
Key Benefits for Industrial Drums Market:
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries in each region have been mapped according to their individual revenue contribution to the global/regional market.
- It outlines the current trends and future scenario of the market from 2022 to 2027 to understand the prevailing opportunities and potential investment pockets.
- The profiles of key players along with their key strategic developments are enlisted in the report.
- The key drivers, restraints, and opportunities and their detailed impact analyses are elucidated in the study.
Industrial Drums Market by Category
By Product Type:
- Steel Drum
- Plastic Drum
- Fiber Drum
By Capacity:
- Up to 100 Liter
- 100 to 250 Liter
- 250 to 500 Liter
- Above 500 Liter
By End Use:
- Food & Beverages
- Chemical & Fertilizers
- Pharmaceuticals
- Petroleum & Lubricants
- Building & Construction
- Paints, Inks, & Dyes
- Other End Uses
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About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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