Introduction
In the world of industrial packaging, Steel Drums & IBCs Market plays a crucial role. These robust containers are more than just metal barrels; they are essential for transporting and storing various materials safely. In this comprehensive guide, we’ll delve into the Steel Drums & IBCs Market, exploring its significance, applications, and benefits.
Steel Drums & IBCs Market Overview
Steel Drums & IBCs Market is a key segment of the packaging industry. These containers are known for their durability, versatility, and eco-friendliness. They serve multiple industries, ranging from chemicals to food and pharmaceuticals.
The Growth of Steel Drums & IBCs Market
The Steel Drums & IBCs Market has witnessed remarkable growth in recent years. With an increasing focus on sustainability, these containers have become the preferred choice for many businesses. Their ability to be reused and recycled aligns perfectly with the demands of the modern world.
Anticipated to reach a market value of US$ 21.7352 billion by 2033, the global steel drums & IBCs market is projected to grow at a steady compound annual growth rate (CAGR) of 4.5% from 2023. In 2023, the market is estimated to be valued at US$ 13,995.9 million, highlighting its significant growth potential.
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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.
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.
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
Emerging Trends in Steel Drum and IBC Manufacturing
- Sustainability and Eco-Friendly Materials: With increasing environmental concerns, manufacturers are shifting towards sustainable practices. This includes using eco-friendly materials for drum and IBC production, as well as designing containers that are easily recyclable or reusable.
- Lightweight Designs: To reduce transportation costs and improve efficiency, manufacturers are focusing on creating lightweight steel drums and IBCs without compromising on durability. These containers are not only easier to handle but also contribute to lower carbon emissions during transportation.
- Improved Safety Features: Safety is a top priority in the manufacturing industry. Manufacturers are incorporating advanced safety features such as pressure relief valves, tamper-evident seals, and spill prevention mechanisms to ensure the safe storage and transportation of hazardous materials.
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.
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Steel Drums & IBCs Market by Category
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.)
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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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