The Industrial Drums Market is experiencing a steady and promising trajectory, with an estimated value of US$ 12.5 billion in 2022, projected to escalate to US$ 17.6 billion by 2027 at a commendable Compound Annual Growth Rate (CAGR) of 7.1%. This growth is substantiated by a 6.6% CAGR in volume during 2022-27, as per Future Market Insights. Anticipated to expand 1.5 times within this period, the market presents alluring prospects for industry players.
The Asia Pacific, with a notable 38% market share in 2022, is poised to be a driving force behind this expansion, particularly China, which is projected to witness a 9% YoY growth. Notably, the global industrial drums’ contribution to the overall industrial packaging market, valued at US$ 64 billion in 2021, underscores its significance at approximately 18%.
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Recent market advances, exemplified by rigid industrial packaging solutions, are enhancing the protection of sensitive products by mitigating leakage and spillage risks. Furthermore, SCHÜTZ Container Systems’ strategic expansion in key Canadian cities is set to further invigorate the industrial drums market, reflecting an industry committed to growth and innovation. However, challenges remain, such as the need to address hazardous material leakage and unsafe manual handling practices, which necessitate continued focus on safety and sustainability.
Drums can be made of steel, thick paperboard (usually known as a fibre drum), or plastics, and are for the most part utilised for the transportation of fluids and powders. Drums are regularly used for the shipment of unsafe products. Sent products must be coordinated with the make of the drum and it is important to adhere to relevant regulations. Drums are additionally called barrels in like manner use.
Growth Drivers in the Industrial Drums Industry:
- Rising Global Trade Activities: Increasing international trade and commerce drive the demand for industrial drums, essential for the safe transportation and storage of various goods.
- Stringent Regulations on Packaging Standards: Growing regulations and standards for safe and secure packaging in industries fuel the adoption of industrial drums, ensuring compliance with quality and safety requirements.
- Expanding Chemical and Petrochemical Industries: The growth of chemical and petrochemical sectors, coupled with the need for reliable storage and transportation solutions, boosts the demand for industrial drums.
- E-commerce Boom: The surge in e-commerce activities, especially in the logistics and shipping sectors, contributes to the escalating demand for industrial drums to facilitate secure and efficient product handling.
- Increased Focus on Sustainable Packaging: The emphasis on sustainability prompts industries to opt for reusable and recyclable packaging solutions, driving the adoption of eco-friendly industrial drums.
Business Trends:
- Rise of Smart and IoT-Enabled Drums: Integration of smart technologies and Internet of Things (IoT) in industrial drums is a growing trend, providing real-time monitoring and data analytics for enhanced supply chain management.
- Customization and Specialized Drum Solutions: Manufacturers are offering customized and specialized industrial drums to cater to specific industry requirements, reflecting a trend towards more tailored and efficient packaging solutions.
- Shift Towards Lightweight Materials: A trend towards the use of lightweight materials in industrial drum manufacturing is emerging, driven by the need for cost efficiency and easier handling during transportation.
- Circular Economy Initiatives: Businesses are increasingly adopting circular economy principles, leading to the development of reusable and recyclable industrial drum solutions to minimize environmental impact.
- Collaborative Supply Chain Partnerships: Collaborative partnerships within the supply chain, involving drum manufacturers, suppliers, and logistics providers, are on the rise to optimize efficiency and ensure seamless handling of goods.
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Inexpensive and Convenient Nature of Industrial Drums to Fuel Global Adoption
One of the significant factors triggering the demand for industrial drums is the convenience and inexpensiveness offered by industrial drums. The performance of the manufacturing sector and industrial output has further supported the demand for industrial drums in the global market. Manufacturing activities in India and China are challenging at one hand and the ASEAN countries are competing to match up to this, thus intensifying the demand for industrial drums.
The performance of European countries has stabilised and is likely to grow at a modest rate resulting in heightened demand for products used for shipping purposes. As there is a high co-relation between industrial output and demand for industrial drums, with a stabilised manufacturing sector output, the enhanced demand for industrial drums is evident. Though the demand for these industrial products is likely to be highly concentrated in the APAC region, a substantial contribution to the global demand is also anticipated from other clusters such as the Middle East and Eastern Europe. The Western Europe and North America markets are likely to post perpetual demand during the forecast period.
Report Objectives
- To analyze and forecast the global Industrial Drums market size in terms of value and volume
- To analyze the opportunities in the market for stakeholders and provide a competitive landscape for market leaders
- To define, describe, and forecast the market by type, material, and application
- To forecast the market size with respect to five main regions: Asia Pacific (APAC), the Middle East & Africa, Europe, North America, and South America
- To strategically analyze the micromarkets1 with respect to individual growth trends, prospects, and their contribution to the overall market
- To provide detailed information about the key factors (drivers, restraints, opportunities, and challenges) influencing market growth
- To strategically profile the key players and comprehensively analyze their market shares and core competencies
- To analyze competitive developments in the market, such as investments & expansions, new product developments, partnerships & collaborations, and mergers & acquisitions
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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
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Middle East and Africa (MEA)
- Japan
About Future Market Insights (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 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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