Anticipated to achieve a market value of US$ 13,995.9 million in 2023, the global steel drums & IBCs market is poised for further expansion, with projections indicating a growth to US$ 21,735.2 million at a Compound Annual Growth Rate (CAGR) of 4.5% from 2023 to 2033.
Future Market Insights projects a comprehensive comparative and review analysis of the dynamics within the steel drums & IBCs industry, primarily influenced by various industry factors. Additionally, the market faces specific challenges related to the availability of alternatives such as fiber drums and Flexi tanks, which are expected to impede its growth.
United States: The steel drums & IBCs market in the United States is set to reach US$ 1,314.9 million in 2023. Emerging trends include a rising demand for eco-friendly and sustainable solutions and customized solutions for specific industries. Automation and new technologies are enhancing transportation and storage efficiency, contributing to market growth.
South Korea: The steel drums & IBCs market in South Korea is expected to reach US$ 458.5 million in 2023. Market growth is driven by an increasing demand for eco-friendly and sustainable solutions and the adoption of intermediate bulk containers (IBCs) for efficient transportation. Customized solutions catering to industries like electronics and automotive are on the rise.
Request Sample Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-10079
Germany: The steel drums & IBCs market in Germany is poised to reach US$ 668.6 million in 2023. Increasing demand for IBCs and customized solutions for industries like chemicals and pharmaceuticals is a notable trend. Automation and new technologies are enhancing transportation and storage efficiency in the market.
European Flexible Intermediate Bulk Container Association (EFIBCA): EFIBCA represents over 50 IBC manufacturers in Europe. IBCs were declared a ‘priority product’ during the COVID-19 pandemic, playing a crucial role in transporting essential healthcare and food items. IBCs were used to transport safe food supplies, protective equipment, and vital supplies, and they continue to be essential in the European food and healthcare sectors. France, a leading food producer in Europe, relies heavily on IBCs for transporting its products. The growing demand for food and healthcare products in Europe is expected to drive further demand for IBCs in the region.
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.
Growing Demand for Steel Drums & IBCs in the Chemical Industry to Propel Market Growth in 2023
Anticipated to reach a value of US$ 5,675.7 million in 2023, the chemicals segment is poised to lead the steel drums & IBCs market. Steel drums & IBCs stand out as the preferred choice for storing and transporting chemicals, attributed to their durability, corrosion resistance, and cost-effectiveness. The increasing demand for chemicals across diverse industries, including agriculture, pharmaceuticals, and manufacturing, is expected to drive the demand for steel drums & IBCs in the upcoming year. Furthermore, the industry’s focus on eco-friendly and sustainable solutions is projected to further propel growth within this segment.
Ready to Learn About Our Approach? Explore Our Methodology: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-10079
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.
Buy Now/Purchase: https://www.futuremarketinsights.com/checkout/10079
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.)
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.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
