Industrial Pails & Drums Market is Anticipated To Register A Significant CAGR Over A Forecast Period

Over the past few decades manufacturing sector is not only evolving in terms of quality and quantity of goods produced but also witnessing dynamic shift in terms of packaging, storage and transportation. Industries such as chemical, pharmaceuticals, food and beverage and many more are constantly focusing on strengthening the supply chain capability in order to deal with the increasing demand. Manufacturers are increasingly demanding for cost effective yet highly efficient packaging solution to overcome the bulk packaging challenges. Industrial pails and drums play a vital role in overcoming these aforementioned challenges. Pails and drums are anticipated to be the most common form of liquid packaging. Pails are the cylindrical containers made up of plastic or metal available usually with capacity of about 3 to 50 L. Drums are the rigid or semi-rigid cylindrical structures made up of metal, plastic or paperboard primarily used primarily for liquid and powder products.

Industrial Pails & Drums: Drivers and Restraints

Robust growth in chemical and pharmaceutical sectors is anticipated to be the major driving factor for the growing demand of global industrial pails & drums market. Globally, chemical and pharmaceuticals manufacturers are demanding light weight, cost effective yet durable packaging solution for all their bulk liquid packaging needs. Henceforth, industrial pails and drums finds major application in chemical and pharmaceutical sector due to these attractive attributes. Furthermore, growing demand for paints, coating and adhesives across geographies is also a significant factor propelling the demand of the global industrial pails and drums market across the geographies. Though fluctuating raw material prices of raw materials for the manufacturing of industrial pails and drums is anticipates to be restraining factor for the growth of global industrial pails and drums market. Growing end use application in food and beverages, construction and pharmaceutical sector are creating new opportunities for the global industrial pails and drums market.

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Industrial Pails & Drums: Segmentation

On the basis of product type global industrial pails and drums are segmented primarily segmented into pails and drums. Furthermore, on the basis of material type, industrial pails and drums market are segmented into metal, plastic and paperboard. The plastic segment is further segmented into high density polyethylene (HDPE), low density polyethylene (LDPE), polypropylene (PP) and others. On the basis of end use global industrial pails and drums market is segmented into chemicals, pharmaceuticals, food and beverages, petroleum & petrochemicals, lubricants and others.

Industrial Pails & Drums: Regional Outlook

On the basis of geography, global industrial pails and drums market are segmented into North America, Latin America, Europe, Asia Pacific and MEA. Moreover, Europe is anticipated to be the largest market for the global industrial, pails and drums market in terms of volume and value. However, Asia pacific due to its rapidly evolving manufacturing sector is anticipated to register highest CAGR over the forecast period. Global manufacturers are rapidly shifting their manufacturing bases to emerging economies of China, India, Indonesia based in Asia Pacific region. Furthermore, North America is anticipated to grow at healthy CAGR to become as third largest market for the global industrial pails and drums market. Followed by MEA, Latin America is anticipated to grow at moderate growth rate while it is anticipated that growing investor and manufacturer confidence in Middle East and Africa region is anticipated to show promising growth over the next decade. The economies in Middle East and Africa are constantly shifting their core oil centered business to chemical, plastic, pharmaceutical and construction which is anticipated to drive the demand of industrial pails and drums throughout the forecast period

Industrial Pails & Drums: Key Players

Some of key market participants in the global industrial pails and drums market are SCHÜTZ GmbH & Co. KGaA., Grief Inc., Mauser Group B.V., Orora Packaging Australia Pty Ltd, Balmer Lawrie & Co. Ltd., Industrial Container Services, Delta Containers Direct Limited, FDL Packaging Group, Fibrestar Drums Ltd and others.

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This release was published on openPR.