|11-19-2018 09:46 AM CET - Business, Economy, Finances, Banking & Insurance||
Global Industrial Drums Market is likely to account over 47% during 2017-2027 | Opportunity Assessment and Market Forecast
Press release from: researchmoz.us
The demand for industrial drums is substantially rising among several end-use industries, especially chemicals and materials and petroleum lubricants. As a result of this, several industrial packaging companies have either collaborated with or acquired local as well as international plastic packaging manufacturers. These players are focussing on expanding their product range so as to cater to the demands of multiple end-use industries. There are many infrastructure projects being initiated at the regional level for the integration of regional infrastructure in linking the regions economy through transportation, energy, and telecommunication projects. Such projects have a good road map for the transportation industry. For instance, India-based Time Technoplast Ltd. entered into a joint venture with Nile Egypt Plastech Industries S.A.E. to expand its business in Middle East & Africa. These ventures are likely to proof fruitful in the coming years.
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Chemicals and petroleum to lead by 2027 end
The global industrial drums has been segmented on the basis of end user into food and beverages, chemicals and fertilisers, pharmaceuticals, petroleum and lubricants, building and construction, and paints, inks, and dyes, among others. The chemical and fertilisers industry is expected to emerge as the largest end user of industrial drums by the end of 2027 and is likely to account for a share of over 47% in the market in the same year. This growth can be attributed to the growing demand for chemicals and fertilisers from several vertical industries; the expansion of manufacturing activities are further expected to trigger high use of industrial drums in this sector. Moreover, the growth in intercontinental trade of chemicals and fertilisers is anticipated to bode well for the market in the years ahead.
Consequently, the adoption of industrial drums as a packaging solution has increased among industrial users. The industrial drums market has consistently reflected the improvements in product design and value creation for end users. From old design drums to new and improved designs, the global drums market is again witnessing a transition where not only the buyers from developed markets but also from high potential developing markets are posting demand for industrial drums. As the global trade of industrial products has also increased three fold during the past decade, it has necessitated non-traditional industries to use these drums. Some of these industries include bio-chemical manufacturers, food grade ingredient manufacturers, and paints and inks manufacturers, among others.
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The global market for industrial drums is characterised by the slow adoption of automation technology for the manufacturing of industrial drums. Chemicals, fertilisers, pharmaceuticals, and lubricant producers and suppliers across the globe navigate in a difficult marketplace, where the customers specific needs are rarely communicated to product developers. Furthermore, supply chain complexities makes it even more difficult, as industrial drums manufacturers are positioned two to three nodes back in the supply chain, where they struggle to refuse the demand variability. Industrial drums manufacturers are also under continuous pressure from the customers end to reduce product costs while improving overall product offering. Furthermore, the companies operating in the industrial drums manufacturing sector are behind other packaging product manufacturers to adopt technology as well as best practices and influence the market. As a result, the process evolution and supply chain information processes move slowly. This type of laggardness is expected to hold back many end users from ordering industrial drums in advance.
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