Industrial Drums Market is Projected to reach US$ 17.6 Billion by 2027

The market for industrial drums is anticipated to reach US$ 17.6 Billion in 2027 at a CAGR of 7.1% from US$ 12.5 Billion in 2022. The industrial drums market is anticipated to expand in volume at a 6.6% CAGR from 2022 to 2027.

According to a report by Future Market Insights, the industrial drums market is predicted to expand by 1.5 times between 2022 and 2027, creating attractive prospects for market participants. With a projected market share of 38 percent in 2022, the APEJ region is predicted to dominate the industrial drums market.

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Why is Germany Considered One of the Most Lucrative Markets for Industrial Drums?

The industrial drums market in Germany is estimated to reach a market valuation of US$ 50 Bn by the end of 2022. Germany is estimated to be the largest market for industrial drums across the Western European region. According to the annual report published by the Association of the German Automotive Industry in 2020, the German automotive industry accounted for around one-third of the total research and development expenditure of the automotive industry globally.

Also, the sales of automotive manufacturers in Germany grew by 2% year on year from 2018 reaching a total of EUR 435.3 billion in 2019. The significant growth of the automotive industry in the country is anticipated to raise the demand for industrial drums in the petroleum & lubricants end-use in Germany.

APEJ to Present Lucrative Growth Prospects for Industrial Drums

The Asia Pacific except Japan or APEJ region is witnessing headway in the consumption of industrial drums for exporting vegetable oil and wines. Oil exporters in South East Asian countries including Indonesia and Malaysia are preferring industrial drums over other bulk packaging products. Industrial drums provide higher operational efficiency and effectiveness in shipping bulk quantities of commodities in liquid form.

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Exports from ASEAN countries of products such as palm oil is witnessing strong demand in India, China and countries across Europe. The exports of vegetable oil and related products has grown by 1.5x between 2007 and 2016. Industrial drums have emerged as a cost-effective transport packaging solution for shipment of other non-hazardous materials such as wines, fruit juices, etc. Countries in the APEJ region with strong agricultural output are improving their export volume by implementing effective means of storage, transport and packaging solutions.

Competitive Landscape

Leading industrial drums manufacturers are committed to launching new products in the market targeting specific end-use industries. Key players in the industrial drums market are also making investments to increase their manufacturing capabilities and geographical footprint in an attempt to increase their market share.

For instance, in September 2021 Mauser Packaging Solutions announced the plan to invest in its Gebze, Turkey facility for increasing the manufacturing capacity of plastic drums and IBC production.

In February 2020, Greif Inc. announced the expansion of its California, U.S. facility with the addition of a blow molder for tight head and open head plastic drums.

Product Quality to be of Primary Concern to Market Players

The players operating in the market are mainly focussing on enhancing their product quality and differentiating from their competitors in order to maintain a stronghold over the market. Some of the companies operating in the global industrial drums market are
Greif, Inc.,
Sicagen India Ltd.,
Balmer Lawrie & Co. Ltd.,
Time Technoplast Ltd.,
Schutz Container Systems, Inc.,
Mauser Group B.V.,
Industrial Container Services, LLC,
TPL Plastech Ltd.,
Eagle Manufacturing Company, and
U.S. COEXCELL Inc.

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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

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.