Steel Drum Market reaching US$ 18.6 Bn by the year 2031

Steel drums have emerged as preferred rigid packaging solutions as they are increasingly used for transporting hazardous and non-hazardous material. According to a study by Future Market Insights (FMI), the steel drums market is forecast to register steady growth on the back of increasing applications in industries such as chemicals, food & beverages, petroleum & lubricants, healthcare & personal care, building & construction, paints, inks, & dyes, and others. Driven by this, the steel drums market is forecast to reach nearly US$ 11. 4 Bn by 2021.

Between 2022 and 2031, the global steel drum market is anticipated to increase linearly at a CAGR of 4.9%, reaching US$ 18.6 billion.
Carbon steel or stainless steel is used to make the steel drum, a safe and secure rigid packing solution. The steel drum has numerous distinguishing qualities that increase its demand, including its affordability, ease of handling, safety & security during shipping, fire resistance, reusability, and ability to be recycled.

The demand for steel drums is astounding given the wide range of end-use sectors that employ this safe and secure packaging. With the support of all these elements, the worldwide steel drum market appears appealing and expanding.

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Over the past few years, the steel drum is gaining popularity among various end-use industries especially for storage and transportation of liquid materials as it offers safe and secure packaging solution. Also, rising concerns about sustainability is creating growth opportunities. Future Market Insights forecasts the market to continue growing at a positive rate between 2021 and 2031.

Steel Drum Market Landscape

Greif Inc., Mauser Packaging Solution, and SCHÜTZ GmbH & Co. KGaA are the top players operating in the steel drum market. Furthermore, Time Technoplast Ltd., Balmer Lawrie & Co. Limited, Nippon Steel Drums Co. Ltd., are some of the companies operating in the steel drum market. The Tier 3 players in the market hold 75-80% in the global steel drum market.

"Companies operating in the market are focusing on improving designs of steel drums to make them more light-weight, efficient, and cost-effective. Also they are focusing on expanding footprint via strategic collaborations," says an FMI analyst.

Rise in Demand for Steel Drum in Chemical Sector Augmenting Sales

The demand for steel drums in the chemical industry is rising due to the changing way of industrial packaging solution by pooling and leasing the containers and drums. The standards for using steel drums are set by various countries and various regulations such as the U.S. Department of Transportation (DOT), United Nations regulations. Majorly the steel drums are used by the chemical industry to store and transport hazardous and non-hazardous materials.

Demand for Effective Transportation of Large Volume of Liquid Driving Growth

The increasing production of manufacturing and industrial sector is one of the major factors augmenting sales of steel drum. The low manufacturing cost in developing economies such as India and China has led key players of various end-use industries to move their production facilities and expand their market in the South & East Asia. This will lead to growth in trade volume in the region. Also, East and South Asia will emerge as a global trade hub, increasing opportunities for the global steel drum market.

Competitive Landscape

The steel drum manufacturers are focusing on safety rendered by steel drum to cater to the market demand and survive the competition. Also, the manufacturers are trying to address the sustainability trend by developing environmentally-friendly steel drum. These manufacturers also provide reconditioning services, which lead to low packaging

Also, the key manufacturers are trying to enhance customer service by using RFID technology on steel drum to track & trace the steel drum.

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Key Segments Covered In Steel Drum Industry Research

Capacity:

55 Gallon
Other than 55 Gallon
Head Type:

Tight Head
Open Head
Material:

Carbon Steel
Stainless Steel
End-Use:

Chemicals
Petroleum & Lubricants
Paints, Inks, & Dyes
Food & Beverages
Building & Construction
Healthcare & Personal Care
Others
Region:

North America
Latin America
Europe
Middle East and Africa (MEA)
East Asia
South Asia
Oceania

Contact:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA

About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

This release was published on openPR.