Fiber Drum Market Demand And Growth Analysis 2022-28

According to Precision Business Insights (PBI), the latest report, the fiber drum market size was valued at USD 998.2 million in 2022 and is poised to grow at 7.3% CAGR from 2023 to 2029. The primary drivers of the expansion of the global fiber drum market include the increasing environmental consciousness among the public influences the demand for sustainable and lowering impact on environment which drives the fiber drum market growth. The increase in issues related to plastics has boosted the need of an alternative material like is fiber drum.

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Chemical & Pharmaceutical Segment is expected to Dominate the Fiber Drum Market:
Based on the end-user, the global Fiber Drum market is segmented into chemical industry, food & agro-allied industry, pharmaceutical industry, building and construction industry, and others. The chemical & pharmaceutical segment is expected to account for a larger revenue share in the global fiber drum market. The increase in chemical and pharmaceutical industry across the globe and their increased export volumes fuels the growth of fiber drum market. The hazardous solids or chemicals can be stored and shipped in the fiber drums as they are inactive with the chemicals and also because of its cost efficient factor the chemical and pharmaceutical segment is expected to dominate the global fiber drum market.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.
The global Fiber Drum market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.

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The fiber drum market is segmented based on type of closure, end user industry, capacity, and geography.
Based on the type of closure, the market is segmented into the following:
• Plastic Closure
• Metal Closure
• Fiber Closure

Based on the capacity, the market is segmented into the following:
• Below 25 Gallons
• 25-50 Gallons
• 50-75 Gallons
• Above 75 Gallons

Based on the end use industry, the market is segmented into the following:
• Chemical Industry
• Food & Agro Allied Industry
• Pharmaceutical Industry
• Building and Construction Industry
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

Asia Pacific Fiber Drum Market:
The Asia Pacific fiber drum market is expected to increase over the forecast period due to the several market players or manufacturers present in this region. Rapid evolution of industries and manufacturing sectors across the Asia Pacific region especially in China and Japan has shown a significant growth in manufacturing and exporting of fiber drums. Moreover, countries like India and China in Asia Pacific region has improved their exports of agricultural products by mean of effective and efficient storage, packaging and storage solution. This fuels the growth of fiber drum market in this region.

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The global fiber drum market key players are Orlando Drum & Container, Mauser Group, Fibrestar Drums, Three Rivers Packaging, Sonoco Product, Schutz Container Systems, Enviro-Pak, Industrial Container Services (ICS), CL Smith, Greif, Great Western Container, TPL Plastech, Carré Karton.

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This release was published on openPR.