Steel Drums and Intermediate Bulk Container (IBC) Market Will Reach USD 19.92 billion by 2029| Key Players: Greif (U.S.).,TPL Plastech Ltd. (India), Balmer Lawrie & Co. Ltd (India)

Market Definition

Steel drums and intermediate bulk container (IBC) are common shipping containers for both industrial and non-industrial goods. They're also designed to transport hazardous chemicals, metals, and liquids in accordance with regulations. Plastic, metal, and alloys could be used to create immediate bulk containers (IBCs). Steel drums and intermediate bulk container (IBC) are predicted to grow in popularity because to considerations such as reusability, adaptability, and protection from environmental threats.

Global Steel Drums and Intermediate Bulk Container (IBC) Market was valued at USD 14.06 billion in 2021 and is expected to reach USD 19.92 billion by 2029, registering a CAGR of 4.45% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

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Market Analysis and Size

The worldwide packaging market is distinguished by constant product development geared primarily at improving the effectiveness obtained from material capabilities. Material changes are being implemented by manufacturers, resulting in economic and functional gains. Furthermore, the steel drums and intermediate bulk container (IBC) are one of the safest kinds of packaging for risky items such as chemicals, due to which their demand has remained consistent over the past few years. The market is anticipated to expand vastly even during the forecast period owing to the high demand of these steel drums and intermediate bulk container (IBC) across the globe.

Steel Drums and Intermediate Bulk Container (IBC) Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

Increased Focus towards Steel Drums and Immediate Bulk Containers (IBCs)

Steel drums and immediate bulk containers (IBCs) have taken center stage as the focus on achieving cost-effectiveness in logistics has increased, as has the transportation of hazardous and non-hazardous products. Furthermore, because steel drums and immediate bulk containers (IBCs) are one of the safest forms of packaging for risky items like chemicals, demand has remained consistent throughout time. Reusability, which results in cost savings in reverse logistics and traceability, which improves customer services, is likely to influence the market.

Steel Drums and Immediate Bulk Containers (IBCs) are Eco-Friendly

Steel drums and immediate bulk containers (IBCs) are predicted to grow in popularity due to considerations such as reusability, adaptability, and environmental protection. Plastic, metal, and alloys could be used to make immediate bulk containers (IBCs), which are reusable and can last for years. The steel drums, on the other hand are also eco-friendly as steel is the world's most recyclable as well as sustainable material. Owing to their eco-friendly properties, the steel drums and immediate bulk containers (IBCs) are estimated to have an accelerated growth.

Furthermore, the increased spending on trade activities and the growing demand for chemical packaging are the significant factors that are projected to drive market expansion. Increase in the chemical and pharmaceutical industries, as well as surge in the industrial packaging market due to increased international trade and the need for cost-effective bulk packaging, and increase in the beverage industries are among the major factors driving the growth of the intermediate bulk containers (IBC) market.

 Opportunities

Investments and Customized Solutions

Furthermore, the growing investments in production facilities are expected to provide enormous growth opportunities for the steel drums and intermediate bulk container (IBC) market players. Moreover, the manufacturers emphasize towards the production of customized solutions that are designed to meet specific end-use requirements, which are also estimated to generate various opportunities for market over the forecasted period.

Some of the major players operating in the steel drums and intermediate bulk container (IBC) market are
Greif (U.S.)
TPL Plastech Ltd. (India)
Balmer Lawrie & Co. Ltd (India)
Time Technoplast Ltd (India)
Sicagen (India)
BWAY Corporation (U.S.)
Schütz GmbH & Co. KGaA. (Germany)
Eagle Manufacturing Company (U.S.)
3M (U.S)
Orora Packaging Australia Pty Ltd (Australia)
Industrial Container Services, (U.S.)
Chicago Steel Container Corporation (U.S.)
U.S. COEXCELL Inc (U.S.)
NORTH COAST CONTAINER LLC. (U.S.)
Rahway Steel Drum Company (U.S.)
General Steel Drum LLC (U.S)

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Global Steel Drums and Intermediate Bulk Container (IBC) Market Scope

The steel drums and intermediate bulk container (IBC) market is segmented on the basis of capacity, content and end-use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Capacity
Drums
200 Litre

More than 200 Litre
IBCs
Up to 500 Litre
501-1,000 Litre
1,001-1,500 Litre
Above 1,500 Litre

Content
Liquid
Solid
Semi-Solid

End-Use
Chemicals
Petroleum and Lubricants
Paints, Inks and Dyes
Food and Beverages
Building and Construction
Healthcare and Pharmaceuticals
Others
Steel Drums and Intermediate Bulk Container (IBC) Market Regional Analysis/Insights

The steel drums and intermediate bulk container (IBC) market is analyzed and market size insights and trends are provided by country, capacity, content and end-use as referenced above.

The countries covered in the steel drums and intermediate bulk container (IBC) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the recycled asphalt market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the increasing demand for industrial packaging solutions along with enhanced production of chemicals and steel in the advancing economies.

North America on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the prevalence of various industries and the consumption for packaged goods within the region.

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