Drum Handling Equipment Global Market Projected to Experience a Growth Rate of 6.8% CAGR, Reaching over $3.56 Billion By 2028 | Komatsu Ltd., KION Group AG, Jungheinrich AG, RUD Group, METO Systems Inc.

"The new report published by The Business Research Company, titled ""Drum Handling Equipment Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the drum handling equipment market size has grown strongly in recent years. It will grow from $2.53 billion in 2023 to $2.73 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The drum handling equipment market size is expected to see strong growth in the next few years. It will grow to $3.56 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.

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Expansion Of The Chemical Industry To Boost Drum Handling Equipment Market
The expansion of the chemical industry is expected to propel the growth of the drum-handling equipment market going forward. The expansion of the chemical industry refers to the development and innovation in the chemical industry, which includes increased capital investments in newer fields. Drum handling equipment can help improve chemical handling operations' efficiency by making it easier to move drums from one location to another. It helps to prevent spills and leaks by providing a secure and stable way to move drums. For instance, in July 2023, according to the U.S. Bureau of Labor Statistics, a US-based government agency, the US trade value of chemical manufacturing products exported in 2022 amounted to $288.0 billion, reflecting a growth of 13.4% compared to 2021. Therefore, the expansion of the chemical industry is driving the growth of the drum-handling equipment market.

Increasing Focus On Product Innovations To Drive The Revenues
Major companies operating in the drum handling equipment market are developing innovative products such as stainless drums and barrel rotators to meet customer requirements for a solution that could safely and efficiently rotate fragile and slippery plastic drums. A stainless steel drum and barrel rotator is a custom-made piece of equipment designed to turn drums and barrels. For instance, in March 2022, Packline Materials Handling, a UK-based industrial machinery manufacturing company, launched a Stainless Drum and Barrel Rotator. This versatile tool can be used to handle a variety of drums and barrels of food ingredients. It comprises a frame with a lifting mechanism and a rotating drum attachment. A motor powers the lifting mechanism and can lift drums of up to 200kg in weight. The rotating drum attachment is designed to grip the drum securely and prevent it from slipping. Moreover, this equipment is a fixed-stop position for handling food ingredients and is a valuable tool for businesses in the food industry. It is a safe, efficient, and versatile piece of equipment that can handle drums of food ingredients in various applications.

The drum handling equipment market covered in this report is segmented -
1) By Type: Manual Drum Handling Equipment, Automatic Drum Handling Equipment
2) By Distribution Channel: Direct, Indirect
3) By Application: Food, Chemicals, Pharmaceutical, Industrial, Other Applications

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Major companies operating in the drum handling equipment market report are Komatsu Ltd., Wesco Industrial Products LLC, KION Group AG, Jungheinrich AG, Hyster-Yale Group Inc., Crown Equipment Corporation, Hangcha Group Co. Ltd., Lonking Holdings Limited, SSI SCHAEFER Group, Beumer Group GmbH, RUD Group, METO Systems Inc., EP Equipment Co. Ltd., Flexicon Corporation, Beacon Industries Inc., Pentalift Equipment Corporation, Greenfield Products LLC, Valley Craft Industries Inc., BHS Inc., Morse Manufacturing Co. Inc., Lift Products Inc., Material Flow and Conveyor Systems Inc., Ruger Industries Inc., Wuxi Tongyang Machinery Technology Co. Ltd., Drum Runner Material Handling Co., Easy Lift Equipment Company Inc., Eastwest Engineering & Electronics Pvt. Ltd., KIJEKA Engineers Pvt Ltd., Liftomatic Material Handling Inc.

Contents of the report:
1. Executive Summary
2. Drum Handling Equipment Market Report Structure
3. Drum Handling Equipment Market Trends And Strategies
4. Drum Handling Equipment Market - Macro Economic Scenario
5. Drum Handling Equipment Market Size And Growth
…..
27. Drum Handling Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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