Drum Handling Equipment Market Trends, Market Share, Size, Growth Status And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Drum Handling Equipment Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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 growth in the historic period can be attributed to industrial growth and manufacturing activities, stringent occupational safety regulations, expansion of the chemical and pharmaceutical sectors, rise in oil and gas exploration and refining, increased international trade and logistics.

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%. The growth in the forecast period can be attributed to growing demand in the food and beverage industry, expansion of the renewable energy sector, globalization and supply chain complexity, rise in e-commerce and warehousing activities, integration of iot and automation. Major trends in the forecast period include technological advancements in handling equipment, integration of electric and hydraulic technologies, advancements in automated drum handling systems, focus on sustainable and eco-friendly solutions, rising demand for customization and versatility.

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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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.

Drum Handling Equipment Market 2024 Key Insights:

• The Drum Handling Equipment is expected to grow to $3.56 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Expansion Of The Chemical Industry To Boost Drum Handling Equipment Market
• Increasing Focus On Product Innovations To Drive The Revenues
• Asia-Pacific was the largest region in the drum handling equipment market in 2023

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