Steel Drum Market Poised for Expansion with Increasing Industrial and Chemical Sector Needs

The global steel drum market is poised for steady growth, with projections indicating a valuation of USD 20.8 billion by 2033, expanding at a compound annual growth rate (CAGR) of 5.6% from 2023 to 2033. Steel drums, made from durable carbon steel or stainless steel, are gaining widespread adoption due to their cost-effectiveness, safety, and versatility across numerous industries. This includes chemicals, oils, solvents, and food products.

Carbon steel or stainless steel is used to make the steel drum, a safe and secure rigid packing solution. Steel drum demand is increased by the notable qualities of steel container drums, such as affordability, ease of handling, safety & security while shipping, fire resistance, reusable, recyclable, and many more.

Request for a Sample: https://www.fmisamplereport.com/sample/rep-gb-8161

Several end-use sectors utilize safe and secure packaging, which results in an astounding demand for steel drums. With the support of all these elements, the worldwide steel drum market appears appealing and expanding.

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.

Access Full Report: https://www.futuremarketinsights.com/reports/steel-drums-market

Key Segments Covered In Steel Drum Industry Research

By Capacity:

55 Gallon
Other than 55 Gallon
By Head Type:

Tight Head
Open Head
By Material Type:

Carbon Steel
Stainless Steel
By End-Use Verticals:

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

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

Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube

About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

This release was published on openPR.