Steel Drum Market is Predicted to Reach USD 20,379.9 Million, Globally by 2035 at 4.5% CAGR: Future Market Insights, Inc.

The global steel drum market is poised for significant growth, with sales expected to reach USD 13,123.2 million in 2025, marking a 4.3% year-on-year increase from USD 12,412.5 million in 2024. According to industry forecasts, the market will continue its upward trajectory, hitting USD 20,379.9 million by 2035, with a steady CAGR of 4.5% from 2025 to 2035.

Steel drums, often known as steel barrels, are essential components of industrial packaging, noted for their durability, strength, and adaptability. These cylindrical containers, which range in capacity from 5 to 110 gallons, are used for a variety of purposes, including liquid, solid, and gas storage and transportation. Their strong design and resistance to punctures, leaks, and exterior damage make them ideal for handling hazardous products.

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The increasing demand for dependable and environmentally friendly packaging solutions in industries such as chemicals, petroleum, paints, and pharmaceuticals is driving market expansion. Steel drums, with their recyclable nature, are consistent with the global trend toward sustainable packaging techniques.

Furthermore, developments in customization choices, such as corrosion-resistant linings like epoxy and phenolic coatings, as well as customized fittings and closures, are increasing product usability and market appeal.

Key Takeaways From the Steel Drum Market Report

• The global steel drum industry recorded a CAGR of 3.5% between 2020 and 2024.
• The industry's value grew from USD 9,892.4 million in 2020 to USD 12,412.5 million in 2024.
• The USA is expected to lead the North American market with a projected CAGR of 4.9% through 2035.
• In South Asia & Pacific, India is forecasted to experience a CAGR of 7.4% by 2035.
• Carbon steel, by material, is projected to grow at a CAGR of 5.6% from 2025 to 2035.
• The chemicals end-use segment is expected to grow at a CAGR of 6.0%.

Unveiling the Key Forces Propelling Growth in the Steel Drum Market

1. Growing Demand in Industrial Packaging: The increasing need for secure and durable packaging in industries such as chemicals, oil, food, and pharmaceuticals packaging is a significant driver for the steel drum market, ensuring safe transportation and storage of bulk materials.
2. Sustainability and Recycling: Steel drums are highly recyclable, aligning with the growing emphasis on sustainability and environmental responsibility. This drives demand as industries look for eco-friendly packaging solutions.
3. Robust Storage and Transport Needs: Steel drums provide superior strength and resistance to impact, making them ideal for the safe transportation and storage of hazardous materials, liquids, and powders, further boosting market growth.
4. Rise in Chemical and Oil & Gas Sectors: As the chemical and oil & gas industries expand globally, the need for reliable and secure containers for bulk storage increases, further propelling the demand for steel drums.
5. Cost-Effectiveness and Durability: Steel drums offer a cost-effective solution due to their long lifespan, strength, and ability to be reused multiple times. This makes them a preferred choice for long-term storage and transportation of various goods.

Competitive Landscape: Steel Drum Market

Key companies in the steel drum market are investing in the creation of innovative sustainable solutions, as well as forming collaborations. Key steel drum manufacturers have also been purchasing smaller businesses to expand their footprint and further enter the steel drum industry across numerous geographies.

Recent Industry Developments in the Steel Drum Market

• In February 2024, Tata Steel announced the successful merger of five critical businesses, including Tata Steel Mining Limited, Tata Steel Long Products Limited, and The Tinplate Company of India Limited.
• In May 2024, Electra, a green energy-backed firm funded by Bill Gates and Amazon, announced the opening of their green steel production factory in Colorado, USA. The plant's goal is to generate clean metallic iron from high-purity ores using renewable energy, which is a key step toward sustainable steel manufacturing.
• In May 2024, Tosyali Algeria, a subsidiary of Turkey's Tosyalı Holding, commissioned a new flat-rolled steel mill in Algeria, extending production capacities in the region.

Key Players of the Steel Drum Industry

• Mauser Packaging Solutions
• Greif Inc
• Time Technoplast Ltd.
• Sicagen India Limited
• Balmer Lawrie & Co., Ltd.
• Industrial Container Services, Inc.
• Great Western Containers Inc.
• SCHÜTZ GmbH & Co. KgaA
• Peninsula Drums CC
• Patrick J. Kelly Drums
• Skolnik Industries Inc.
• Nippon Steel Drums Co. Ltd.
• Stavig Group

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Key Segments of the Steel Drum Industry

By Material:

In terms of material, the industry is divided into carbon steel and stainless steel.

By Head Type:

In terms of head type, the industry is segregated into tight head and open head.

By Capacity:

By capacity, the market is divided into 55 gallons steel drums (standard size) and other than 55 gallon.

By End Use:

The market is classified by end use such as chemicals, petroleum & lubricants, paints, inks, & dyes, food & beverages, building & construction, healthcare & personal care, and others.

By Region:

Key countries of North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe, and the Middle East & Africa have been covered in the report.

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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.

This release was published on openPR.