Barrels Market - Detailed Analysis and Forecast by 2024

Barrels Market: Introduction

Packaging is an indispensable part of any product’s lifecycle and it prevents the product from any kind of damage such as defilement, leakage and others during its transportation, utilization and storage. Rigid bulk packaging is one type of packaging which is used for packaging goods such as chemicals, food & beverage products and pharmaceutical items. Barrel is the oldest form of packaging and along with drum is classified under the rigid bulk packaging.

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Barrels are primarily used in chemicals and petroleum industry, food, and pharmaceuticals industry. They exhibit excellent insulating properties which makes them ideal for storing chemicals. They are also used for protection and transportation of products. Chemical and petroleum is the largest market utilizing barrels for storage purposes. Barrel demand has been on a rising spree post the economic slowdown in 2008. Moreover, the availability of barrels in variable shape, and sizes makes them suitable for a wide range of industrial packaging purposes. The barrels market is anticipated to experience strong growth over the forecast period.

Barrels: Market Dynamics

Key driver of the barrels market is the increasing need for the safe and fast delivery of bulk products. The wide product portfolio offered by the manufacturers in terms of variable shape and sizes is also driving the growth of the global barrels market. Factor restraining the growth of the barrel market is the volatile nature of the raw material used for making barrels, for e.g., oak when burnt releases volatile substances which is impacting the growth of the global barrels market. The rising demand for packaging solutions which is highly cost effective and efficient is anticipated to create an opportunity for the global barrels market over the forecast period. One important trend prevailing in the global barrels market is the growing traction of recyclable raw materials for manufacturing barrels. One of the major reasons for the growth of the global barrels market is the shift from traditional materials to biodegradable materials for manufacturing barrels due to implementation of strict environmental policies globally directed at reducing the carbon footprint.

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Barrels: Market Segmentation

The global barrels market is segmented on the basis of product type, end use industry and size. On the basis of product type, the barrels market is segmented into plastic, steel, and fiber barrels. Barrels made up of plastic material are more prominent as compared to the steel barrels. On the basis of end use industry, the barrels market is segmented into chemical and petroleum industry, food and beverage industry, and pharmaceutical industry. The chemical and petroleum industry has the largest share in the global barrel market due to its wide adoption for storing, handling and distributing chemicals. The demand for barrels in the food and beverage industry is mainly driven by breweries where barrels are used for the aging of wine. On the basis of size, the global barrels market is segmented into large barrels, intermediate, and small barrels.

Barrels Market: Regional Outlook

Geographically, the global barrels market is segmented into Latin America, Middle East & Africa, Asia Pacific, North America and Europe. Asia Pacific market is currently dominating the global barrels market followed by North America and Europe. North America is anticipated to experience steady growth over the forecast period owing to the escalated demand for barrels from food and beverage industry especially the wine manufacturers.

Barrels Market: Key players

Key players in the global barrels market are Greif Inc., Berenfield Containers Inc., Jakacki Bag & Barrel Inc., E-Con Packaging Pvt. Ltd., Mauser Packaging Corporation, Schutz, and Sonoco.

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This release was published on openPR.