Industrial Drums Market to Grow at a CAGR of 7.1% through 2027
The global industrial drums market is expected to exhibit a CAGR of 7.1% from 2017 to 2027. The market is expected to rise to a valuation of approximately US$ 17,684 Mn by the end of the forecast period. On the basis of product type, steel drums are expected to account for a leading share of over 73% by the end of 2027. Although steel drums are anticipated to lead the market throughout the forecast period, the use of plastic drums is expected to rise in the years ahead owing to their inexpensive nature.
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Inexpensive and Convenient Nature of Industrial Drums to Fuel Global Adoption
One of the significant factors triggering the demand for industrial drums is the convenience and inexpensiveness offered by industrial drums. The performance of the manufacturing sector and industrial output has further supported the demand for industrial drums in the global market. Manufacturing activities in India and China are challenging at one hand and the ASEAN countries are competing to match up to this, thus intensifying the demand for industrial drums. The performance of European countries has stabilised and is likely to grow at a modest rate resulting in heightened demand for products used for shipping purposes. As there is a high co-relation between industrial output and demand for industrial drums, with a stabilised manufacturing sector output, the enhanced demand for industrial drums is evident. Though the demand for these industrial products is likely to be highly concentrated in the APAC region, a substantial contribution to the global demand is also anticipated from other clusters such as the Middle East and Eastern Europe. The Western Europe and North America markets are likely to post perpetual demand during the forecast period.
APEJ to Present Lucrative Growth Prospects for Industrial Drums
The Asia Pacific except Japan or APEJ region is witnessing headway in the consumption of industrial drums for exporting vegetable oil and wines. Oil exporters in South East Asian countries including Indonesia and Malaysia are preferring industrial drums over other bulk packaging products. Industrial drums provide higher operational efficiency and effectiveness in shipping bulk quantities of commodities in liquid form. Exports from ASEAN countries of products such as palm oil is witnessing strong demand in India, China and countries across Europe. The exports of vegetable oil and related products has grown by 1.5x between 2007 and 2016. Industrial drums have emerged as a cost-effective transport packaging solution for shipment of other non-hazardous materials such as wines, fruit juices, etc. Countries in the APEJ region with strong agricultural output are improving their export volume by implementing effective means of storage, transport and packaging solutions.
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Product Quality to be of Primary Concern to Market Players
The players operating in the market are mainly focussing on enhancing their product quality and differentiating from their competitors in order to maintain a stronghold over the market. Some of the companies operating in the global industrial drums market are Greif, Inc., Sicagen India Ltd., Balmer Lawrie & Co. Ltd., Time Technoplast Ltd., Schutz Container Systems, Inc., Mauser Group B.V., Industrial Container Services, LLC, TPL Plastech Ltd., Eagle Manufacturing Company, and U.S. COEXCELL Inc.
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