Dublin, Feb. 24, 2021 (GLOBE NEWSWIRE) -- The "Industrial Drums Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The industrial drums market is expected to register CAGR of 8.4% over the forecast period 2021-2026. Industrial drums are used for the storage and transportation of materials for the delivery of mass freight. These drums are typically used for shipment of unsafe and hazardous products, and these drums are also known as barrels.
Industrial drums allow higher operational efficiency and effectiveness in shipping bulk quantities of commodities in liquid form. Industrial drums offer cost-effective transport packaging solutions for shipment of both hazardous and non-hazardous materials, like chemicals, wines, fruit juices, etc.
Industrial drums have been widely used to package chemical and fertilizers, petroleum lubricants, among others. Moreover, the adoption of industrial drums among the packaging industry is increasing. The packaging manufacturer is focusing on recycling, downgauging, optimizing pack size, and safety. Industrial drums offer these features to many corporations and companies to effectively maintain sustainability initiatives.
Slow automation technological adoption among industrial drum manufacturers is expected to hold back the advance orders from various end-user industries. With the outbreak of COVID-19, the market is going to get affected due to a lack of resource crunch at production sites and lockdown situation in countries that may impact the supply chain adversely.
Key Market Trends
The Steel Drums Segment is Expected to Hold the Major Market Share
- Steel drum's excellent mechanical properties, such as high strength, good protective properties, like gas barrier properties, and excellent processing performance, are expected to be positive factors in terms of usage. Moreover, it can be rolled into a various thickness of the sheet, foil, sheet stamping, rolling, stretching, and welding made of different shapes and sizes of the packaging container.
- The rise in the demand for chemicals and petroleum lubricants from varied end-user industries and a significant focus on strengthening the supply chain capability are expected to drive the need for industrial metal drums. Steel drums are also used as packaging solutions for transporting and storing hazardous or dangerous goods. Additionally, the US Department of Transportation indicated that steel drums are the safest containers.
- The chemical industry is also expected to hold significant share of the steel drum market for safe packaging solutions. According to the METI, Japan, the production volume of steel drum containers increased from 321.08 thousand metric ton in 2012 to 339.28 thousand metric ton in 2018.
Asia-Pacific to Witness a Significant Growth Rate
- The rapidly evolving manufacturing sector in the Asia-Pacific region is expected to increase the usage of industrial drums in the region. Global manufacturers are continuing to shift their manufacturing bases to emerging economies, like China, India, and Indonesia.
- The region is witnessing growth in terms of exports in vegetable oil and wines, which is also anticipated to further drive the growth of the industrial drums market in the region. Oil exporters in Asian countries prefer industrial drums over other bulk packaging products. India and China are known for their large-scale palm-oil exports, which may create significant demand for industrial drums in the region.
- Countries in Asia-Pacific, such as China and India, with strong agricultural produce, are improving their export volume by implementing effective means of storage, transport, and packaging solutions. China has been world's biggest exporter of goods since 2009. The exports of China in 2018 accounted for a revenue of USD 2,486.7 billion.
Competitive Landscape
The industrial drums market remains quite fragmented, due to the existence of numerous international, regional, and local vendors. With the growing usage of industrial drums in various end-user industries, many companies are entering the competition, making it more intensified. Some of key players of the market include Greif Inc., SCHUTZ GmbH & Co. KGaA, and Mauser Group BV.
- February 2020 - Greif announced the expansion of its plastics operations on the West Coast of the United States. The company is installing a plastic drum blow molding machine in its Merced, CA facility. The blow molder is expected to be operational during the second quarter of 2020.
- June 2019 - Balmer Lawrie & Co. Ltd opened its new Industrial Packaging plant for steel drum manufacturing at Vadodara, Gujarat. The company is India's largest 210L MS Drum manufacturer with a pan-India market share of around 34%. The company started the Vadodara plant with the aim of catering to the chemical industry with superior products and services.
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- The market estimate (ME) sheet in Excel format
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Key Topics Covered:
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Market Drivers
4.3.1 Increasing Demand for Industrial Drum from the Chemical and Fertilizers, and Petroleum Lubricant Industries
4.3.2 Growing Focus on Strengthening Supply Chain Capabilities among End Users
4.4 Market Challenges
4.4.1 Environmental Degradation
4.4.2 Fluctuating Raw Material Price
5 MARKET SEGMENTATION
5.1 Product Type
5.1.1 Steel Drums
5.1.2 Plastic Drums
5.1.3 Fiber Drums
5.2 End-user Industry
5.2.1 Food and Beverage
5.2.2 Chemicals and Fertilizers
5.2.3 Pharmaceuticals
5.2.4 Petroleum and Lubricants
5.2.5 Other End user Industries ( Building and Construction, Paints, Inks, and Dyes)
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia Pacific
5.3.4 Latin America
5.3.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Greif Inc.
6.1.2 Sicagen India Ltd
6.1.3 Balmer Lawrie & Co. Ltd
6.1.4 Time Technoplast Ltd
6.1.5 SCHUTZ GmbH & Co. KGaA
6.1.6 Mauser Group NV
6.1.7 Industrial Container Services LLC
6.1.8 TPL Plastech Ltd
6.1.9 Eagle Manufacturing Company
6.1.10 U.S. Coexcell Inc.
6.2 Investment Analysis
7 MARKET TRENDS AND FUTURE OPPORTUNITIES
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