NEWARK, Del, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The industrial drum market is anticipated to reach a valuation of US$ 12.9 billion in 2024. The industry is projected to be worth US$ 20.4 billion by 2034, rising at a CAGR of 5.1% between 2024 and 2034. The market is experiencing substantial growth, fueled by escalating demand across diverse sectors. These durable containers are vital in safely transporting and storing liquids, chemicals, and hazardous materials.
Their versatile applications cater to the needs of industries such as chemicals, pharmaceuticals, and food and beverages. The surge in global manufacturing activities serves as a primary driver for market expansion, reflecting the drums' integral role in facilitating the movement of goods within and across borders. A significant catalyst for market growth lies in the stringent regulations governing the safe transportation of goods. Businesses increasingly prioritize compliant packaging solutions to ensure adherence to these regulations, contributing to the overall market expansion.
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The continuous evolution of the industrial landscape further propels the demand for these drums, emphasizing the need for reliable and secure packaging solutions across various industrial sectors. Innovation plays a pivotal role in shaping the market. Ongoing advancements in drum design, materials, and manufacturing processes enhance product efficiency and safety standards.
Manufacturers are adapting to the changing needs of industries by incorporating sustainable practices, with a growing emphasis on eco-friendly drum materials to reduce environmental impact. Automation and technology integration also optimize manufacturing processes, improve production efficiency, and maintain consistent product quality. Looking ahead, the market is poised for continued growth. The need for reliable and secure packaging solutions remains paramount, driven by the evolving dynamics of global industries.
The market resilience is evident as it embraces sustainability, innovation, and compliance with regulatory standards, ensuring that industrial drums remain indispensable in facilitating the safe and efficient movement of materials critical to diverse industrial processes.
Key Takeaways from the Market Study
- Based on product type, the steel drum is expected to hold a market share of 74.1% in 2024.
- China is estimated to register at a CAGR of 6.5% by 2034.
- Germany experiences significant growth, projected at a CAGR of 3.4% by 2034.
- Based on end-user type, chemicals and fertilizers are anticipated to hold a market share of 46.3% in 2024.
“The widespread expansion of global manufacturing activities acts as a significant driver propelling the industrial drum market,” Says Ismail Sutaria, Principal Consultant, Packaging and Materials at Future Market Insights.
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Report Scope
| Attributes | Details | |||
| Estimated Market Size in 2024 | US$ 12.9 billion | |||
| Projected Market Valuation in 2034 | US$ 20.4 billion | |||
| CAGR Share from 2024 to 2034 | 5.1% | |||
| Forecast Period | 2024 to 2034 | |||
| Historical Data Available for | 2019 to 2023 | |||
| Market Analysis | Value in US$ billion | |||
| Key Regions Covered |
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| Key Market Segments Covered |
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Competitive Landscape
The competitive landscape of the industrial drum market giants vies for prominence through continuous innovation, diverse product portfolios, and strategic expansions.
The market features the presence of regional players offering specialized solutions. Mergers, acquisitions, and collaborations are common strategies that shape a dynamic environment where companies strive to meet the evolving demands of various industrial sectors.
Some of the recent developments are:
- In February 2023, Mauser Packaging Solutions expanded its product range in South Africa by investing in advanced plastic drum manufacturing equipment.
- In October 2022, Schütz enhanced its Green Lifecycle Management program by introducing the Green Layer series.
This initiative assists clients in achieving sustainability goals while concurrently reducing the overall CO2 footprint of their packaging.
More Valuable Insights Available
Future Market Insights offers an unbiased global industrial drum market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034
To understand industrial drum market opportunities are segmented based on By Product Type (Steel Drum, Plastic Drum, Fiber Drum), By Capacity (Up to 100 Litre, 100 to 250 Litre, 250 to 500 Litre, Above 500 Litre), By End Use (Food & Beverages, Chemical & Fertilizers, Pharmaceuticals, Petroleum & Lubricants, Building & Construction, Paints, Inks, & Dyes, Other End Uses), and By Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East and Africa)
About the Packaging Division at Future Market Insights
The packaging team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one million+ data points, the team has analyzed the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
Authored By
Ismail Sutaria (Principal Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
Explore Related Reports of Packaging:
- The global industrial pails and drums market is poised for substantial growth, with a projected valuation of US$ 20.3 billion in 2022. Anticipating a robust expansion, the market is forecasted to achieve a commendable CAGR of 4.8%, reaching an estimated US$ 32.3 billion by 2032. The distribution landscape is expected to witness significant shifts, with the top three countries accounting for approximately 25-30% of the market share by the conclusion of 2022.
- In the year 2023, industrial drum sales within Western Europe are expected to register a valuation of US$ 2,191.1 million. The demand for industrial drums in this region is forecasted to experience a steady ascent, with a projected CAGR of 3.6% from 2023 to 2033, ultimately reaching a valuation of US$ 3,153.4 million by 2033.
- Japan's industrial drum ecosystem is set to showcase a notable CAGR of 3.5% throughout the forecast period, with anticipated opportunities driving the industry to a projected value of US$ 360.3 million in 2023.
- Korea's industrial drum sector is positioned for substantial expansion, projected to grow at an impressive CAGR of 6.0% through 2033. With a valuation of US$ 839.2 million in 2023, the industry is expected to achieve a remarkable milestone, reaching an estimated US$ 1,535.2 million by 2033.
- Middle East and North Africa (MENA) industrial packaging market is anticipated to be valued at US$ 4.8 billion in 2023. The continuous evolution of packaging automation serves as a significant catalyst, propelling the market to a projected CAGR of 7.0% between 2023 and 2033. The market is forecasted to reach a substantial US$ 9.4 billion by the conclusion of the forecast period, signaling significant growth prospects.
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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