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The global steel drums market is forecast to expand at 5% CAGR throughout the forecast period of 2021 to 2031, finds Future Market Insights (FMI). Surging demand for shipping, storing and warehousing of lubricants, ink, and dyes is one of the key factors driving the market growth.
Steel drums are chemically inert and don’t interact with stored chemicals. It also protects the protein based materials from temperature damage and prevents it from spilling.
Owing to its higher operational efficiency and effectiveness in transporting liquid materials in bulk quantities, steel drums are a go to packaging solution in-order to transport, import and export oil across the globe.
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Rising manufacturing and production of paints, dyes, and other chemicals along with low production cost of steel drums in South Asian countries will fuel the market sales.
According to the American Coating Association, almost 50% of all coating and paint products are regulated by the U.S. Department of Transportation’s (DOT) modal regulations and are mandated to meet the hazardous materials protection criteria.
Increasing government pressure to ensure safe handling and secured transportation of such chemicals and related items will promote the steel drums market growth.
Steel drums are compliant with intermodal transportation. They are easy to use, and require no additional charges to load or unload. Such capabilities of steel drum will accelerate sales in freight transportation.
“Rising inclination for reusable and recyclable rigid packaging solution will create favorable conditions for steel drums market growth around the world,” remarks the FMI analyst.
Key Takeaways
Elevated production of crude oil and increase in export of paint and solution in the U.S. is driving the steel drum market sales.
Thriving paint and chemical industry in India will provide ideal conditions for steel drums market growth throughout the assessment period.
Abundance of raw material and cheap labor is creating attractive growth opportunities in China. Rise in oil import and need for secure packaging system, will further accelerate the market growth.
Expanding petrochemical industry along with development in chemical industry in Russia will fuel the market expansion in the country.
Germany engulfs 25% of global steel drums market. High demand for paint in automotive industry and increased export will catapult the market growth in the country.
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Prominent Drivers
Rising export of vegetable oils, chemicals and solvents and high demand for rigid packaging system is driving the steel drums market sales.
Rising urgency for safe transportation of hazardous and non-hazardous liquid material is further fuelling the market demand.
Escalating paints, inks & dyes production in developing nations, along with the rising necessity for secure transportation of liquid products will fuel the demand for steel drums.
Key Restraints
Presence of cost effective steel drum alternatives like intermediate bulk containers is restricting the market growth.
Lack of proper utilization of space in steel drums along with difficulty in palletizing and draining of steel drums hinders the market growth.
Low corrosion resistance properties of steel drum as compared to intermediate bulk containers hamper the market sales.
Competitive Landscape
According to FMI, Market players are working towards enhancing the safety of the steel drums. They are also working towards improving the design to make them convenient to transport and store.
Market players are emphasizing on designing eco-friendly drum along with addressing the sustainability issue of steel drums. Manufacturers are providing repurposing and reconsidering services leading to minimal packaging scrap.
Also, the key manufacturers are focusing on improving customer service by using RFID technology on steel drum to track & trace the steel drum.
Leading players operating in steel drums market include:
Greif Inc.
Mauser Packaging Solutions
Time Technoplast Ltd.
Sicagen India Limited
Balmer Lawrie & Co. Limited
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
PT Pelangi Indah Canindo Tbk
Müller AG Verpackungen
More Insights on FMI’s Steel drums market
The latest market study on global steel drums market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of
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Capacity
55 Gallon Steel Drum
Other than 55 Gallon Steel Drum
Head Type
Tight Head Steel Drum
Open Head Steel Drum
Material
Carbon Steel
Stainless Steel
End-Use
Chemicals
Petroleum & Lubricants
Paints, Inks, & Dyes
Food & Beverages
Building & Construction
Healthcare & Personal Care
Others
Region
North America
Latin America
Europe
Middle East and Africa (MEA)
East Asia
South Asia
Oceania
Contact Info:
Name: Abhishek Budholiya
Email: Send Email
Organization: Future Market Insights
Website: https://www.futuremarketinsights.com/reports/steel-drums-market
Release ID: 89025029
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