Steel Drums Market to Remain Lucrative by 5.4% CAGR During 2018-2027

FMI delivers key insights on the global steel drums market in its published report, titled “Global Steel Drums Market”. In terms of revenue, the global steel drums market is estimated to grow at a CAGR of 5.4% during the forecast period – 2018-2027, owing to numerous factors, about which FMR offers thorough insights and forecasts in this report. The Asia Pacific steel drums market is expected to remain in the foremost position, during the forecast period.

Steel drums are used for storage and transportation of both hazardous and non-hazardous materials such as chemicals, coatings, paints and oil, etc. The main factor driving the steel drum market is its ability to be reconditioned or recycled for reuse. This factor ranks steel drums high in sustainability and leads to significant back-end cost savings.

The two main categories of steel drums are tight-head steel drums and open-head steel drums. 55-gallon steel drum is used as a standard as it provides high convenience. It is considered that, 55-gallon steel drums can be handled easily without the use of special tools or machines.

In the report, FMI suggests that the chemical & solvents segment by end use is expected to play a crucial role in the growth of the steel drums market during the forecast period. Dye, glues, and various other solvents are considered under the chemical segment. The steel drums market is expected to witness significant growth in many developing countries owing to the rise in demand for steel drums in the chemicals as well as oil and solvent industries.

Research also suggests that the oil and lubricants segment is estimated to have promising potential in the development of the steel drums market. The growth is primarily credited to the contribution of countries like China, India, and ASEAN countries in the APEJ region. Manufacturers in the market are expanding their production capacity and introducing new specifications in steel drums to ensure secure transportation.

Europe is expected to have high potential growth, considering that most of the manufacturing sector has been captured by the chemical segment in steel drums. Countries in the APEJ region with strong agricultural output are improving their export volume by implementing effective means of storage, transport, and packaging solutions.

The outlook for the global steel drums market is thus expected to be positive during the forecast period. However, the fluctuation in raw material prices may hamper the steel drums market globally. According to the research done by FMI, the steel drums market has witnessed significant growth in the last ten years due to the swift demand from end-use industry.

High sustainability & eco-friendliness of steel drums is a major factor driving the market. The growing chemical industry, which is propelling the demand for high-capacity drums, is an important factor in the growth of the global steel drums market.

The growth in intercontinental trade is also escalating the demand for steel drums. The burgeoning demand from end-use applications such as chemicals, oil, and lubricants industries is also escalating the steel drums market. Steel drums maintain international shipping standards, according to the U.S. Department of Transportation.

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The key players in the steel drums market are focusing on expansion through organic and inorganic methods such as mergers, acquisitions, and collaborations. Key manufacturers in the market are innovating by introducing new specifications to the products. The manufacturers of steel drums are likely to eye the lucrative regions of China and India in APEJ during the forecast period.

Key players considered in the report on steel drums market include Grief Inc., Sicagen India Ltd., Mauser Group B.V., Industrial Container Services, TPL Plastech Ltd, Orlando Drum and Containers Corporation, Milford Barrel Co. Inc., Balmer Lawrie & Co. Ltd., Clouds Drums Dubai LLC, Sonoco Product Company, Patrick J. Kelly Drums, Myers Container, LLC, C.L.Smith, Eagle Manufacturing Company, Three Rivers Packaging Inc., Fibrestar Drums Limited, Meyer Steel Drum, Inc., Enviro-Pak Inc., Peninsula Drums Cc, and Great Western Containers.

About Sandali 225 Articles
A former journalist, Sandali is a content marketer with over 5 years of writing experience, across various industries including Food Innovation, Healthcare, and IoT and Technology. Sandali has been weaving corporate stories for organizations through different forms of impactful marketing content. Her key aim is to strategically align well-crafted narratives with business objectives, translating into a powerful communications platform for the company.