Global Steel Drums Market: Overview Owing to massive popularity enjoyed by steel, demand for products made from it is increasing, particularly in the drums market. Not only are steel drums reliable but also durable. Besides, these can carry liquids, solids, […]
Global Steel Drums Market: Overview
Owing to massive popularity enjoyed by steel, demand for products made from it is increasing, particularly in the drums market. Not only are steel drums reliable but also durable. Besides, these can carry liquids, solids, as well as powders in them effectively. Additionally, low or no spillage, impressive performance in extreme weather conditions – temperature, humidity, and pressure – is also creating demand for steel drums over the next few years.
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As per Transparency Market Research, the global steel drums market would record a robust growth curve from 2019 to 2029. The compound annual growth rate would be sturdy as demand from a number of end-use industries is observed. The reasons are quite obvious – high tolerance to thermal shocks, low chances of explosion, low chemical reactivity low inflammability. These make it the steel drums suitable for use in a wide range of industries – from chemicals to building and construction.
Global Steel Drums Market: Competitive Landscape
Prominent market players that dominate the fragmented and competitive market landscape with their active and aggressive measures such as key alliances and product improvement are:
- Mauser Group B.V.
- Greif, Inc.
- North Coast Container Corp.
- Rahway Steel Drum Co Inc.
- General Steel Drum LLC
- Skolnik Industries Inc.
- Metal Drum Co Ltd/The
- Clouds Drums Dubai LLC
- James G Carrick & Co Ltd
- Chicago Steel Container Corp.
- Izvar Ambalaj Sanayi VE Ticaret AS
- Industrial Container Services, Inc.
- Schutz Container Systems, Inc.
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Global Steel Drums Market: Key Trends and Drivers
Industries across industry verticals use steel drums to store and transport products. These are preferred due to superior physical and chemical properties. Transparency Market Research has noted a number of growth factors in its upcoming report. A glimpse into these is provided below for perusal.
- Increase in volume by 85% and improvement in market worth for valuation to reach USD 15.5 trillion is marking the construction landscape. And as countries, especially those in developing regions, prepare to create jobs and drive economy forward, will focus on more infrastructural development projects. This will increase demand for steel drums in the market to pack and transport the varied kind of construction material safely. This will therefore be a notable factor of growth in the market.
- Expansion in healthcare and chemical industry will also be a massive growth propeller in the market as these often need storage and transportation of volatile and hazardous products and waste. This creates a higher demand for steel drums, contributing positively to growth in the market.
Global Steel Drums Market: Regional Analysis
Over the forecast period mentioned above, the global steel drums market is set to grow and on the on basis of region, it is anticipated that Asia Pacific will emerge as a lucrative market. A string of trends and drivers in the region will drive it higher and create new opportunities of growth. Some of these factors that will add to the growth considerably are rapid industrialization, increasing investments towards healthcare, and increasing volumes in building and construction. About 57% of total growth in construction volumes, set to be noted by 2030, will be accounted for by three economies. Two of these are in Asia Pacific – China and India. These nations are also doing well on the economic front. The third country is A North American Economy – the United States of America.
Globally, the steel drums market has been segmented as –
On the basis of material type, the steel drums market has been segmented as-
- Stainless steel
- Cold rolled steel
- Carbon steel
On the basis of head type, the steel drums market has been segmented as-
- Tight head
- Open head
On the basis capacity, the steel drums market has been segmented as-
- Up to 10 Gallons
- 10- 30 Gallons
- 30- 50 Gallons
- 50-80 Gallons
- 80 Gallons and above
On the basis of end use industry, the steel drums market has been segmented as-
- Food & Beverages
- Healthcare and Pharmaceuticals
- Oils & Lubricants
- Paints & Dyes
- Chemicals and solvents
- Building and construction
- Other industrial applications
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