Industrial Drums Market on a Trajectory to Reach US$ 17.6 Billion by 2027, Bolstered by a Robust 7.1% CAGR from 2022

The Industrial Drums Market is experiencing a steady and promising trajectory, with an estimated value of US$ 12.5 billion in 2022, projected to escalate to US$ 17.6 billion by 2027 at a commendable Compound Annual Growth Rate (CAGR) of 7.1%. This growth is substantiated by a 6.6% CAGR in volume during 2022-27, as per Future Market Insights. Anticipated to expand 1.5 times within this period, the market presents alluring prospects for industry players.

The Asia Pacific, with a notable 38% market share in 2022, is poised to be a driving force behind this expansion, particularly China, which is projected to witness a 9% YoY growth. Notably, the global industrial drums' contribution to the overall industrial packaging market, valued at US$ 64 billion in 2021, underscores its significance at approximately 18%.

Request a Sample Report with Table of Contents and Figures: https://www.futuremarketinsights.com/reports/sample/rep-gb-6374

Recent market advances, exemplified by rigid industrial packaging solutions, are enhancing the protection of sensitive products by mitigating leakage and spillage risks. Furthermore, SCHÜTZ Container Systems' strategic expansion in key Canadian cities is set to further invigorate the industrial drums market, reflecting an industry committed to growth and innovation. However, challenges remain, such as the need to address hazardous material leakage and unsafe manual handling practices, which necessitate continued focus on safety and sustainability.

Drums can be made of steel, thick paperboard (usually known as a fibre drum), or plastics, and are for the most part utilised for the transportation of fluids and powders. Drums are regularly used for the shipment of unsafe products. Sent products must be coordinated with the make of the drum and it is important to adhere to relevant regulations. Drums are additionally called barrels in like manner use.

The global industrial drums market is expected to exhibit a CAGR of 7.1% from 2017 to 2027. The market is expected to rise to a valuation of approximately US$ 17,684 Mn by the end of the forecast period. On the basis of product type, steel drums are expected to account for a leading share of over 73% by the end of 2027. Although steel drums are anticipated to lead the market throughout the forecast period, the use of plastic drums is expected to rise in the years ahead owing to their inexpensive nature.

Inexpensive and Convenient Nature of Industrial Drums to Fuel Global Adoption

One of the significant factors triggering the demand for industrial drums is the convenience and inexpensiveness offered by industrial drums. The performance of the manufacturing sector and industrial output has further supported the demand for industrial drums in the global market. Manufacturing activities in India and China are challenging at one hand and the ASEAN countries are competing to match up to this, thus intensifying the demand for industrial drums.

The performance of European countries has stabilised and is likely to grow at a modest rate resulting in heightened demand for products used for shipping purposes. As there is a high co-relation between industrial output and demand for industrial drums, with a stabilised manufacturing sector output, the enhanced demand for industrial drums is evident. Though the demand for these industrial products is likely to be highly concentrated in the APAC region, a substantial contribution to the global demand is also anticipated from other clusters such as the Middle East and Eastern Europe. The Western Europe and North America markets are likely to post perpetual demand during the forecast period.

Get In Touch With Our Team For 20% Flat Discount: https://www.futuremarketinsights.com/checkout/6374

APEJ to Present Lucrative Growth Prospects for Industrial Drums

The Asia Pacific except Japan or APEJ region is witnessing headway in the consumption of industrial drums for exporting vegetable oil and wines. Oil exporters in South East Asian countries including Indonesia and Malaysia are preferring industrial drums over other bulk packaging products. Industrial drums provide higher operational efficiency and effectiveness in shipping bulk quantities of commodities in liquid form.

Exports from ASEAN countries of products such as palm oil is witnessing strong demand in India, China and countries across Europe. The exports of vegetable oil and related products has grown by 1.5x between 2007 and 2016. Industrial drums have emerged as a cost-effective transport packaging solution for shipment of other non-hazardous materials such as wines, fruit juices, etc. Countries in the APEJ region with strong agricultural output are improving their export volume by implementing effective means of storage, transport and packaging solutions.

Product Quality to be of Primary Concern to Market Players

The players operating in the market are mainly focussing on enhancing their product quality and differentiating from their competitors in order to maintain a stronghold over the market. Some of the companies operating in the global industrial drums market are Greif, Inc., Sicagen India Ltd., Balmer Lawrie & Co. Ltd., Time Technoplast Ltd., Schutz Container Systems, Inc., Mauser Group B.V., Industrial Container Services, LLC, TPL Plastech Ltd., Eagle Manufacturing Company, and U.S. COEXCELL Inc.

Seeking expert insights? Ask our analyst now: https://www.futuremarketinsights.com/askus/rep-gb-6374

Report Objectives

* To analyze and forecast the global Industrial Drums market size in terms of value and volume
*To analyze the opportunities in the market for stakeholders and provide a competitive landscape for market leaders
*To define, describe, and forecast the market by type, material, and application
*To forecast the market size with respect to five main regions: Asia Pacific (APAC), the Middle East & Africa, Europe, North America, and South America
*To strategically analyze the micromarkets1 with respect to individual growth trends, prospects, and their contribution to the overall market
*To provide detailed information about the key factors (drivers, restraints, opportunities, and challenges) influencing market growth
*To strategically profile the key players and comprehensively analyze their market shares and core competencies
*To analyze competitive developments in the market, such as investments & expansions, new product developments, partnerships & collaborations, and mergers & acquisitions

Contact:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA

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.

This release was published on openPR.