Steel Drum Market Projected to Witness Linear Growth at a CAGR of 4.9%, Reaching US$ 18.6 Bn by the Year 2031, Says FMI

DUBAI, UAE, March 14, 2022 /PRNewswire/ -- The global steel drum market is projected to witness linear growth between 2022 and 2031 at a CAGR of 4.9%, reaching US$ 18.6 Bn by the year 2031.

Steel drums have emerged as preferred rigid packaging solutions as they are increasingly used for transporting hazardous and non-hazardous material. According to a study by Future Market Insights (FMI), the steel drums market is forecast to register steady growth on the back of increasing applications in industries such as chemicals, food & beverages, petroleum & lubricants, healthcare & personal care, building & construction, paints, inks, & dyes, and others.

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Growth forecast for the market remains positive in response to the consistently rising demand for safe & secure and cost-effectiveness solutions. Steel drums are often preferred for transporting chemicals because they are environmentally friendly, fire resistance, and have various other advantages. Considering the availability, steel drums are available in two different materials, stainless steel and carbon steel. Of these, carbon steel is preferred more.

Over the past few years, the steel drum is gaining popularity among various end-use industries especially for storage and transportation of liquid materials as it offers safe and secure packaging solution. Also, rising concerns about sustainability is creating growth opportunities. Future Market Insights forecasts the market to continue growing at a positive rate between 2021 and 2031.

Key Takeaways from Steel Drum Market

• Driven by rising demand for effective packaging solutions, steel drums market will rise at 5% CAGR between 2021 and 2031
• Within the U.S., the chemicals industry will account for maximum sales of steel drums
• Moderate growth is likely in the U.K. market, driven by increasing application in chemicals and petroleum & lubricants industries
• Germany and France will remain highly lucrative markets for steel drums within Europe
• Exceptional growth is likely in China, as demand continues increasing across diverse industries including chemicals, paints, inks & dyes, and petroleum & lubricants sectors

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"Companies operating in the market are focusing on improving designs of steel drums to make them more light-weight, efficient, and cost-effective. Also they are focusing on expanding footprint via strategic collaborations," says an FMI analyst. 

Rise in Demand for Steel Drum in Chemical Sector Augmenting Sales

The demand for steel drums in the chemical industry is rising due to the changing way of industrial packaging solution by pooling and leasing the containers and drums. The standards for using steel drums are set by various countries and various regulations such as the U.S. Department of Transportation (DOT), United Nations regulations. Majorly the steel drums are used by the chemical industry to store and transport hazardous and non-hazardous materials.

Also, the steel drum offers high safety and easy warehousing benefit which bolster their demand in the chemical industry. The steel drum is highly used for liquid chemicals in the global industrial packaging market. The chemical segment is expected to hold more than 35% of the steel drums market and estimated to witness faster-growing demand in the next five years, owing to favourable transportation regulations and international trade.

Steel Drum Market Landscape

Greif Inc., Mauser Packaging Solution, and SCHÜTZ GmbH & Co. KGaA are the top players operating in the steel drum market. Furthermore, Time Technoplast Ltd., Balmer Lawrie & Co. Limited, Nippon Steel Drums Co. Ltd., are some of the companies operating in the steel drum market. The Tier 3 players in the market hold 75-80% in the global steel drum market.

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Key Segments Covered In Steel Drum Industry Research

Capacity:

• 55 Gallon
• Other than 55 Gallon

Head Type:

• Tight Head
• Open Head

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

Key Questions Answered in the Report

• How much is the Steel Drum market currently worth?
• What is the sales forecast for Steel Drum through 2031?
• What was last 6-year market CAGR for the sales of Steel Drum?
• Who are the key manufacturing companies for Steel Drum?

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About Future Market Insights (FMI) 

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers. 

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Report: https://www.futuremarketinsights.com/reports/steel-drums-market 

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SOURCE Future Market Insights