Steel Drums Market: Global Industry Analysis, Size, Trends, Growth, Trends, and Forecast 2019 - 2029

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Steel Drums Market: Global Industry Analysis, Size, Trends, Growth, Trends, and Forecast 2019 - 2029

Status : February, 2021 | Packaging

Report Digest

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.

As per TMR 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.

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. TMR 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
  • Agriculture
  • Other industrial applications

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?