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 : December, 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

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

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TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?