IMARC Group’s report titled “Steel Drums Market Report by Material (Stainless Steel, Cold Rolled Steel, Carbon Steel), Type (Tight Head, Open Head), Capacity (Up to 10 Gallons, 10-30 Gallons, 30-50 Gallons, 50-80 Gallons, 80 Gallons and Above), Industry Vertical (Food and Beverages, Healthcare and Pharmaceuticals, Oils and Lubricants, Paints and Dyes, Chemicals and Solvents, Building and Construction, Agriculture, and Others), and Region 2024-2032“. The global steel drums market size reached USD 12.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 18.7 Billion by 2032, exhibiting a growth rate (CAGR) of 4.86% during 2024-2032.
Factors Affecting the Growth of the Steel Drums Industry:
- Industrial Growth and Chemical Industry Demand:
The steel drums sector is advancing due to the swift growth of various industries, especially within the chemical field, which generates a significant requirement for durable containers capable of managing and transporting delicate materials. As industrial operations escalate, the need for dependable storage and transportation solutions increases. Steel drums are favored for their remarkable strength and safety attributes, which ensure the safeguarding of valuable items during transportation. Their ability to withstand harsh conditions guarantees the secure delivery of products, thereby fostering a steady demand for steel drums and reinforcing their critical function in supply chain management.
- Stringent Regulations and Compliance Standards:
The regulations governing the management and transportation of hazardous materials significantly influence the market for steel drums. Authorities and international organizations implement rigorous standards aimed at reducing the risks associated with the handling of chemicals. Steel drums, recognized for their robustness and longevity, have emerged as the preferred option for packaging hazardous substances, as they fulfill the stringent criteria established by these regulations. Their resistance to corrosion and ability to maintain structural integrity render them an optimal choice for safeguarding sensitive cargo during transit. As a result, with the ongoing evolution of regulations, the demand for steel drums has surged, propelled by the necessity for industries to meet safety standards and comply with regulatory mandates.
- Preference for Sustainable Packaging Solutions:
The increasing emphasis on environmentally sustainable practices is elevating the demand for packaging solutions that are considerate of the planet, such as steel drums. As awareness regarding environmental protection grows, both companies and individuals are choosing materials that exert minimal impact on the ecosystem. Steel drums are particularly noteworthy due to their remarkable recyclability and durability, which help to decrease the necessity for new production and lessen waste. Their extended lifespan and potential for reuse are in harmony with the principles of a circular economy, making them an attractive option for businesses aiming to reduce their environmental footprint. With sustainability becoming a focal point in supply chain management, the demand for steel drums is escalating, driven by the urgent need for eco-friendly packaging alternatives.
Leading Companies Operating in the Global Steel Drums Industry:
- Balmer Lawrie & Co. Ltd
- Chicago Steel Container Corp.
- Clouds Drums Dubai LLC
- General Steel Drum LLC (Stavig Group)
- Great Western Containers Inc.
- Greif Inc.
- Izvar Packaging (İzvar Ambalaj)
- James G Carrick and Co Ltd.
- Mauser Group B.V.
- Obal Centrum s.r.o.
- Orlando Drum Co.
- Rahway Steel Drum Co Inc. (Novvia Group)
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/steel-drums-market/requestsample
Steel Drums Market Report Segmentation:
By Material:
- Stainless Steel
- Cold Rolled Steel
- Carbon Steel
Carbon steel represents the leading segment due to its durability and cost-effectiveness.
By Type:
- Tight Head
- Open Head
Tight head accounts for the largest market share owing to its superior sealing capabilities and suitability for liquids.
By Capacity:
- Up to 10 Gallons
- 10-30 Gallons
- 30-50 Gallons
- 50-80 Gallons
- 80 Gallons and Above
50-80 gallons represents the largest segment as it meets the diverse storage needs of various industries.
By Industry Vertical:
- Food and Beverages
- Healthcare and Pharmaceuticals
- Oils and Lubricants
- Paints and Dyes
- Chemicals and Solvents
- Building and Construction
- Agriculture
- Others
Chemicals and solvents hold the majority of the market share on account of their stringent packaging requirements for safety and regulatory compliance.
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Global Steel Drums Market Trends:
The global market for steel drums is primarily driven by significant industrial expansion across various sectors, including chemicals, petroleum, food and beverages, pharmaceuticals, and agriculture. These industries necessitate dependable and durable packaging solutions for the storage and transportation of their products, resulting in an increased demand for steel drums. Furthermore, stringent regulations and safety standards related to the handling and transportation of hazardous materials have led to a greater reliance on steel drums, owing to their robust construction, longevity, and capacity to endure challenging environmental conditions. Additionally, the rising emphasis on environmental sustainability and the transition towards eco-friendly packaging alternatives have further enhanced the demand for steel drums, as they offer the advantages of reusability, recyclability, and a longer service life compared to single-use plastic containers.
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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.