PUBLISHER: Allied Market Research | PRODUCT CODE: 1179670
PUBLISHER: Allied Market Research | PRODUCT CODE: 1179670
The global warehouse drums and barrel market was valued at $18,875.8 million in 2021, and is projected to reach $30,132.48 million by 2031, registering a CAGR of 4.7% from 2022 to 2031. Chemicals and fuels are widely used in many industries such as manufacturing, construction, and pharmaceutical. Warehouse drum and barrels are used to transport and store such chemicals and fuels. These storing media are cylindrical in shape and are used to handle hazardous and non-hazardous goods. Due to their round shape, these drums and barrels do not have edges, owing to which they are inherently stronger thin comparison with any other container having edges. In addition, they are especially made with standardized dimensions, in such a way that they can be stacked one over the other. This is very helpful in the efficient transportation and storage of the drums and barrels.
Drums and barrels are highly in demand due to their wide scope of usage. Therefore, end users of warehouse drums and barrels are chemicals, food & beverages, pharmaceuticals, and construction. In addition, they are common components in the shipping and storage industry and can easily be found in industrial retail stores. Major players in the warehouse drums and barrels industry adopt advanced technological solutions to increase the strength and durability of their products to sustain the competition in the warehouse drums and barrel market. Businesses in the chemical industry, such as paints and solvents, are witnessing a rise in demand, which is attributed to the increase in industrialization. This factor is anticipated to boost the demand for warehouse drums and barrels. Moreover, the pharmaceutical sector is experiencing significant growth, due to rise in the aging population across the world. This is one of the factors likely to increase the demand for the warehouse and barrel market. Further, the warehouse drums and barrels make it easier to handle and transport the liquid and powder cargo, which is one of the driving factors for the growth of the warehouse and barrel market.
However, the plastic drums are a cause of great concern as they are contributing to an increase in pollution. This is one of the restraining factors currently hindering the growth of the warehouse drums and barrel market.
On the contrary, the ongoing developments in eco-friendly plastic can resolve the issue of pollution due to plastic containers, and it is expected to create lucrative opportunities for the warehouse drums and barrel market growth during the forecast period.
The global warehouse drums and barrel market is segmented on the basis of material, application, end user industry, and region. On the basis of material, the market is segmented into steel, plastic and fiber. By application, the market is divided into liquid and powder. By end user industry, it is classified into petroleum, pharmaceutical, paints, food and others. Region wise, the global warehouse drums and barrel market analysis is conducted across North America (U.S., Canada, and Mexico), Europe (UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Key Benefits For Stakeholders
By End user industry
By Material
By Application
By Region