Industrial Drums - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

The Industrial Drums Market size is estimated at USD 13.83 billion in 2024, and is expected to reach USD 17.94 billion by 2029, growing at a CAGR of 5.34% during the forecast period (2024-2029).

Key Highlights

• The industrial drum market is witnessing demand for chemical and petrochemical lubricants for the ideal properties they offer, such as high strength, gas barrier properties, and superior workability driving the product demand in the industry over the forecast period. According to the Brazilian Chemical Industrial Association, Brazil is an importer of chemical products. The value of products imported into the country in 2021 was USD 59.2 billion. Brazil exported USD 14.2 billion worth of chemicals in 2021. Such imports and exports of chemicals are expected to create significant demand for the industrial drum market.
• The growing petrochemical industry demands safe packaging solutions to protect its products. Also, the rising production of paints, dyes, and inks in emerging markets and the ever-increasing need for a secure supply chain and transportation of products is expected to drive the demand. Increased investment in growing production equipment is expected to provide significant growth opportunities for the industrial drums market growth.
• Although the demand for industrial drums is expected to be mainly concentrated in the APAC area, other regions, such as the Middle East and Eastern Europe, are also expected to impact global demand due to advancements in Eastern Europe significantly. For instance, Mauser invested in advancing its machinery for plastic drums to expand its market in the Middle East and Eastern Europe, and the increasing oil production in the Middle East is expected to drive the demand for industrial drums.
• Moreover, fiber drums are becoming more prominent in the chemical and fertilizers industry because they improve productivity and reduce expenses. The expansion of fertilizer and chemical traffic between various countries is predicted to accelerate the growth of different industrial drums.
• Various regulations reflect on the increase in the price of the industrial drums, which affects the consumption of the product and further hinders the growth of the market studied. Overall, manufacturers are now using other packaging materials which offer environment-friendly properties. The consumption of fiber and paperboard in the industrial drum market is witnessing high adoption rates in the regions, owing to its eco-friendly nature and high recyclability.
• Due to the COVID-19 outbreak, the packaging demand for food and essentials rose significantly, while packaged and processed food manufacturers experienced significant supply chain pressure to maintain production lines. This is expected to drive the demand for raw material supply and packaging, in turn driving the market demand.

Industrial Drums Market Trends

Increasing Demand from the Chemical and Fertilizers and Petroleum Lubricant Industry to Drive the Market

• Industrial drums are frequently used for transporting and storing hazardous and non-hazardous commodities. Industrial drums are most commonly used in the chemical, fertilizer, oil, and petroleum industries. One of the factors supporting the growth of the industrial drum market is the continued expansion of these sectors, together with rising international trade activities over the past ten years.
• According to the Union Minister for Commerce and Industry, Indian chemical exports were expected to expand by 106% in 2021-22. Compared to 2013-14, when India's chemical exports were USD 14210 million, they will reach a new high of USD 29296 million in 2021-22. This is expected to drive the demand for chemical drums.
• Further, the fiber drums adoption in the chemical industry is driving the market growth. Fiber drums are utilized for storing and transporting various goods, including adhesives, dyes and colorants, and hazardous chemicals. Fiber drums offer eco-friendliness due to their recyclability and can be a more affordable alternative to plastic and steel drums.
• According to the Hindustan Petroleum Corporation Limited, the International Trade department procures crude oil for the refineries in Mumbai and Visakhapatnam with a united crude throughput of 18 million metric tons. The department also undertakes the import and export of petroleum products, and the volume of import and export of petroleum products for FY 2020-2021 was 7.18 MMT. Such activities drive the demand for industrial drums in the market.
• Moreover, fiber drums are becoming more prominent in the chemical and fertilizers industry because they improve productivity and reduce expenses. The expansion of fertilizer and chemical traffic between various countries is predicted to accelerate the growth of different industrial drums.
• Such rising international trade activities and the growing need to increase productivity drive the market growth for the chemical and fertilizers and petroleum lubricant industry.

Asia Pacific Accounts for the Largest Market Share

• The rapidly evolving industry and manufacturing sector in the Asia-Pacific region is expected to increase the usage of industrial drums as manufacturers continue expanding their manufacturing bases to emerging economies like China, India, and Indonesia. China has shown optimistic growth in the production of fiber drums. In terms of value, it has a strong hold over other countries such as Malaysia and Singapore.
• The rising concerns for sophisticated packaging solutions for products by local and renowned players have translated into better quality fiber drums. The growing retail sector and the increasing preference for lightweight bulk containers such as recyclable fiber drums are key factors affecting the fiber drums market. The main advantage of using fiber drums is that they are recyclable. Therefore, the fiber drums market outlook is expected to be positive in the Asia-Pacific region.
• The region's industrial drums market is expected to continue to expand due to the region's growing exports of wines and vegetable oil. Asian nations' oil exporters use industrial drums over other bulk packaging materials. Large-scale palm oil exports from China and India may significantly increase demand for industrial drums in the region.
• Countries in Asia-Pacific, such as China and India, with robust agricultural produce, are improving their export volumes by implementing effective storage, transport, and packaging solutions. According to Eurostat and the European Commission, in 2021, the EU machinery and transport equipment exports to China accounted for about EUR 116 billion (~USD 124.47 billion), making it the most exported commodity to China, followed by chemicals and related products, accounting for EUR 32.89 billion (~USD 35.3 billion).
• In 2021, the European Union imported nearly EUR 264 billion (~USD 283.23 billion) of machinery and transport equipment from China. According to Invest India, a national investment and facilitation agency, India is one of the world's top producers of spices, cashews, pulses, and jute. The country is also one of the world's largest producers of fruits and vegetables. The country's growing agriculture sector is expected to create significant demand for steel drums in the market's chemical and fertilizer end-use in the region.

Industrial Drums Industry Overview

• The Industrial Drums Market is characterized by differentiation, growing levels of product penetration, and high levels of competition. Sustainable competitive advantage can be gained through innovation in design, capacity, and application. The penetration rates of these products grow due to their increasing adoption by end-users, including chemicals and fertilizers, and the rates are expected to grow further during the forecast period. Some of the key players in the market include Greif Inc., Schutz GmbH & Co. KGaA, and Mauser Group BV.
• February 2023 - Mauser Packaging Solutions expanded its product offering in South Africa by investing in state-of-the-art plastic drum manufacturing equipment. Based in Durban, South Africa, the new line manufactures UN-certified, tight-head polyethylene barrels in sizes 210 L, 232 L, and 250 L. Plastic barrels are available in mono-layer or multi-layer formats and are ideal for chemical, food, oil, and lubricant use.
• October 2022 - Schutz's Green Lifecycle Management is improved with the Green Layer series. With this program, the packaging expert helps clients achieve sustainability objectives. In addition, it helps them cut the overall CO2 footprint of their packaging. The goal is to provide the most abundant and economical supply of environmentally friendly packaging.

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• The market estimate (ME) sheet in Excel format
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