Industrial Drums Market Revenues to Reach USD 17.03 billion by 2028 - Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence

Hyderabad, Aug. 17, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Industrial Drums Market Report (2023-2028),” the market is estimated at USD 13.13 billion in 2023. It is expected to register a CAGR of 5.34% during the forecast period.

Industrial drums are predominantly used for storing materials and transporting those materials for the delivery of mass freight. Based on the different materials, industrial drums are separated into steel drums, plastic drums, and fiber drums.​ 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, thereby driving the product demand in the industry.

Report Summary:

Who are the Top Companies in the Industrial Drums Market?

The global industrial drums market is characterized by differentiation, expanding levels of product penetration, and high levels of competition.

The key players holding the global industrial drums market are:

• Greif Inc.
• Sicagen India Ltd
• Balmer Lawre & Co. Ltd
• Time Technoplast Ltd
• Schütz GmbH & Co. KGaa
• Mauser Packaging Solutions
• TPL Plastech Limited
• Peninsula Drums
• Eagle Manufacturing Company
• U.S. Coexcell Inc.

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Key Highlights from the Industrial Drums Market Report:

Chemical and Fertilizers and Petroleum Lubricant Industry to Drive the Market

• Industrial drums are employed in transporting and storing hazardous and non-hazardous commodities. They are most commonly used in the chemical, fertilizer, oil, and petroleum industries. A major factor supporting the growth of the industrial drum market is the continued expansion of these sectors, along with rising international trade activities over the past ten years.
• Additionally, the fiber drums adoption in the chemical industry is driving market growth. Fiber drums are employed in storing and transporting various goods, including adhesives, dyes and colorants, and hazardous chemicals. Fiber drums provide eco-friendliness due to their recyclability and are a more affordable alternative to plastic and steel drums.

APAC to Account for Major Market Growth

• The rapidly evolving industry and manufacturing sector in the APAC region is estimated to increase the usage of industrial drums as manufacturers continue expanding their manufacturing bases to emerging economies.
• The increasing concerns for sophisticated packaging solutions for products by local and renowned players have translated into better quality fiber drums. The strengthening retail sector and the increasing preference for lightweight bulk containers such as recyclable fiber drums are key factors affecting the fiber drums market.

What are the Latest Developments in the Industrial Drums Market?  

• In March 2023, Mauser Packaging Solutions expanded its production network in China by launching a new, cutting-edge manufacturing plant in the Economic Development Zone of Haiyan near Shanghai. The new location fulfills the current and future market demands.
• In January 2023, in order to increase the output of open-head steel drums, SCHÜTZ Container Systems announced expanding its steel drum manufacturing facility in Houston, United States. This would provide local customers with a complete selection of new and reconditioned IBCs, PE, and steel drums.

Mordor Intelligence has Segmented the Industrial Drums Market Based on Product Type, End-user Industry, and Geography

• • By Product Type (Market Size and Forecast based on Value (USD billion), 2018-2028) 
    • • Plastic Drum
      • Steel Drum
      • Fiber Drum
  • By End-user Industry (Market Size and Forecast based on Value (USD billion), 2018-2028) 
    • • Food and Beverage
      • Chemicals and Fertilizers
      • Pharmaceuticals
      • Petroleum and Lubricants
      • Other End-user Industries
  • By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028) 
    • • North America
      • Europe
      • Asia-Pacific
      • Latin America
      • Middle East & Africa

In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the  Industrial Drums Market Report (2023-2028).

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About Mordor Intelligence:

Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.

Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.

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• Industrial Drums Market - Mordor Intelligence