Portland,OR, Nov. 01, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Warehouse Drums and Barrel market accrued revenue worth $18.9 billion in 2021, and will reach $30.1 billion by 2031, registering a CAGR of 4.7% from 2022 to 2031. The market research report offers a comprehensive analysis of oscillating industry trends, top segments, value chains, major investment business scenarios, regional landscape, and competitive space. The study is a major source of information for giant players, entrepreneurs, owners, and managers in creating new business plans for the future and taking steps to improve their market position. The report demonstrates an in-depth quantitative analysis of the market from 2022 to 2031 and guides investors in allocating funds to the rapidly evolving market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022-2031 |
| Base Year | 2021 |
| Market Size in 2021 | $18.9 Billion |
| Market Size in 2031 | $30.1Billion |
| CAGR | 4.7% |
| No. of Pages in Report | 240 |
| Segments Covered | Material, Application, End-Use Industry, and Region. |
| Drivers | Escalating use of warehouse drums and barrels for transporting liquid and powder materials. |
| Massive demand for warehouse drums and barrels in shipping and storage applications. | |
| Opportunities | Rise in need of secured packaging storage solutions for paints & chemicals. |
| Prominent use of warehouse drums and barrels for storing bulk goods. |
Covid-19 Scenario
- The COVID-19 pandemic severely affected the construction, aviation, and manufacturing activities globally, thereby leading to lesser production and application of warehouse drums and barrels in construction, aviation, and production sectors during the pandemic period. This, in turn, restricted the expansion of global warehouse drums and barrel market during the COVID-19.
- Disruption in supply chain operations and lack of availability of raw materials strongly impacted the growth of the global market during the COVID-19 pandemic.
The report offers an in-depth division of the global warehouse drums and barrel market based on Material, Application, End-Use Industry, and Region. It provides an in-depth investigation of every segment and sub-segment in tables and figures through which consumers can get insights into market trends. The market report analysis aids organizations, investors, and entrepreneurs in knowing which sub-segments are to be explored for achieving massive growth in the ensuing years.
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Based on material, the plastic segment contributed the largest market share in 2021, accounting for more than two-fifths of the overall share of the global warehouse drums and barrel market. Moreover, this segment is predicted to retain its dominant status during the forecast timeline. However, the fiber segment is slated to register the highest CAGR of nearly 6.3% from 2022 to 2031.
In terms of the application, the liquid segment accounted for the highest share of the global market in 2021, contributing more than four-fifths of the overall share of the global warehouse drums and barrel market. Moreover, this segment is predicted to contribute the highest market share by 2031. However, the powder segment is anticipated to register the fastest growth with a CAGR of nearly 5.6% during the forecast timeframe.
On basis of the end-use industry, the petroleum segment accounted for a major share of the global market in 2021, contributing more than one fourth of the global warehouse drums and barrel market share. Moreover, the segment is set to maintain its dominance during the forecast period. However, the pharmaceutical segment is anticipated to record the fastest CAGR of nearly 5.5% from 2022 to 2031.
Based on region, Asia-Pacific contributed the largest market share in 2021, accounting for nearly half of the global warehouse drums and barrel market share. The region is predicted to continue its market domination in 2031. Moreover, the LAMEA warehouse drums and barrel market is set to register the fastest CAGR of 9.0% during the assessment period.
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Leading Players:
Major players of the global warehouse drums and barrel market profiled in the research report include Advance Drum Service, Inc., Amcor plc, Container Distributions Inc., Greif Inc., Illing Packaging, Industrial Container Services, Inc., Jackacki Bag & Barrel, Inc., Mauser Packaging Solutions, Meyer Steel Drum, Inc., Nippon Steel Drums Co. Ltd, Rahway Steel Drum Company, Inc., Schutz GmbH & Co.KGaA, Skolnik Industries, Snyder Industries, LLC, Sonoco Products Company, Stavig Group, and Tank Holding Corporation.
The report evaluates these key participants in the global warehouse drums and barrel industry. These participants have executed a slew of major business plans such as the extension of the consumer base, technology innovation, strategic partnerships, and collaborations for enhancing penetration of new technologies in the global markets and establishing strong market growth globally. The market study report helps in monitoring the performance of each segment along with examining the effect of new technology launches on the overall market earnings.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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