A Rapidly Expanding Global Manufacturing Sector to Emerge as a Boon for Industrial Drums in the Next 10 Years
Future Market Insights has recently published a report titled “Industrial Drums Market: Global Industry Analysis (2012 – 2016) & Opportunity Assessment (2017 – 2027).” The report states that the preference for industrial drums is steadily rising owing to their convenience and inexpensive nature. A drum is a round and hollow holder utilised for delivery of mass freight. Drums can be made of steel, thick paperboard (usually known as a fibre drum), or plastics, and are for the most part utilised for the transportation of fluids and powders. Drums are regularly used for the shipment of unsafe products. Sent products must be coordinated with the make of the drum and it is important to adhere to relevant regulations. Drums are additionally called barrels in like manner use.
Industrial Drums Market
A new report on industrial drums provides perceptive insights on the chronological growth ...
The global industrial drums market is expected to exhibit a CAGR of 7.1% from 2017 to 2027. The market is expected to rise to a valuation of approximately US$ 17,684 Mn by the end of the forecast period. On the basis of product type, steel drums are expected to account for a leading share of over 73% by the end of 2027. Although steel drums are anticipated to lead the market throughout the forecast period, the use of plastic drums is expected to rise in the years ahead owing to their inexpensive nature.
Inexpensive and Convenient Nature of Industrial Drums to Fuel Global Adoption
One of the significant factors triggering the demand for industrial drums is the convenience and inexpensiveness offered by industrial drums. The performance of the manufacturing sector and industrial output has further supported the demand for industrial drums in the global market. Manufacturing activities in India and China are challenging at one hand and the ASEAN countries are competing to match up to this, thus intensifying the demand for industrial drums. The performance of European countries has stabilised and is likely to grow at a modest rate resulting in heightened demand for products used for shipping purposes. As there is a high co-relation between industrial output and demand for industrial drums, with a stabilised manufacturing sector output, the enhanced demand for industrial drums is evident. Though the demand for these industrial products is likely to be highly concentrated in the APAC region, a substantial contribution to the global demand is also anticipated from other clusters such as the Middle East and Eastern Europe. The Western Europe and North America markets are likely to post perpetual demand during the forecast period.
APEJ to Present Lucrative Growth Prospects for Industrial Drums
The Asia Pacific except Japan or APEJ region is witnessing headway in the consumption of industrial drums for exporting vegetable oil and wines. Oil exporters in South East Asian countries including Indonesia and Malaysia are preferring industrial drums over other bulk packaging products. Industrial drums provide higher operational efficiency and effectiveness in shipping bulk quantities of commodities in liquid form. Exports from ASEAN countries of products such as palm oil is witnessing strong demand in India, China and countries across Europe. The exports of vegetable oil and related products has grown by 1.5x between 2007 and 2016. Industrial drums have emerged as a cost-effective transport packaging solution for shipment of other non-hazardous materials such as wines, fruit juices, etc. Countries in the APEJ region with strong agricultural output are improving their export volume by implementing effective means of storage, transport and packaging solutions.
Product Quality to be of Primary Concern to Market Players
The players operating in the market are mainly focussing on enhancing their product quality and differentiating from their competitors in order to maintain a stronghold over the market. Some of the companies operating in the global industrial drums market are Greif, Inc., Sicagen India Ltd., Balmer Lawrie & Co. Ltd., Time Technoplast Ltd., Schutz Container Systems, Inc., Mauser Group B.V., Industrial Container Services, LLC, TPL Plastech Ltd., Eagle Manufacturing Company, and U.S. COEXCELL Inc.
For more detailed information and insights on the global industrial drums market, contact Future Market Insights analysts at [email protected]
About Packaging Division at Future Market Insights
The Packaging division at FMI provides an in-depth historical analysis and granular projections of the global packaging market. Ranging from packaging materials to designs & formats, FMI has an exhaustive market research database, serving clients with unique offerings and strategic recommendations. With a repository of 750+ reports, the team analyzed the packaging industry comprehensively in 70+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
- Global Beverage Packaging Market
- Corrugated Boxes Market
- Plastic Pails Market
- Iv Infusion Bottle Seals And Caps Market
- Filament Tapes Market
- Temperature Controlled Packaging Solutions Market
- Protective Packaging Market
- Dairy Products Packaging Market
- Next Generation Packaging Technology Market
- Container Glass Market
- Cosmetic Pencil And Pen Packaging Market
- Confectionery Packaging Market
- Plastic Caps And Closures Market
- Nylon Films For Liquid Packaging Market
- Parenteral Packaging Market