Demand Forecast for Industrial Drum in Korea, by Steel and Plastic Drum Type, 2023 to 2033
Environmental Concerns and Technological Advancement to Boost Industrial Drum Demand in Korea. Explore Key Trends in North Jeolla, South Gyeongsang, and Other Provinces
Sales Analysis of Industrial Drum in Korea from 2023 to 2033
The industrial drum ecosystem in Korea is expected to expand at a CAGR of 6.0% through 2033. With a valuation of US$ 839.2 million in 2023, the industrial drum in Korea is poised to grow significantly. According to estimates, the industry in Korea are expected to generate US$ 1,535.2 million valuation by 2033.
As the chemical and fertilizer industries evolve, industrial drum manufacturers are continuously innovating. The development of drums with enhanced advanced materials, improved sealing mechanisms, and innovative designs are likely to enhance safety and efficiency.
Key Highlights to Understand Emerging and Fast-growing Opportunities
The industrial drum industry in Korea is witnessing a surge in demand for eco-friendly drums, including recyclable and biodegradable options.
Tailoring solutions to specific industries, such as food or hazardous materials, is driving an uptick in demand for industrial drum in Korea.
Prioritizing investments in advanced coatings and materials is crucial for optimizing the performance and longevity of industrial drums.
The integration of technology, such as tracking and monitoring equipment on drums, is revolutionizing safety protocols and streamlining inventory management.
Ensuring compliance with safety regulations is a paramount concern for consumers, guaranteeing that drums are labeled and constructed with extreme care.
With industries experiencing global expansion, there is a growing industry for selling drums in new and emerging markets worldwide.
The demand for services related to drum maintenance, including repairs and routine upkeep, is on a steady rise within the industrial drum industry.
Industrial drums with compact and lightweight designs are gaining popularity, as they require less storage space, thus driving increased demand.
Attributes
Details
Industry Size of Korea in 2023
US$ 839.2 million
Expected Industry Size of Korea by 2033
US$ 1,535.2 million
Forecasted CAGR between 2023 and 2033
6.0%
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Key Trends Influencing the Demand for Industrial Drum in Korea
Packaging solutions that are environmentally friendly and sustainable are becoming more prevalent.
Due to their decreased shipping costs and ease of handling, lightweight materials such as composite and plastic drums are becoming increasingly popular. Drums are becoming more durable and cost-effective as a result of innovations in material technology.
Regulations governing hazardous material handling and transport affect the industrial drum industry. As safety and regulatory standards evolve, drum manufacturers continually adapt their products.
Sealing and closure technologies have advanced as a result of the demand for leak-proof and secure closures. The chemical and pharmaceutical industries are particularly reliant on these advancements.
To increase productivity and reduce production costs, industrial drums are becoming more automated and efficient. Robotics and advanced manufacturing technologies are employed in this process.
Industrial drums are now easier to find, order, and track due to the widespread adoption of digital technologies and eCommerce platforms. This trend has resulted in different interactions between customers and suppliers.
Drum handling and storage solutions, along with ergonomic design, are becoming increasingly important from a health and safety perspective.
Comparative View of Adjacent Industrial Drum in Key Economies
Based on the table below, a comparison is made between the demand for industrial drum in Korea, Japan, and Western Europe. In Japan, the demand for industrial drums has shown steady growth over the past decade, driven by a thriving manufacturing sector and stringent quality standards. Meanwhile, in Western Europe, a shift toward sustainable practices has led to an increased preference for eco-friendly drum solutions, influencing the demand trends in the region. In Korea, the industrial drum Industry has witnessed remarkable expansion, propelled by advancements in material technology and a surge in chemical and fertilizer industries.
Demand for Industrial Drum in Korea:
Attributes
Demand for Industrial Drum in Korea
CAGR from 2023 to 2033
6.0%
Estimated Value in 2023
US$ 839.2 million
Key Trend
Emphasis on ergonomic design and efficient drum handling solutions for improved health and safety
Key Opportunities
Increasing focus on compliance with safety and regulatory standards, creating a niche for specialized drum solutions
Industry Analysis of Industrial Drum in Western Europe:
Attributes
Industry Analysis of Industrial Drum in Western Europe
CAGR between 2023 to 2033
3.6%
Industry Size in 2023
US$ 2,191.1 million
Key Trends
Integration of smart technologies for real-time monitoring of drum conditions and contents
Key Opportunities
Demand for customized drum solutions to cater to specific industry needs and applications
Industry Analysis of Industrial Drum in Japan:
Attributes
Industry Analysis of Industrial Drum in Japan
CAGR between 2023 and 2033
3.5%
Estimated Value in 2023
US$ 360.3 million
Key Trend
Steady growth in the demand for industrial drums due to a thriving manufacturing sector
Key Opportunities
Advancements in materials technology for more durable and cost-effective drum options
Find your sweet spots for generating winning opportunities in this market.
Province-wise Insights
South Gyeongsang's Robust Economic Growth Fuels Expansion among Manufacturers, Leading to a Remarkable Surge in Demand for Industrial Drums
Automobiles, shipbuilding, electronics, and petrochemicals are among the key industries in South Gyeongsang. Industrial drums are commonly used for storing and transporting various materials including chemicals, lubricants, and components.
Export-oriented economies play a predominant role in South Gyeongsang. The need for reliable and standardized industrial drums has become essential for packaging goods intended for export. The demand for industrial drum is increasing for the storage of materials like cement, asphalt, and roadwork chemicals in the growing infrastructure sector.
Regulations and safety standards related to environmental protection and safety also contribute to the factors that can drive an increased demand for industrial drums. Companies may require specialized drums to safely store and transport hazardous materials. The food and beverage industry utilizes industrial drums for the storage and transportation of a variety of materials, additives, and finished products.
Government Policies in North Jeolla's are Set to Increase Demand for Industrial Drum
The manufacturing industry in North Gyeongsang is robust, with a focus on electronics, automotive, and textiles. Materials, chemicals, and products from these industries are frequently transported and stored in industrial drums. The demand for industrial drums often affected by policies related to trade, manufacturing, and industry development. Different types of containers are likely to be required based on incentives or regulations. A convenient location near key ports and North Gyeongsang's involvement in international trade could also be significant. Shipping products often necessitates standardized and secure containers like industrial drums.
Emerging Clean and Renewable Energy Technologies Pave the Way for a Promising Future in South Jeolla
Industrial drums are frequently utilized in various industries for handling both raw materials and finished products. Industrial drums are often mandated by environmental regulations and safety standards for the safe storage and disposal of hazardous substances and pollutants. Ensuring compliance of these containers with the regulations can lead to a sustained demand for them. With ongoing economic development and growth, industrial drums are expected to become even more essential in the province as industrial activity continues to rise.
Category-wise insights
Demand for Steel Drum is on the Rise as Quality and Durability Gain Ground
The excellent mechanical properties of steel drums, including high strength, superior gas barrier characteristics, and good processing characteristics, contribute to their widespread use. In 2023, steel drums dominated Korea's industrial drum industry, accounting for 74.70% of the industry share.
With the increasing use of petroleum and chemical lubricants across various industries and the improvement of supply chain capabilities, the demand for industrial metal drums is expected to rise. Steel drums are also widely utilized for packaging hazardous or dangerous goods.
While steel drums can be reused for a relatively long period, they eventually wear out and require replacement. This, coupled with the aging of existing drum inventories, can lead to fluctuations in the demand for new drums.
Bulk quantities of fertilizers and chemicals are commonly produced and transported. Drums play an essential role in the supply chain as they offer a convenient and secure means of storing and transporting these products. The chemicals and fertilizers industry segment is expected to account for a revenue share of 44.40% in 2023.
With the population and agricultural activity on the rise in Korea, the need for fertilizers to enhance crop yields is increasing. Chemical industries are also expanding to meet both consumer and industrial demands. This growing production translates to an increased requirement for industrial drum in Korea to transport and store these products.
The chemicals and fertilizer industry is subject to heavy regulation to ensure safety and environmental standards are met. As a result of these regulations, industrial drums designed for handling hazardous materials have become even more crucial.
Korea Industrial Drum Industry Based on End Use
Chemicals & Fertilizers
Industry Share in 2023
44.40%
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Competitive Landscape
Many renowned companies manufacture industrial drum in Korea. By developing technologies and sustainable solutions, they assist other companies in growing. The purpose of startups is to compete with established firms by developing new solutions or investing in innovative technology. Startup companies offer unique opportunities to discover niche markets, reach underserved groups, and create new products. Key industrial drum manufacturers in Korea are provided below.
Sejin Container Co., Ltd.
Kukil Can Co., Ltd.
Saejin Container Co., Ltd.
Dong Yang Plastic Co., Ltd
Daeyang Industrial Co., Ltd.
Shinil Industrial Co., Ltd.
Woojin Industry Co., Ltd.
Recent Developments Observed in Korea’s Industrial Drum Industry
In September 2023, as part of QatarEnergy's extensive shipbuilding program, the Middle Eastern company contracted South Korea's HD Hyundai Heavy Industries (HHI) to build 17 LNG carriers. This is the largest order in shipbuilding history. In addition to meeting long-term fleet replacement requirements, the $3.9 billion deal is going to expand the company's LNG production capacity, a result of the North Field LNG expansion and Golden Pass LNG export projects.
In October 2023, the South Korean state oil company, Korea National Oil Corp (KNOC), announced the signing of a five-year agreement with Saudi Arabia's Aramco for an oil reserve of 5.3 million barrels.
Scope of the Report
Attributes
Details
Estimated Industry Size in 2023
US$ 839.2 million
Projected Industry Valuation by 2033
US$ 1,535.2 million
Value-based CAGR 2023 to 2033
6.0%
Historical Analysis of the Industrial Drum in Korea
2018 to 2022
Demand Forecast for Industrial Drum in Korea
2023 to 2033
Report Coverage
Industry Size, Industry Trends, Analysis of Key Factors Influencing Industrial Drum in Korea Insights on Global Players and their Industry Strategy in Korea, Ecosystem Analysis of Local and Regional Korea Providers
Key Cities Analyzed While Studying Opportunities in Industrial Drum in Korea
South Gyeongsang
North Jeolla
South Jeolla
Jeju
Key Companies Profiled in the Industry Analysis of Industrial Drum in Korea
Sejin Container Co., Ltd.
Kukil Can Co., Ltd.
Saejin Container Co., Ltd.
Dong Yang Plastic Co., Ltd
Daeyang Industrial Co., Ltd.
Shinil Industrial Co., Ltd.
Woojin Industry Co., Ltd.
Key Segments of Industrial Drum in Korea
By Product Type:
Steel Drum
Plastic Drum
Fiber Drum
By Capacity:
Up to 100 Liter
100 to 250 Liter
250 to 500 Liter
Above 500 Liter
By End Use:
Food & Beverages
Chemical & Fertilizers
Pharmaceuticals
Petroleum & Lubricants
Building & Construction
Paints, Inks, & Dyes
Other End Uses
By Province:
South Gyeongsang
North Jeolla
South Jeolla
Jeju
Frequently Asked Questions
What is the Current Size of the Industrial Drum in Korea?
The industrial drum industry in Korea is valued at US$ 839.2 million in 2023.
What will be the Overall Value Share of Industrial Drum in Korea by 2033?
Korea is projected to achieve industrial drum sales of US$ 1,535.2 million by 2033.
What is the Anticipated Growth Rate of the Adoption of Industrial Drum in Korea?
Between 2023 and 2033, the adoption of industrial drum in Korea is expected to at a 6.0% CAGR.
Which Product Type of Industrial Drum is likely to Dominate the Industry in Korea?
The demand for steel drums is likely to dominate the industry in the coming years.
Table of Content
1. Executive Summary
1.1. Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Product Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Product Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Product Type, 2023 to 2033
5.3.1. Steel Drum
5.3.2. Plastic
5.3.3. Fiber
5.4. Y-o-Y Growth Trend Analysis By Product Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Product Type, 2023 to 2033
6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Capacity Type
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Capacity Type, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Capacity Type, 2023 to 2033
6.3.1. Up to 100 ltrs
6.3.2. 100 to 250 ltr
6.3.3. 250 to 500 ltr
6.3.4. Above 500 ltr
6.4. Y-o-Y Growth Trend Analysis By Capacity Type, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Capacity Type, 2023 to 2033
7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By End Use
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By End Use, 2018 to 2022
7.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By End Use, 2023 to 2033
7.3.1. Food & Beverages
7.3.2. Chemicals & Fertilizers
7.3.3. Pharmaceuticals
7.3.4. Petrolium & Lubricants
7.3.5. Building & Construction
7.3.6. Paints, Inks and Dyes
7.3.7. Other End Use
7.4. Y-o-Y Growth Trend Analysis By End Use, 2018 to 2022
7.5. Absolute $ Opportunity Analysis By End Use, 2023 to 2033
8. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2018 to 2022
8.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2023 to 2033
8.3.1. South Gyeongsang
8.3.2. North Jeolla
8.3.3. South Jeolla
8.3.4. Jeju
8.3.5. Rest of
8.4. Market Attractiveness Analysis By Region
9. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Product Type
9.2.2. By Capacity Type
9.2.3. By End Use
9.3. Market Attractiveness Analysis
9.3.1. By Product Type
9.3.2. By Capacity Type
9.3.3. By End Use
9.4. Key Takeaways
10. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Product Type
10.2.2. By Capacity Type
10.2.3. By End Use
10.3. Market Attractiveness Analysis
10.3.1. By Product Type
10.3.2. By Capacity Type
10.3.3. By End Use
10.4. Key Takeaways
11. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Product Type
11.2.2. By Capacity Type
11.2.3. By End Use
11.3. Market Attractiveness Analysis
11.3.1. By Product Type
11.3.2. By Capacity Type
11.3.3. By End Use
11.4. Key Takeaways
12. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Product Type
12.2.2. By Capacity Type
12.2.3. By End Use
12.3. Market Attractiveness Analysis
12.3.1. By Product Type
12.3.2. By Capacity Type
12.3.3. By End Use
12.4. Key Takeaways
13. Rest of Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
13.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Product Type
13.2.2. By Capacity Type
13.2.3. By End Use
13.3. Market Attractiveness Analysis
13.3.1. By Product Type
13.3.2. By Capacity Type
13.3.3. By End Use
13.4. Key Takeaways
14. Market Structure Analysis
14.1. Competition Dashboard
14.2. Competition Benchmarking
14.3. Market Share Analysis of Top Players
14.3.1. By Regional
14.3.2. By Product Type
14.3.3. By Capacity Type
14.3.4. By End Use
15. Competition Analysis
15.1. Competition Deep Dive
15.1.1. Id-on Co Ltd
15.1.1.1. Overview
15.1.1.2. Product Portfolio
15.1.1.3. Profitability by Market Segments
15.1.1.4. Sales Footprint
15.1.1.5. Strategy Overview
15.1.1.5.1. Marketing Strategy
15.1.1.5.2. Product Strategy
15.1.1.5.3. Channel Strategy
15.1.2. Insung Co. Ltd.
15.1.2.1. Overview
15.1.2.2. Product Portfolio
15.1.2.3. Profitability by Market Segments
15.1.2.4. Sales Footprint
15.1.2.5. Strategy Overview
15.1.2.5.1. Marketing Strategy
15.1.2.5.2. Product Strategy
15.1.2.5.3. Channel Strategy
15.1.3. Greif, Inc.
15.1.3.1. Overview
15.1.3.2. Product Portfolio
15.1.3.3. Profitability by Market Segments
15.1.3.4. Sales Footprint
15.1.3.5. Strategy Overview
15.1.3.5.1. Marketing Strategy
15.1.3.5.2. Product Strategy
15.1.3.5.3. Channel Strategy
15.1.4. Mauser Group B.V.
15.1.4.1. Overview
15.1.4.2. Product Portfolio
15.1.4.3. Profitability by Market Segments
15.1.4.4. Sales Footprint
15.1.4.5. Strategy Overview
15.1.4.5.1. Marketing Strategy
15.1.4.5.2. Product Strategy
15.1.4.5.3. Channel Strategy
15.1.5. Schutz Container Systems, Inc.
15.1.5.1. Overview
15.1.5.2. Product Portfolio
15.1.5.3. Profitability by Market Segments
15.1.5.4. Sales Footprint
15.1.5.5. Strategy Overview
15.1.5.5.1. Marketing Strategy
15.1.5.5.2. Product Strategy
15.1.5.5.3. Channel Strategy
15.1.6. Sicagen India Limited
15.1.6.1. Overview
15.1.6.2. Product Portfolio
15.1.6.3. Profitability by Market Segments
15.1.6.4. Sales Footprint
15.1.6.5. Strategy Overview
15.1.6.5.1. Marketing Strategy
15.1.6.5.2. Product Strategy
15.1.6.5.3. Channel Strategy
15.1.7. Myers Container, LLC
15.1.7.1. Overview
15.1.7.2. Product Portfolio
15.1.7.3. Profitability by Market Segments
15.1.7.4. Sales Footprint
15.1.7.5. Strategy Overview
15.1.7.5.1. Marketing Strategy
15.1.7.5.2. Product Strategy
15.1.7.5.3. Channel Strategy
15.1.8. Eagle Manufacturing Company
15.1.8.1. Overview
15.1.8.2. Product Portfolio
15.1.8.3. Profitability by Market Segments
15.1.8.4. Sales Footprint
15.1.8.5. Strategy Overview
15.1.8.5.1. Marketing Strategy
15.1.8.5.2. Product Strategy
15.1.8.5.3. Channel Strategy
15.1.9. Time Technoplast Ltd
15.1.9.1. Overview
15.1.9.2. Product Portfolio
15.1.9.3. Profitability by Market Segments
15.1.9.4. Sales Footprint
15.1.9.5. Strategy Overview
15.1.9.5.1. Marketing Strategy
15.1.9.5.2. Product Strategy
15.1.9.5.3. Channel Strategy
15.1.10. Balmer Lawrie & Co. Ltd.
15.1.10.1. Overview
15.1.10.2. Product Portfolio
15.1.10.3. Profitability by Market Segments
15.1.10.4. Sales Footprint
15.1.10.5. Strategy Overview
15.1.10.5.1. Marketing Strategy
15.1.10.5.2. Product Strategy
15.1.10.5.3. Channel Strategy
15.1.11. TPL Plastech Limited
15.1.11.1. Overview
15.1.11.2. Product Portfolio
15.1.11.3. Profitability by Market Segments
15.1.11.4. Sales Footprint
15.1.11.5. Strategy Overview
15.1.11.5.1. Marketing Strategy
15.1.11.5.2. Product Strategy
15.1.11.5.3. Channel Strategy
15.1.12. U.S. Coexcell Inc.
15.1.12.1. Overview
15.1.12.2. Product Portfolio
15.1.12.3. Profitability by Market Segments
15.1.12.4. Sales Footprint
15.1.12.5. Strategy Overview
15.1.12.5.1. Marketing Strategy
15.1.12.5.2. Product Strategy
15.1.12.5.3. Channel Strategy
15.1.13. The Metal Drum Company
15.1.13.1. Overview
15.1.13.2. Product Portfolio
15.1.13.3. Profitability by Market Segments
15.1.13.4. Sales Footprint
15.1.13.5. Strategy Overview
15.1.13.5.1. Marketing Strategy
15.1.13.5.2. Product Strategy
15.1.13.5.3. Channel Strategy
16. Assumptions & Acronyms Used17. Research Methodology
