According to the study, the overpack drum market is set to witness rapid growth during 2021-2031. Urbanization and increase in global trade are indicating the rising need for overpack drum in the global market.
What is Driving Demand for Overpack Drum?
The prime driving factor of the overpack drum market is incessant development in the manufacturing and industrial sector. Developing economies such as India and low cost, manufacturing countries like China are forecasted to have a comparatively higher rate of growing demand for overpack drum. Owing to these reasons developing regions such as the Asia Pacific will emerge as a focal point with a greater growth rate in the global overpack drum market.
As the industrial output is anticipated to increase with developing economies demand for industrial packaging solution such as overpack drums are anticipated to rise in the global market. As the retail demand is rising need for international trade is gaining importance more than ever. Manufacturers are relentlessly striving for innovations in terms of design, material, and more to enhance the overall user experience with overpack drums.
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UN and DOT Rating Becoming a Necessity for Overpack Drum
US Department of Transport (DOT) and Pipeline and Hazardous Materials Safety Administration (PHMSA) has laid out certain agreements that have to be followed for shipping any dangerous material across the global market. This rating system also known as UN certified or POP (performance oriented packaging).
This has enhanced the inevitability of securing a DOT and UN rating embossed over the overpack drum to claim superior functionality and safety. End users in the global market are also looking for such label claims on the overpack drums to ensure whether the packaging material is suitable for use.
North America and Europe Overpack Drum Market Outlook
The United States is considered a hub for the trade of several commodities, owing to which packaging solutions such as overpack drums are considered a necessity. Along with this strong demand, manufacturers are continuously striving for several innovations.
US Department of Transportation is responsible for regulating and monitoring material and overall features of overpack drums for maintaining safety assurance. United States has a high demand for overpack drums that comes from several business and government agencies, for instance, Procter & Gamble, Honeywell International Inc., The Kraft Foods Group, US Military, and many more.
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Asia Pacific Overpack Drum Market Outlook
India and China are one of the prime markets that have witnessed a rapid growth in demand for packaging solutions such as overpack drums, as these countries are some of the largest manufacturers of essential commodities. A large share of the region’s production is exported to the global market, which commensurates to the demand of overpack drum for safe transport of goods across the borders.
Availability of large reserve of resources and vast coastal line brings another competitive edge for being the trade hotspot for the global market, thus becoming prominent region for the overpack drum market as well. Manufacturers are overpack drum are aiming to establish its physical presence over these hotspot of the market to gain maximum advantage.
Who are the Key Manufacturers and Suppliers of Overpack Drum?
Some of the leading manufacturers and suppliers of
The Cary Company
CP Lab Safety
Berlin Packaging
Marine Marketing Services
General Container Corp.
Skolnik Industries, Inc.
New Pig Corporation
Cardinal Carryor
American Textile & Supply, Inc.
Peerless Materials Company
Interstate Products Inc.
Vimal Barrels Pvt. Ltd.
ENPAC
Others
Key manufacturers of overpack drums such as ENPAC are striving to enhance market penetration by publicizing the product as eco-friendly. For instance, ENPAC promotes its overpack drums to the end user by projecting the eco-friendly application which helps spillage of chemicals, oils, and others throughout the supply chain.
The companies are promoting the application of overpack drum as they state, spillage over transport or workplace could cost over US$ 30,000 per incident, excluding the fee imposed by a government agency. Owing to this market penetration is anticipated to rise over time.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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