In 2023, the projected net revenue from steel drum sales in Korea is USD 426.1 million. Looking ahead, there is a strong expectation that this figure could surge to a substantial USD 679.6 million by 2033.
This growth is underpinned by a promising forecast, with the demand for steel drums in the country anticipated to experience a steady 4.80% CAGR over the next decade. This signifies a prosperous trajectory for the steel drum industry in Korea.
Key Insights on the Steel Drum Sector of Korea
| Attributes | Details |
|---|---|
| Industry size of Korea in 2023 | USD 426.1 million |
| Expected Industry Size of Korea by 2033 | USD 679.6 million |
| Forecasted CAGR between 2023 to 2033 | 4.80% |
Korea's Industrial Growth Fuels Steel Drum Demand: The food manufacturing, coatings, chemicals, and pharmaceutical sectors in Korea are using steel drums as packaging and transportation containers, which have surged in demand in recent years.
With the rapid economic development, the industrial landscape in the country is advancing relentlessly, which is anticipated to boost steel drum sales further.
Innovations Drive Steel Drum Popularity: Steel drum usage is expected to rise with the rapid expansion of the food and beverage industry and the ongoing innovations in the packaging sector in Korea. Leading steel drum manufacturers are focusing on developing suitable linings and interior coatings for steel drums to make them more suitable for packaging food and beverage items.
Korea Favors Large-volume Steel Drums: In Korea, large-volume steel drums were found to account for more than 75% of the total sales achieved in the year 2022. The section featuring steel drums with a 55-gallon capacity is gaining more traction in the transportation of both hazardous and non-hazardous liquid commodities.
Plastic Containers Challenge Steel Drums: Higher use of drums or containers made up of plastic and other materials can restrain the demand for steel drums in Korea in the coming days. The use of carbon steel in the manufacturing of steel drums has a number of advantages, as it is both durable and stronger than stainless steel.
IBCs Outshine Steel Drums: With respect to the usefulness aspect, steel drums are less usable than intermediate bulk containers, making them less popular among small and medium-scale enterprises. In addition, because IBCs are fastened to the pallets at the bottom, managing them is simpler than handling heavy steel drums in Korea.
Over the projected years, the segment of steel drums with tight heads is anticipated to account for 80.10% of the sales in Korea. The demand for steel drums with tight heads is higher due to their valuable protection against spills when storing and transporting products in the chemical industries.
| Steel Drum in Korea based on Head Type | Tight Head |
|---|---|
| Total Share (2023) | 80.10% |
Based on end-use verticals, the steel drum demand from chemical industries in Korea is expected to expand considerably over the forecast years. In the current year, 2023, this segment is estimated to account for around 35.70% of the total sales of steel drums in the country.
| Steel Drum in Korea based on End Use Vertical | Chemicals Industry |
|---|---|
| Total Share (2023) | 35.70% |
In Korea, the manufacturers and suppliers of steel drums are largely concentrated, with global players acquiring a sizable portion of the domestic demand. Currently, Korea has very low entry restrictions, which is anticipated to contribute to the emergence of steel drum industry players and intensify the competition.
Manufacturers of steel drums in Korea are implementing the state-of-the-art technologies, including automation and robotics, in their manufacturing plants to stay competitive in their business.
The global attention that eco-friendly packaging solutions are currently receiving has changed the Korea’s packaging industry as a whole. Therefore, producers of steel drums are working toward the development of sustainable manufacturing processes with a strong focus on carbon footprint reduction technologies.
Recent Developments in Steel Drum in Korea
| Attribute | Details |
|---|---|
| Estimated Industry Size in 2023 | USD 426.1 million |
| Projected Industry Size by 2033 | USD 679.6 million |
| Anticipated CAGR between 2023 to 2033 | 4.80% CAGR |
| Historical Analysis of Demand for Steel Drum in Korea | 2018 to 2022 |
| Demand Forecast for Steel Drum in Korea | 2023 to 2033 |
| Report Coverage | Industry Size, Industry Trends, Analysis of key factors influencing Steel Drum in Korea, Insights on Global Players and their Industry Strategy in Korea, Ecosystem Analysis of Local and Korea Providers |
| Key Cities Analyzed | South Gyeongsang, North Jeolla, South Jeolla ,Jeju |
| Key Companies Profiled | Insung Corporation; Taeyoung Steel Drum Co., Ltd.; Dongwon Systems Co., Ltd.; Id-on Co Ltd; Sparkle Safety Inc.; Hanil Steel Drum Co., Ltd.; Sungwoo Steel Drum Co., Ltd.; Sejin Steel Drum Co., Ltd.; Shinhan Steel Drum Co., Ltd.; Samhwa Steel Drum Co., Ltd.; Dongwon Steel Container Co., Ltd.; Korea Steel Drum Co., Ltd. |
The anticipated CAGR for steel drum industry in Korea through 2033 is 4.80%.
Demand for steel drums in Korea is likely to surpass USD 679.6 million by 2033.
Steel drum providers in Korea are aiming food and beverage industries to boost sales.
Steel drums with tight head account for 80.10% revenue share in 2023.
Chemical industry garners 35.70% of total demand in Korea in 2023.
Table 1: Korea Industry Analysis and Outlook Value (US$ Million) Forecast by Region, 2018 to 2033
Table 2: Korea Industry Analysis and Outlook Volume (Units) Forecast by Region, 2018 to 2033
Table 3: Korea Industry Analysis and Outlook Value (US$ Million) Forecast by Capacity Type, 2018 to 2033
Table 4: Korea Industry Analysis and Outlook Volume (Units) Forecast by Capacity Type, 2018 to 2033
Table 5: Korea Industry Analysis and Outlook Value (US$ Million) Forecast by End Use, 2018 to 2033
Table 6: Korea Industry Analysis and Outlook Volume (Units) Forecast by End Use, 2018 to 2033
Table 7: South Gyeongsang Industry Analysis and Outlook Value (US$ Million) Forecast by Capacity Type, 2018 to 2033
Table 8: South Gyeongsang Industry Analysis and Outlook Volume (Units) Forecast by Capacity Type, 2018 to 2033
Table 9: South Gyeongsang Industry Analysis and Outlook Value (US$ Million) Forecast by End Use, 2018 to 2033
Table 10: South Gyeongsang Industry Analysis and Outlook Volume (Units) Forecast by End Use, 2018 to 2033
Table 11: North Jeolla Industry Analysis and Outlook Value (US$ Million) Forecast by Capacity Type, 2018 to 2033
Table 12: North Jeolla Industry Analysis and Outlook Volume (Units) Forecast by Capacity Type, 2018 to 2033
Table 13: North Jeolla Industry Analysis and Outlook Value (US$ Million) Forecast by End Use, 2018 to 2033
Table 14: North Jeolla Industry Analysis and Outlook Volume (Units) Forecast by End Use, 2018 to 2033
Table 15: South Jeolla Industry Analysis and Outlook Value (US$ Million) Forecast by Capacity Type, 2018 to 2033
Table 16: South Jeolla Industry Analysis and Outlook Volume (Units) Forecast by Capacity Type, 2018 to 2033
Table 17: South Jeolla Industry Analysis and Outlook Value (US$ Million) Forecast by End Use, 2018 to 2033
Table 18: South Jeolla Industry Analysis and Outlook Volume (Units) Forecast by End Use, 2018 to 2033
Table 19: Jeju Industry Analysis and Outlook Value (US$ Million) Forecast by Capacity Type, 2018 to 2033
Table 20: Jeju Industry Analysis and Outlook Volume (Units) Forecast by Capacity Type, 2018 to 2033
Table 21: Jeju Industry Analysis and Outlook Value (US$ Million) Forecast by End Use, 2018 to 2033
Table 22: Jeju Industry Analysis and Outlook Volume (Units) Forecast by End Use, 2018 to 2033
Table 23: Rest of Korea Industry Analysis and Outlook Value (US$ Million) Forecast by Capacity Type, 2018 to 2033
Table 24: Rest of Korea Industry Analysis and Outlook Volume (Units) Forecast by Capacity Type, 2018 to 2033
Table 25: Rest of Korea Industry Analysis and Outlook Value (US$ Million) Forecast by End Use, 2018 to 2033
Table 26: Rest of Korea Industry Analysis and Outlook Volume (Units) Forecast by End Use, 2018 to 2033
Figure 1: Korea Industry Analysis and Outlook Value (US$ Million) by Capacity Type, 2023 to 2033
Figure 2: Korea Industry Analysis and Outlook Value (US$ Million) by End Use, 2023 to 2033
Figure 3: Korea Industry Analysis and Outlook Value (US$ Million) by Region, 2023 to 2033
Figure 4: Korea Industry Analysis and Outlook Value (US$ Million) Analysis by Region, 2018 to 2033
Figure 5: Korea Industry Analysis and Outlook Volume (Units) Analysis by Region, 2018 to 2033
Figure 6: Korea Industry Analysis and Outlook Value Share (%) and BPS Analysis by Region, 2023 to 2033
Figure 7: Korea Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Region, 2023 to 2033
Figure 8: Korea Industry Analysis and Outlook Value (US$ Million) Analysis by Capacity Type, 2018 to 2033
Figure 9: Korea Industry Analysis and Outlook Volume (Units) Analysis by Capacity Type, 2018 to 2033
Figure 10: Korea Industry Analysis and Outlook Value Share (%) and BPS Analysis by Capacity Type, 2023 to 2033
Figure 11: Korea Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Capacity Type, 2023 to 2033
Figure 12: Korea Industry Analysis and Outlook Value (US$ Million) Analysis by End Use, 2018 to 2033
Figure 13: Korea Industry Analysis and Outlook Volume (Units) Analysis by End Use, 2018 to 2033
Figure 14: Korea Industry Analysis and Outlook Value Share (%) and BPS Analysis by End Use, 2023 to 2033
Figure 15: Korea Industry Analysis and Outlook Y-o-Y Growth (%) Projections by End Use, 2023 to 2033
Figure 16: Korea Industry Analysis and Outlook Attractiveness by Capacity Type, 2023 to 2033
Figure 17: Korea Industry Analysis and Outlook Attractiveness by End Use, 2023 to 2033
Figure 18: Korea Industry Analysis and Outlook Attractiveness by Region, 2023 to 2033
Figure 19: South Gyeongsang Industry Analysis and Outlook Value (US$ Million) by Capacity Type, 2023 to 2033
Figure 20: South Gyeongsang Industry Analysis and Outlook Value (US$ Million) by End Use, 2023 to 2033
Figure 21: South Gyeongsang Industry Analysis and Outlook Value (US$ Million) Analysis by Capacity Type, 2018 to 2033
Figure 22: South Gyeongsang Industry Analysis and Outlook Volume (Units) Analysis by Capacity Type, 2018 to 2033
Figure 23: South Gyeongsang Industry Analysis and Outlook Value Share (%) and BPS Analysis by Capacity Type, 2023 to 2033
Figure 24: South Gyeongsang Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Capacity Type, 2023 to 2033
Figure 25: South Gyeongsang Industry Analysis and Outlook Value (US$ Million) Analysis by End Use, 2018 to 2033
Figure 26: South Gyeongsang Industry Analysis and Outlook Volume (Units) Analysis by End Use, 2018 to 2033
Figure 27: South Gyeongsang Industry Analysis and Outlook Value Share (%) and BPS Analysis by End Use, 2023 to 2033
Figure 28: South Gyeongsang Industry Analysis and Outlook Y-o-Y Growth (%) Projections by End Use, 2023 to 2033
Figure 29: South Gyeongsang Industry Analysis and Outlook Attractiveness by Capacity Type, 2023 to 2033
Figure 30: South Gyeongsang Industry Analysis and Outlook Attractiveness by End Use, 2023 to 2033
Figure 31: North Jeolla Industry Analysis and Outlook Value (US$ Million) by Capacity Type, 2023 to 2033
Figure 32: North Jeolla Industry Analysis and Outlook Value (US$ Million) by End Use, 2023 to 2033
Figure 33: North Jeolla Industry Analysis and Outlook Value (US$ Million) Analysis by Capacity Type, 2018 to 2033
Figure 34: North Jeolla Industry Analysis and Outlook Volume (Units) Analysis by Capacity Type, 2018 to 2033
Figure 35: North Jeolla Industry Analysis and Outlook Value Share (%) and BPS Analysis by Capacity Type, 2023 to 2033
Figure 36: North Jeolla Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Capacity Type, 2023 to 2033
Figure 37: North Jeolla Industry Analysis and Outlook Value (US$ Million) Analysis by End Use, 2018 to 2033
Figure 38: North Jeolla Industry Analysis and Outlook Volume (Units) Analysis by End Use, 2018 to 2033
Figure 39: North Jeolla Industry Analysis and Outlook Value Share (%) and BPS Analysis by End Use, 2023 to 2033
Figure 40: North Jeolla Industry Analysis and Outlook Y-o-Y Growth (%) Projections by End Use, 2023 to 2033
Figure 41: North Jeolla Industry Analysis and Outlook Attractiveness by Capacity Type, 2023 to 2033
Figure 42: North Jeolla Industry Analysis and Outlook Attractiveness by End Use, 2023 to 2033
Figure 43: South Jeolla Industry Analysis and Outlook Value (US$ Million) by Capacity Type, 2023 to 2033
Figure 44: South Jeolla Industry Analysis and Outlook Value (US$ Million) by End Use, 2023 to 2033
Figure 45: South Jeolla Industry Analysis and Outlook Value (US$ Million) Analysis by Capacity Type, 2018 to 2033
Figure 46: South Jeolla Industry Analysis and Outlook Volume (Units) Analysis by Capacity Type, 2018 to 2033
Figure 47: South Jeolla Industry Analysis and Outlook Value Share (%) and BPS Analysis by Capacity Type, 2023 to 2033
Figure 48: South Jeolla Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Capacity Type, 2023 to 2033
Figure 49: South Jeolla Industry Analysis and Outlook Value (US$ Million) Analysis by End Use, 2018 to 2033
Figure 50: South Jeolla Industry Analysis and Outlook Volume (Units) Analysis by End Use, 2018 to 2033
Figure 51: South Jeolla Industry Analysis and Outlook Value Share (%) and BPS Analysis by End Use, 2023 to 2033
Figure 52: South Jeolla Industry Analysis and Outlook Y-o-Y Growth (%) Projections by End Use, 2023 to 2033
Figure 53: South Jeolla Industry Analysis and Outlook Attractiveness by Capacity Type, 2023 to 2033
Figure 54: South Jeolla Industry Analysis and Outlook Attractiveness by End Use, 2023 to 2033
Figure 55: Jeju Industry Analysis and Outlook Value (US$ Million) by Capacity Type, 2023 to 2033
Figure 56: Jeju Industry Analysis and Outlook Value (US$ Million) by End Use, 2023 to 2033
Figure 57: Jeju Industry Analysis and Outlook Value (US$ Million) Analysis by Capacity Type, 2018 to 2033
Figure 58: Jeju Industry Analysis and Outlook Volume (Units) Analysis by Capacity Type, 2018 to 2033
Figure 59: Jeju Industry Analysis and Outlook Value Share (%) and BPS Analysis by Capacity Type, 2023 to 2033
Figure 60: Jeju Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Capacity Type, 2023 to 2033
Figure 61: Jeju Industry Analysis and Outlook Value (US$ Million) Analysis by End Use, 2018 to 2033
Figure 62: Jeju Industry Analysis and Outlook Volume (Units) Analysis by End Use, 2018 to 2033
Figure 63: Jeju Industry Analysis and Outlook Value Share (%) and BPS Analysis by End Use, 2023 to 2033
Figure 64: Jeju Industry Analysis and Outlook Y-o-Y Growth (%) Projections by End Use, 2023 to 2033
Figure 65: Jeju Industry Analysis and Outlook Attractiveness by Capacity Type, 2023 to 2033
Figure 66: Jeju Industry Analysis and Outlook Attractiveness by End Use, 2023 to 2033
Figure 67: Rest of Korea Industry Analysis and Outlook Value (US$ Million) by Capacity Type, 2023 to 2033
Figure 68: Rest of Korea Industry Analysis and Outlook Value (US$ Million) by End Use, 2023 to 2033
Figure 69: Rest of Korea Industry Analysis and Outlook Value (US$ Million) Analysis by Capacity Type, 2018 to 2033
Figure 70: Rest of Korea Industry Analysis and Outlook Volume (Units) Analysis by Capacity Type, 2018 to 2033
Figure 71: Rest of Korea Industry Analysis and Outlook Value Share (%) and BPS Analysis by Capacity Type, 2023 to 2033
Figure 72: Rest of Korea Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Capacity Type, 2023 to 2033
Figure 73: Rest of Korea Industry Analysis and Outlook Value (US$ Million) Analysis by End Use, 2018 to 2033
Figure 74: Rest of Korea Industry Analysis and Outlook Volume (Units) Analysis by End Use, 2018 to 2033
Figure 75: Rest of Korea Industry Analysis and Outlook Value Share (%) and BPS Analysis by End Use, 2023 to 2033
Figure 76: Rest of Korea Industry Analysis and Outlook Y-o-Y Growth (%) Projections by End Use, 2023 to 2033
Figure 77: Rest of Korea Industry Analysis and Outlook Attractiveness by Capacity Type, 2023 to 2033
Figure 78: Rest of Korea Industry Analysis and Outlook Attractiveness by End Use, 2023 to 2033
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