Steel drums serve various applications in industrial packaging and transportation. Their sturdy construction ensures safe storage and transport of chemicals, oils, lubricants, and hazardous materials. Steel drums offer exceptional durability, corrosion resistance, and reusability, making them ideal for repeated use in demanding industries. Their airtight sealing and containment capabilities protect contents from contamination and spills. Steel drums are widely used in chemicals, oil and gas, pharmaceuticals, and food industries, providing a reliable and cost-effective solution for the safe handling and distribution of a wide range of products.
According to Data Bridge Market Research, the Global Steel Drums Market accounted for USD 11.78 billion in 2022 and is expected to reach USD 17.87 billion by 2030. The market is expected to grow with a CAGR of 6.20% in the forecast period of 2023 to 2030.
“High demand driven by the characteristics of steel drums boosts the market’s growth”
The steel drums market is witnessing significant growth due to the high demand driven by the characteristics of steel drums. Steel drums offer robustness, durability, and excellent containment capabilities, making them ideal for storing and transporting various goods, including chemicals, lubricants, and hazardous materials. Their ability to withstand harsh conditions, resist corrosion, and maintain product integrity contributes to their popularity in industries such as chemicals, food and beverages, and oil and gas, fueling the overall growth of the steel drums market.
What restraints the growth of the global steel drums market?
“Fluctuations in prices restraints the market’s growth”
The steel drums market faces constraints due to unstable prices of steel. Fluctuations in steel prices impact the manufacturing cost of steel drums, leading to price variations for consumers. This price volatility can discourage potential buyers and affect their purchasing decisions. Moreover, the uncertainty in steel prices can also lead to supply chain disruptions and inventory management challenges for manufacturers. These factors collectively restrain the growth of the steel drums market and may impact the overall demand for steel drum products.
Segmentation: Global Steel Drums Market
The global steel drums market is segmented on the basis of type, material, capacity, and end-users.
- On the basis of type, the global steel drums market is segmented into tight head, open head.
- On the basis of material, the global steel drums market is segmented into Stainless Steel, cold rolled steel, and carbon steel.
- On the basis of capacity, the global steel drums market is segmented into up to 10 gallons, 10- 30 gallons, 30- 50 gallons, 50-80 gallons, 80 gallons, and above.
- On the basis of end users, the global steel drums market is segmented into food and beverages, healthcare and pharmaceuticals, oils and lubricants, paints and dyes, chemicals and solvents, building and construction, agriculture, and others.
Regional Insights: North America dominates the Global Steel Drums Market
North America dominates the steel drums market due to its robust industrial base, the strong presence of major players in the market, and favorable foreign policies. These factors create a conducive environment for the manufacturing, distribution, and export of steel drums, fostering market expansion and development.
Asia-Pacific is anticipated to undergo substantial growth in the steel drums market from 2023 to 2030. This growth is attributed due to China and the expanding industries, access to untapped markets, a large population base, and the rising demand for high-quality coated glass. These factors create favorable conditions for the steel drums market's development and expansion in the region.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-steel-drums-market
Recent Developments
- In June 2021, Mauser Packaging Solutions, a leading global industrial packaging provider, recently introduced a new line of stainless steel drums tailored for the chemical and pharmaceutical sectors. These state-of-the-art drums comply with the stringent regulatory requirements of these industries and offer exceptional durability, cleanliness, and corrosion resistance. The innovative design ensures safe and reliable storage and transportation of chemicals and pharmaceutical products, meeting the highest industry standards.
- In March 2021, Schutz Container Systems, a prominent industrial packaging solutions provider, unveiled a new line of steel drums featuring a self-closing lid. The introduction of these drums is intended to enhance workplace safety and efficiency by eliminating the requirement for a separate lid and reducing the risk of spills and leaks. The innovative design ensures secure containment and ease of use, providing a practical solution for various industrial applications.
- In January 2021, Enviro-Pak, a prominent provider of eco-friendly packaging solutions, recently introduced a new range of steel drums manufactured entirely from 100% recycled materials. These innovative drums maintain the same durability and strength as conventional steel drums, while significantly reducing their environmental footprint.
The Prominent Key Players Operating in the Global Steel Drums Market Include:
- HOOVER CS (U.S.)
- Snyder Industries, (U.S.)
- SCHÜTZ GmbH & Co. KGa (Germany)
- BWAY Corporation (U.S.)
- Thielmann (U.S.)
- Time Technoplast Ltd. (India)
- Custom Metalcraft, Inc. (U.S.)
- Automationstechnik GmbH (Germany)
- Transtainer (Australia)
- Hawman Container Services (Canada)
- Schafer Werke Gmbh (Germany)
- Obal Centrum s.r.o. (Europe)
- Sicagen (India)
- Balmer Lawrie & Co. Ltd (India)
- Industrial Container Services (U.S.)
- Myers Container (U.S.)
- Orlando Drum (U.S.)
- Great Western Containers Inc. (Canada)
- Meyer Steel Drum, Inc. (U.S.)
- Peninsula Drums (South Africa)
- Greif (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global steel drums market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Steel Drums Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
