The Chemical Drums Market is estimated to be valued at US$ 14.64 Bn or in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Chemical drums are cylindrical storage containers primarily used for packaging, storing, transporting, and distributing various liquid and solid chemicals. They are made from materials such as steel, plastic, and fiber and come in a variety of sizes ranging from 1 gallon to 55 gallons based on the application and content. Chemical drums find wide usage across chemical, paints and coatings, agricultural, pharmaceutical, and other industries for containing chemicals and preventing spillages during storage and transportation.
Market Dynamics:
The growth of the chemical industry coupled with stricter regulations regarding safe chemical handling and distribution is a key driver propelling the chemical drums market. According to the American Chemistry Council (ACC), the U.S. chemical industry output increased from $797 billion in 2020 to $867 billion in 2021, exhibiting a growth rate of 8.7%.Furthermore, reusable and returnable options have gained popularity owing to sustainability concerns. Chemical drums can withstand multiple uses and reuse cycles before disposal, minimizing raw material consumption. Additionally, using returnable drums eliminates the need for one-way containers, thereby preventing additional waste generation.
Segment Analysis
The chemical drums market is dominated by the industrial chemicals segment which accounts for over 30% share owing to the large scale use of drums for storage and transportation of various industrial chemicals. The industrial chemicals segment deals in chemicals used across various industries such as manufacturing, construction, transportation, mining etc. Many industrial chemicals are flammable, corrosive or toxic in nature which makes drums an ideal option for packaging as they provide safety and prevent leakage during transportation and storage.
PEST Analysis
Political: Stringent regulations regarding packaging, usage and transportation of hazardous chemicals drive the demand for quality drums that offer safety. Certain trade policies impact import/export of chemicals across countries.
Economic: A growing economy positively impacts industries using chemicals, increasing procurement of chemicals and associated packaging solutions. However, economic slowdowns could impact chemical drums market.
Social: Increasing awareness about safety and environment has led to focus on using recyclable and reusable packaging solutions.
Technological: Advances in materials enable production of drums suited for diverse chemical applications. Features like integrated sensors help monitor contents remotely.
Key Takeaways
The Global Chemical Drums Market Demand was valued at USD 14.64 billion in 2023 and is expected to expand at a CAGR of 5.6% from 2023 to 2030. The market is driven by the growth of end-use industries such as chemicals, paints & dyes, pharmaceuticals and increasing focus on safety during transportation and storage of hazardous chemicals. Regionally, Asia Pacific dominated the market with over 35% share assisted by rapid growth of manufacturing industries in major economies.
The global chemical drums market is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing domestic consumption of chemicals for manufacturing industries. The manufacturing industry has been growing at a fast pace in developing countries like China, India along with developed nations, owing to industrialization and urbanization trends, thereby propelling the demand for chemicals and associated packaging drums in the coming years.
Regional analysis indicates Asia Pacific region is expected to witness fastest growth in the chemical drums market at a CAGR of over 6% during the forecast period. The region's dominance can be attributed to the presence of emerging economies like China and India with large manufacturing bases. These countries have witnessed rapid industrialization which has augmented the demand for chemicals from various end-use industries, thereby driving the need for chemical drums in the region.
Key players operating in the chemical drums market are Greif, Inc., Mauser Group, SCHÜTZ GmbH & Co. KGaA, Time Technoplast Ltd., Hoover Ferguson Group, Balmer Lawrie & Co. Ltd., Sicagen India Ltd., Industrial Container Services, LLC, Fibrestar Drums Limited, Snyder Industries, Inc., Sonoco Products Company, Great Western Containers Inc., Myers Container LLC, Myers Industries, Inc., and Eagle Manufacturing Company. The market exhibits high degree ofcompetition owing to presence of numurous regional and local players. Major players are focusing on new product launches, mergers, collaborative efforts for sustained market position.
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The Plastic Drums Market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.This research report also includes profiles of major companies operating in the global market.
Some of the prominent players operating in the global plastic drums market are AST Plastic Containers, CL Smith Company, CurTec Holdings B.V., GREAT WESTERN CONTAINERS INC., Greif Packaging LLC, Industrial Container Services, Industrial Packaging Limited, Interplastica, KODAMA PLASTICS Co., Ltd., Mauser Packaging Solutions, RPC Group Plc, Schutz Container Systems, TPL Plastech Ltd., U.S. Coexcell Inc., Vallero International S.r.l., and others.
This section cover profiling of major players in terms of important aspects such as company overview, financial overview, business strategy, and recent developments undertaken during the forecast horizon.Get more information on "Global Plastic Drums Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/plastic-drums-market/download-sampleMarket DynamicsThe rising demand for plastic drums from chemicals & pharmaceutical industries owing to its use in shipping and storing of fluids is propelling the market growth.
Moreover, their unreactive nature with chemicals and other lubricants which are present in plastic drums is further increasing the market value.
On the downside, environmental concerns regarding the use of plastics could challenge the market demand.
