TORONTO, Jan. 23, 2023 (GLOBE NEWSWIRE) -- "Industrial Drum Market" is the title of a new report from Data Bridge Market Research. Key growth strategies, drivers, opportunities, key segments, Porter's Five Forces analysis, and competitive environment are all dissected in detail in the research. The Industrial Drum market analysis report has been prepared based on detailed market analysis with inputs from industry experts. This market survey provides key information about the Industrial Drum industry, including very helpful and important facts and figures, expert opinions, and the latest developments across the globe. Analysis and interpretation of market research data performed in this industry analysis report is used to build a report which contains information and knowledge that can be used to predict future events, future products, marketing strategy, actions or behaviors. The Global Industrial Drum market document covers a strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
Global Industrial drum Market was valued at USD 10.88 billion in 2021 and is expected to reach USD 20.67 billion by 2029, registering a CAGR of 7.70% during the forecast period of 2022-2029. The "steel drums" accounts for the largest product type segment in the industrial drum market owing to its beneficial mechanical properties such as high strength, good protective properties like gas barrier properties, and excellent processing performance, increasing its adoption. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and technological advancements.
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Market Analysis
An industrial drum is a cylindrical hollow holder primarily used to deliver large amounts of freight. Paperboard (also known as fibre drum), steel, and even polymers can be used to make industrial drums. These drums are designed for transporting liquids, powders, and hazardous materials.
There has been immense growth in the industrial drum market across the globe due to its increasing applications across the end users. The companies are considerably inventing and developing new items to meet market demand by extending their manufacturing capacities. Balmer Lawrie Co. constructed a new steel drum manufacturing plant in Vadodra, India, in 2019. The plant mostly produces 210L M.S. drums, but it also produces 235L drums. The factory has a capacity of 1 million drums per year (approx.). As a result, these growth determinants will further lead to increased traction for the market.
The Global Market Is Analyzed in Depth in the Latest Study. Taking into account the current level of competition and its projected evolution over the next few years.
Rapidly increasing demands, a rise in industrialization, consumer awareness, growing sectors, and technical improvements are fueling the expansion of the global Industrial Drum market. Sales and revenue in this sector have increased at an exponential rate. The market's size and growth are both expected to increase thanks to the factors driving the market's expansion over the projected period.
Leading businesses in the worldwide Industrial Drum market are investing heavily in R&D in order to build a larger client base and expand their share of the market by reintroducing improved products to consumers. All of the companies' strategy, as well as their financial health, revenue, gross margin, and growth rate, are detailed in the study.
The Industrial Drum Market is Dominated by Firms Such as
- Greif (U.S.)
- TPL Plastech Ltd. (India)
- Balmer Lawrie & Co. Ltd (India)
- Time Technoplast Ltd (India)
- Sicagen (India)
- BWAY Corporation (U.S.)
- Schütz GmbH & Co. KGaA. (Germany)
- Eagle Manufacturing Company (U.S.)
- 3M (U.S)
- Orora Packaging Australia Pty Ltd (Australia)
- Industrial Container Services, (U.S.)
- Chicago Steel Container Corporation (U.S.)
- U.S. COEXCELL Inc (U.S.)
- NORTH COAST CONTAINER LLC. (U.S.)
- Rahway Steel Drum Company (U.S.)
- General Steel Drum LLC (U.S)
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Recent Development
In February 2020, Greif announced the expansion of its plastics business on the US West Coast. In its Merced, California factory, the company is building a plastic drum blow moulding machine. During the second quarter of 2020, the blow moulder is expected to be operational.
Opportunities for Key Players:
Furthermore, to expand their product line and fulfil the increased demand, prominent industrial packaging manufacturers have partnered up with local and international plastic packaging manufacturers, which extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the availability of industrial drums according to customer-specific requirements and the rising awareness about the benefits of industrial drum will further expand the future growth of the industrial drum market.
Key Market Segments Covered in Industrial Drum Industry Research
Product Type
- Steel Drum
- Plastic Drum
- Fiber Drum Country
Capacity
- Up to 100 Liter
- 100 to 250 Liter
- 250 to 500 Liter
- Above 500 Liter
End-User
- Building and Construction
- Chemical and Fertilizers
- Food and Beverages
- Paints
- Inks and Dyes
- Petroleum and Lubricants
- Pharmaceuticals
- Other End Uses
Key Industry Drivers:
- High Usage Across End Users
The surging product demand among various end-user sectors such as building and construction, chemical and fertilizers, food and beverages, paints, inks and dyes, petroleum and lubricants, pharmaceuticals and others is estimated to carve a way for the growth of the market.
Furthermore, the expansion of manufacturing activities in developing economies will further propel the growth rate of industrial drum market. The industrial drums have emerged as a cost-effective transport solution for shipments of non-hazardous materials like fruit juices, wines and more will drive market value growth.
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Industrial Drum Market Regional Analysis/Insights:
The countries covered in the industrial drum market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the industrial drum market because of the extensive use of industrial drums in vegetable oil and wines export. North America is the expected region in terms of growth in the industrial drum market.
On the other hand, North America is estimated to show lucrative growth in the forecast period of 2022 to 2029 due to the increasing demand for fertilizers and chemicals from several industries.
Questions are answered in this Markets report:
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Which are the markets where companies profiling with detailed strategies, financials, and recent developments should establish a presence?
- What are the restraints that will threaten the growth rate?
- What are the forecasted growth rates for this market as a whole and for each segment within it?
- How big is the market opportunity?
- What are the types and applications followed by Key players?
- How to share market changes their values by different manufacturing brands?
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Global Industrial Drum Market: Regulations
- Market Overview
- Global Industrial Drum Market, By Product Type
- Global Industrial Drum Market, By Capacity
- Global Industrial Drum Market, By End User
- Global Industrial Drum Market, By Region
- Global Industrial Drum Market: Company Landscape
- SWOT Analyses
- Company Profile
- Questionnaires
- Related Reports
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