The market for steel drums and IBCs is projected to reach a market value of US$ 16 billion by 2022 and to grow at a CAGR of 4.8% from 2022 to 2029 to reach US$ 23 billion. Steel drums and IBCs are anticipated to account for roughly 23% of the US$70 billion global industrial packaging industry in 2022.
The steel drums & IBCs market for chemicals has the largest market share globally and is projected to reach a market value of $22.5 billion by 2029.
Increasing focus on achieving cost-effectiveness in logistics, along with growing transportation of hazardous and non-hazardous materials have brought steel drums and IBCs at the center stage. Moreover, as steel drums & IBCs are considered as one of the safest forms of packaging for dangerous goods such as chemicals, demand has remained steady over the years. The market is likely to be influenced by reusability that results in cost-savings in reverse logistics and traceability that enhances consumer services.
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Growing Demand for Steel Drums & IBCs in China
East Asian countries continue to offer significant opportunities for steel drums & IBC manufacturers. The demand for steel drums & IBCs in China, South Korea, and other East Asian countries is majorly driven by increased spending on trade activities and the growing demand for chemical packaging. The growing investments in increasing production facilities is likely to create significant growth opportunities for market players over the course of the forecast period.
In addition to East Asia, South Asia is likely to remain a lucrative region for the steel drums & IBCs market on account of the expansion of end-use industries which are likely to push the demand during the assessment period. Expanding cross-border trade witnessed across this region is expected to propel sales of steel drums & IBCs. Further, key investments in the European economies focused at IBC production by companies such as Mauser Packaging Solutions and Greif reflect the opportunities offered by the European economies.
Which technological development is influencing the steel drums and IBCs market’s future?
RFID technology has benefited manufacturers and suppliers as well as customers, who can now use it to cut costs. End users that export goods in steel barrels and IBCs, including chemicals, petrochemicals and lubricants, paints, inks and dyes, food and beverages, among others, can reduce costs by doing away with physical inventory counts by utilising RFID tags to manage and control all stock.
Many IBC manufacturers have decided to invest in RFID technology because of its effective functionality, which will improve customer service and lower operating expenses.
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Competitive Landscape
Mergers and acquisition activities in packaging industry is increasing every year with an average growth rate of approximately 3-4% annually. Leading players in the packaging industry strategically complete M&A activities to increase their global footprint and achieve consolidation in the market.
- In Jan 2022, Greif Inc. had a joint venture with Gulf Refined Packaging (GRP) to diversify 50% of its shares. This is expected to help the company with debt repayment.
- In November 202 0, Hoover Ferguson Group opened up a new art-of-state facility for chemical tank and tanker trucks servicing.
Key Companies Profiled
- Greif Inc.
- Hoover Ferguson Group
- Snyder Industries, Inc.
- SCHÜTZ GmbH & Co. KGaA
- Mauser Packaging Solutions
- Thielmann US LLC
- Time Technoplast Ltd.
- Custom Metalcraft, Inc.
- Automationstechnik GmbH
- Transtainer
- Hawman Container Services
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Steel Drums & IBCs Market by Category
By Capacity Type:
- Steel Drums
- 200 Litre
- More than 200 Litre
- IBCs
- Up to 500 Litre
- 501-1,000 Litre
- 1,001-1,500 Litre
- Above 1,500 Litre
By End Use:
- Chemicals
- Petroleum & Lubricants
- Paints, Inks, & Dyes
- Food & Beverage
- Building & Construction
- Healthcare & Pharmaceuticals
- Others (Agriculture, etc.)
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Market Analysis
1.3. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Recent Developments by the Key Players
4. Key Success Factors
4.1. Product Adoption/Usage Analysis
4.2. Product USPs / Features
5. Global Steel Drums & IBCs Market Demand Analysis 2014-2021 and Forecast, 2022-2029
5.1. Historical Market Volume (‘000 Units) Analysis, 2014-2021
5.2. Current and Future Market Volume (‘000 Units) Projections, 2022-2029
5.3. Y-o-Y Growth Trend Analysis
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The post Steel Drums & IBCs Market to Display Impressive Growth of 4.8%, East Asia is termed as the most lucrative and emerging market appeared first on Future Market Insights.
