The market for fibre drums is anticipated to reach US$ 1.6 billion by 2030, growing at a CAGR of 5.5% between 2022 and 2030. From 2022, the market for fibre drums is anticipated to expand by 5.5%. For safe shipping and durability, industries like food and agro-allied, medicines, and chemical demand fibre drums.
People are becoming more environmentally conscious, which is increasing demand for sustainability and lowering the environmental impact of packaging. In the past ten years, consumers’ attitudes regarding sustainability have undergone a significant shift, and this trend is likely to continue in the years to come. The increased awareness of the environment has increased demand for eco-friendly packaging options.
Fiber Drums Market Landscape
- Grief Inc.,
- Sonoco Products Company and Mauser Group N.V.
- are the top players operating in the fiber drums market. Furthermore,
- C.L Smith Company,
- Schutz Container Systems, Inc.,
- Orlando Drum & Container Corporation,
- Industrial Container Services, Inc.
- Patrick J. Kelly Drums, Fibrestar Drums Limited,
- Milford Barrel Co Inc. and
- Enviro-Pak, Inc.
are prominent players in the fiber drums market. The Tier 3 players hold 4/5th market share in the global fiber drums market. In conclusion, key players contribute almost 1/5th of the global market.
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In tandem with the same sentiment, manufacturers and retailers have begun to experiment with materials and designs for packaging. Players in the retail industry are looking to curb the plastic waste generation by adoption of materials such as metal, glass and fiber which will lead to circular delivery models. Manufacturers have high focus on their approach to address sustainable packaging owing to growing consumer awareness.
Fiber drums are thus being used for storing and transporting a variety of different goods and materials, including powders, soaps, grains, spices, chemicals, fertilizers and metal parts. Fiber drums are made with layers of cardboard or fiberboard which makes them recyclable and a greener alternative compared to plastic drums. The lightweight material of fiber drum is safe, secure and solid which ensures preservation of goods stored in them.
Fiber Drums Demand Analysis (2014 to 2021) Vs Market Outlook (2022 to 2030)
Fiber drums market is projected to reach over US$ 1,568.3 Mn by 2030, with 25-50 gallons of capacity at the forefront. Food & agro allied industry is expected to witness 1.6x growth with increase in transportation of food products, ingredients and flavorings.
Fiber drums market is projected to expand at CAGR of 5.5% during the forecast period (2022-2030). Europe and East Asia together are likely to dominate with a market value share of 50% in the global fiber drums market by 2030. Fiber drums are lightweight making them easier to lift and reduce shipping costs.
Key Takeaways of Fiber Drums Market Study
- Food & agro allied industry is estimated to be the key end user industry of fiber drums as it is slated to account for 46% of the market by 2030
- 25-50 gallons fiber drums to have an incremental opportunity of US$ 273 Mn by 2030 owing to extensive usage in shipping and storing and ease in handling
- Metal closure is estimated to account for 69% of the global market by value and reach slightly over US$ 1,084 Mn in 2030
- Europe estimated to account for 1/4th market share in the fiber drums market owing to demand for sustainable packaging solutions.
- East Asia is estimated to have an incremental opportunity of US$ 171 Mn by 2030 due to the growth of end-use industries in the region
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Intercontinental Trade of Industrial Products to Boost Demand for Fiber Drums
Growth in demand for fiber drums is expected to result from expanding intercontinental trade. This is likely to boost the demand for shipping and packaging industry, consequently raising the uptake of fiber drums as packaging solution.
Vendors in the fiber drums market have consistently worked on improvement in product design and value creation for end user. Since, global trade of industrial products has also increased three fold during the past decade, it necessitated industries such as bio-chemical manufacturers, food grade ingredient manufacturers, pharmaceutical companies etc. to use fiber drums to reduce their carbon footprint.
Key Segments Covered in Fiber Drums Industry Research
Fiber Drums Market by Closure Type
- Metal Closure
- Plastic Closure
- Fiber Closure
Fiber Drums Market by Capacity
- Below 25 Gallons
- 25-50 Gallons
- 50-75 Gallons
- Above 75 Gallons
Fiber Drums Market by End-use
- Chemical Industry
- Food & Agro-allied Industry
- Pharmaceutical Industry
- Building & Construction Industry
- Others
Fiber Drums Market by Region
- North America Fiber Drums Market
- Latin America Fiber Drums Market
- Europe Fiber Drums Market
- East Asia Fiber Drums Market
- South Asia Fiber Drums Market
- Oceania Fiber Drums Market
- Middle East & Africa (MEA) Fiber Drums Market
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Related Reports
Drum Liners Market: The global drum liners market is expected to grow following a holistic approach between 2022 and 2030
Industrial Pails & Drums Market: According to Future Market Insights research, during the projected period, the global industrial pails & drums market is set to enjoy a valuation of US$ 20.3 Bn in 2022
Plastic Drums Market: Plastic drums are used for the storage and transportation of industrial products. The plastic drums are industrial-grade containers made with high-density polyethylene (HDPE)
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Published by: Future Market Insights, Inc.