According to Future Market Insights (FMI), the drum liner market would grow at a 3.9 percent CAGR between 2020 and 2030. Drum liners are used in a variety of industries, including food and beverage, automotive, and others. The demand for industrial, chemicals, and lubricants is expected to grow at a rate of about 4% throughout the projection period, according to FMI. While the F&B sector is predicted to grow at a slower pace in 2020 due to COVID-19, demand is expected to build up progressively from 2021 onwards.
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A similar pattern is anticipated to emerge in other regional marketplaces. During COVID-19, growth in Europe, North America, and other regions will be severely limited. However, according to FMI, demand in East Asia and South Asia will progressively increase in 2021, gaining traction from 2020 onwards and exhibiting a stronger CAGR than mature markets such as North America and Europe.
The market is likely to be driven by increased demand in industrial production and residential development. The reusability of drums, as well as their low cost, are projected to contribute to the drum liners market’s favourable growth.
COVID-19 Impact Analysis
The COVID-19 pandemic has disrupted various industries including the drum liners market. Transport bans in several countries has restricted the need for drum liners. Limitations for the import of raw materials has also slowed down production. The market experienced a negative 1.3% CAGR during 2020.
The drum liner market is predicted to bounce back exhibiting a moderate pace of growth 2021 onwards. Following the pandemic, increasing demand for safe and hygienic garbage disposal and storage is expected to drive the market growth.
Key Takeaways from Drum Liners Market Report
The demand for drum liners is expected to surge in paint, inks, and dyes segment
Increasing production and exportation of petroleum and oils has been fuelling demand for drum liners in Asia
The demand for flexible drums forecast to rise as demand from chemical industry increases
Design of straight-sided liners is increasingly preferred among end users
The demand from industrial chemicals and lubricants segment will continue surging through the forecast period
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Who Is Winning?
Companies operating in the drum liners market are focusing on the usage of eco-friendly materials in drum liners in order to offer improved sustainability. For instance, Mondi, one of the prominent names in paper and packing industry, has developed one-of-its-kind sustainable polycoated kraft (PCK) paper release liner, which it plans to launch on a global scale. Mondi’s NextLiner uses recycled paper as base with coatings derived from renewable sources to leave a positive impact on environmental footprint.
Some of the key players in the market are Sealed Air Corporation, Welch Fluorocarbon Inc., Sri Lakshmi Vishnu Plastics, Spp Poly Pack Pvt. Ltd., Vestil Manufacturing Corporation, Bemis Company Inc., CDF Corporation, Heritage Packaging, Toray Industries, Allied Plastics, Mitsubishi Chemicals, Berry Plastic Corporation and Steiner Electric Company.
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 8-years.
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Report URL: https://www.futuremarketinsights.com/reports/drum-liners-market
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