The global steel drum market is expected to experience steady growth from 2023 to 2033, with a compound annual growth rate (CAGR) of 5.6%, reaching a market value of US$ 20.8 billion by 2033.
Steel drums are rigid packaging solutions made from carbon steel or stainless steel. They offer several advantages, including cost-effectiveness, ease of handling, secure shipping, fire resistance, reusability, and recyclability. These features contribute to the growing demand for steel drums.
The need for safe and secure packaging is prevalent across various end-use industries, driving the demand for steel drums. The market appears attractive and is growing due to these factors.
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Recent advancements in the market include the use of food-safe steel drums that are reusable and reliable. For example, SCHÜTZ Container Systems expanded its reconditioning capacity for intermediate bulk containers (IBCs) and drums in North America in June 2022.
Steel drums provide protection against harmful UV rays, moisture, and dust, making them suitable for storing various materials. Their durability, sustainability, eco-friendliness, and excellent strength make them a preferred choice in the packaging industry.
Overall, the steel drum market is expected to grow steadily, driven by the need for safe and reliable packaging, the introduction of food-safe options, and the advantageous properties of steel drums in terms of durability and sustainability.
Competitive Landscape
The steel drum manufacturers are focusing on safety rendered by steel drum to cater to the market demand and survive the competition. Also, the manufacturers are trying to address the sustainability trend by developing environment-friendly steel drum. These manufacturers also provide reconditioning services, which lead to low packaging scrap.
The key manufacturers are trying to enhance customer service by using RFID technology on steel drum to track & trace the steel drum.
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Key Players:
- Greif Inc.
- Mauser Packaging Solutions
- Time Technoplast Ltd.
- Sicagen India Limited
- Balmer Lawrie & Co. Limited
- Industrial Container Services, Inc.
- Great Western Containers Inc.
- SCHÜTZ GmbH & Co. KGaA
- Peninsula Drums CC
Key Segments Covered In Steel Drum Industry Research
By Capacity:
- 55 Gallon
- Other than 55 Gallon
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By Head Type:
- Tight Head
- Open Head
By Material Type:
- Carbon Steel
- Stainless Steel
By End-Use Verticals:
- Chemicals
- Petroleum & Lubricants
- Paints, Inks, & Dyes
- Food & Beverages
- Building & Construction
- Healthcare & Personal Care
- Others
By Region:
- North America
- Latin America
- Europe
- Middle East and Africa (MEA)
- East Asia
- South Asia
- Oceania
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