The global steel drums & IBCs market is estimated to hit a market value of US$ 13,995.9 million in 2023. The market is expected to reach US$ 21,735.2 million expanding at a CAGR of 4.5% from 2023 to 2033.
Steel drums and IBCs are widely used for the storage and transportation of hazardous and non-hazardous materials. These containers offer durability, strength, and reliability, making them ideal for various industries such as chemicals, pharmaceuticals, food and beverages, petroleum, and more. The global Steel Drums & IBCs Market has witnessed significant growth in recent years, driven by the increasing demand for efficient and secure packaging solutions.
FMI’s new study estimates growth to hover at 4.8% mark during the next decade. Increasing global trade and growing proclivity to invest in efficient transportation are supporting market growth, according to the authors of the report.
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The Steel Drums & IBCs Market has witnessed significant growth in recent years, driven by the increasing demand for reliable and robust packaging solutions across diverse industries. Steel drums and IBCs offer several advantages over conventional packaging options, such as plastic containers or wooden crates. Let’s delve deeper into the factors contributing to the market’s expansion.
Growth Drivers of the Steel Drums & IBCs Market
- Rising Industrialization and International Trade
- With the rapid industrialization and globalization of trade, the demand for efficient packaging and transportation solutions has increased significantly. Steel drums and IBCs provide a safe and reliable option for shipping a wide range of products globally.
- Stringent Regulations on Packaging and Transportation
- Governments across the world have implemented strict regulations regarding the packaging and transportation of hazardous materials. Steel drums and IBCs comply with these regulations, making them the preferred choice for many industries.
- Increasing Focus on Sustainability
- In today’s environmentally conscious world, sustainability has become a key consideration for businesses. Steel drums and IBCs are highly recyclable and have a longer lifespan compared to other packaging materials, making them an eco-friendly option.
- Growth in the Chemical and Pharmaceutical Industries
- The chemical and pharmaceutical sectors are witnessing steady growth, driving the demand for reliable and secure packaging solutions. Steel drums and IBCs provide the necessary protection for sensitive products, ensuring their integrity during transportation and storage.
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Chemical Industry Remains the Largest Consumer
Major consumption of steel drums and IBCs is witnessed across the chemical sector. The chemical segments is expected to hold approximately 40% share in the global steel drums & IBCs market in 2022. The growing incidents of storage and transportation of hazardous chemicals is expected to support this consumption as steel drums & IBCs are perceived to be safe packaging solutions for such goods.
As chemicals pose health risks on leakage and leach, the demand for packaging solutions that prevent exposure to external environment continues to rise, driving steel drums & IBCs’ demand. Another factor supporting the growing consumption of steel drums & IBCs for chemical packaging is the increasing inclination towards sustainable packaging solutions, considering the negative environmental impact of plastic which has been previously used for chemical storage and transport owing to its higher safety standards.
The Major Key Players Are:
- 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
- Schafer Werke Gmbh
- Obal Centrum s.r.o.
- others
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.)
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