The Indian steel drum market is anticipated to increase in value to US$ 281.2 million, while the country’s IBC market is anticipated to grow to US$ 170.5 million by 2023. Steel drum and IBC sales in India are anticipated to grow at 4.6% and 3.8% CAGRs during the next ten years, respectively.
In a recent market analysis, it has been forecasted that India’s steel drum and Intermediate Bulk Container (IBC) markets are on the cusp of significant growth, with a promising outlook for the next ten years. According to the report, the India steel drum market is projected to reach a valuation of US$ 281.2 million in 2023, while the India IBC market is estimated to expand to US$ 170.5 million during the same year.
These findings are indicative of a robust growth trend in the industrial packaging sector in India, driven by various factors including increased manufacturing activities, growing exports, and evolving logistics and supply chain dynamics.
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Key Companies:
- Grief Inc.
- Mauser Group B.V.
- Hanningfield
- Pyramid Technoplast Pvt. Ltd
- TPL Plastech Limited
- Vizag Chemical International
- Shree Dwarkesh Chem Industries
- Balmer Lawrie & Co. Limited
- Metal Seam Co. Pvt. Ltd
- The East India Drums & Barrels Mfg. Co.
- Sicagen India Limited
- Industrial Engineering Corporation
- Tripura Containers Private Limited
- ABCD Drums & Barrels Industries
- Pearson Drums & Barrels Private Limited
- Vimal Barrels Pvt. Ltd.
- Kumar Containers Pvt. Ltd
- Scoya Pharmatech
- Agarwal Packaging Pvt. Ltd
- Nakoda Containers Private Limited
- Gujarat Polythene
- Supreme Industries
- MAHIMA Drums Manufacturing Co.
Steel Drum Market Highlights:
- The India steel drum market is set to achieve a valuation of US$ 281.2 million in 2023, marking substantial growth.
- The compound annual growth rate (CAGR) for steel drum sales in India is projected at 4.6% over the next ten years.
- Rising demand for steel drums in sectors such as chemicals, pharmaceuticals, food and beverages, and agriculture is a significant driver of this growth.
- Steel drums are favored for their durability, eco-friendliness, and versatility in transporting and storing various types of products.
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IBC Market Highlights:
- The India IBC market is estimated to reach US$ 170.5 million in 2023, showcasing promising growth prospects.
- The anticipated CAGR for IBC sales in India is approximately 3.8% over the next decade.
- IBCs are increasingly preferred in industries such as chemicals, petrochemicals, and the food and beverage sector due to their efficiency in bulk liquid and solid material handling.
- Innovations in IBC design and materials are likely to drive further adoption and market expansion.
Industry experts and analysts believe that the growth in these markets is driven by the need for efficient and sustainable packaging solutions, in line with India’s industrial development goals and commitment to environmental responsibility.
As these markets continue to evolve, both domestic and international companies are expected to focus on expanding their presence and offerings in India’s steel drum and IBC sectors. This presents opportunities for investment, partnerships, and innovation in the packaging industry.
India Steel Drum Market and IBC Markets by Category:
By Material:
- Carbon Steel/Mild Steel
- Stainless Steel
By Head Type:
- Open Head
- Closed head
By Content:
- Solid and Semi-solid
- Liquid
By End Use:
- Industrial Chemicals
- Petroleum & Lubricants
- Food
- Beverages
- Building & Construction
- Healthcare & Pharmaceutical
- Agricultural & Allied Products
- Others Industrial Uses
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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