The United States boasts a thriving steel drum market, with a substantial market size expected to reach US$ 1.6 billion by 2033, reflecting a robust CAGR of 3.6% from 2023 to 2033. This impressive growth is primarily attributed to the presence of key industry players that supply steel drums across the United States.
Prominent companies like Greif Inc., Mauser Packaging Solutions, Time Technoplast Ltd., and others have established a strong foothold in the country, equipped with robust production capabilities. Additionally, the surge in crude oil production and exports in the United States has led to an increased demand for protective packaging solutions, including metal oil drums. This trend further fuels the growth of the steel drum market in the United States.
Between 2023 and 2033, the global steel drum market is anticipated to increase linearly at a CAGR of 5.6%, reaching US$ 20.8 billion.
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Carbon steel or stainless steel is used to make the steel drum, a safe and secure rigid packing solution. Steel drum demand is increased by the notable qualities of steel container drums, such as affordability, ease of handling, safety & security while shipping, fire resistance, reusable, recyclable, and many more.
Several end-use sectors utilize safe and secure packaging, which results in an astounding demand for steel drums. With the support of all these elements, the worldwide steel drum market appears appealing and expanding.
Over the past few years, the steel drum is gaining popularity among various end-use industries especially for the storage and transportation of liquid materials as it offers a safe and secure packaging solution. Also, rising concerns about sustainability are creating growth opportunities. Future Market Insights forecasts the market to continue growing at a positive rate between 2021 and 2031.
Steel Drum Market Landscape
Greif Inc., Mauser Packaging Solution, and SCHÜTZ GmbH & Co. KGaA are the top players operating in the steel drum market. Furthermore, Time Technoplast Ltd., Balmer Lawrie & Co. Limited, and Nippon Steel Drums Co. Ltd., are some of the companies operating in the steel drum market. The Tier 3 players in the market hold 75-80% in the global steel drum market.
“Companies operating in the market are focusing on improving designs of steel drums to make them more lightweight, efficient, and cost-effective. Also, they are focusing on expanding footprint via strategic collaborations,” says an FMI analyst.
Rise in Demand for Steel Drum in Chemical Sector Augmenting Sales
The demand for steel drums in the chemical industry is rising due to the changing way of industrial packaging solutions by pooling and leasing the containers and drums. The standards for using steel drums are set by various countries and various regulations such as the U.S. Department of Transportation (DOT), and United Nations regulations. Majorly the steel drums are used by the chemical industry to store and transport hazardous and non-hazardous materials.
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Demand for Effective Transportation of Large Volume of Liquid Driving Growth
The increasing production of the manufacturing and industrial sector is one of the major factors augmenting sales of steel drums. The low manufacturing cost in developing economies such as India and China has led key players of various end-use industries to move their production facilities and expand their market in South & East Asia. This will lead to growth in trade volume in the region. Also, East and South Asia will emerge as a global trade hub, increasing opportunities for the global steel drum industry.
Key Segments:
By Capacity:
- 55 Gallon
- Other than 55 Gallon
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
Steel drums usage is rising in shipping and storing of liquid materials such as paints, inks & dyes. They are considered the most suitable rigid packaging solutions for transporting hazardous and non-hazardous material especially liquid material. Also, steel drums are easy to handle and are considered more effective for storage.
The paints, inks, & dyes industries demand safe and secure packaging solutions for their product protection. As per the American Coating Association, almost half of the coating and paint products are regulated by the U.S. Department of Transportation’s (DOT) modal regulations and are required to meet the criteria for hazardous materials.
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Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
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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