The steel drum market in Southeast Asia is set for significant growth, with total sales estimated at US$ 423.6 million in 2023, and a projected increase to US$ 835 million by 2033. This represents an impressive revenue expansion at a CAGR of 7.0% during the assessment period from 2023 to 2033.
In the previous year, by the end of 2022, the Southeast Asia steel drum industry was valued at US$ 395.8 million. Notably, in 2023, it is expected to showcase a year-on-year growth rate of 7.5%. Within the end-use segments, the chemical sector is poised to contribute significantly, accounting for over one-fifth of the total market value share by 2023.
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Southeast Asia Steel Drum Business Landscape
The steel drum industry in Southeast Asia is poised for a highly promising growth trajectory throughout the forecast period. Projections indicate a substantial surge in sales from 2023 to 2033, with anticipated opportunities reaching an impressive value of US$ 439.2 million, effectively doubling the current market worth.
Steel drums are celebrated for their remarkable durability and extended lifespan, making them a sustainable and cost-effective packaging solution that benefits both consumers and the environment. Moreover, as environmental consciousness continues to gain momentum, businesses and consumers alike are actively seeking packaging solutions that are environmentally friendly, with a focus on reducing their carbon footprint.
Key manufacturers operating in the region, including industry leaders like Sicagen, Grief Inc., and Mauser Packaging Solutions, are deeply committed to sustainable manufacturing practices. They are investing in initiatives such as wastewater management and recyclability to align with their circular economy objectives. Many steel drum manufacturers in Southeast Asia have also incorporated drum reconditioning services into their offerings to cater to the growing demand for eco-friendly and sustainable packaging solutions.
Market Drivers
- Industrial and Economic Growth: The region’s industrial and economic development plays a significant role in the demand for steel drums. As various industries, such as chemicals, petroleum, and food processing, expand, they require reliable and durable packaging solutions, boosting the demand for steel drums.
- Durability and Longevity: Steel drums are known for their strength and durability, making them suitable for the transportation and storage of various goods, including hazardous materials. Their extended lifespan is a driving factor for industries seeking cost-effective and reliable packaging solutions.
- Sustainability and Environmental Concerns: As environmental awareness and sustainability concerns grow, steel drums are favored for their recyclability and reduced environmental impact compared to single-use packaging options. Many businesses and consumers are actively seeking eco-friendly packaging solutions to reduce their carbon footprint.
- Circular Economy Initiatives: Key manufacturers in the region are investing in sustainable practices, such as recycling and reconditioning, to align with circular economy goals. This commitment to responsible manufacturing contributes to the growth of the steel drum industry.
- Product Safety and Regulations: The strict regulations and safety standards governing the handling and transportation of various materials, particularly hazardous substances, necessitate the use of reliable and compliant packaging. Steel drums meet these safety requirements, making them essential in industries that deal with regulated materials.
- Growth in Chemical and Petrochemical Industries: The chemical and petrochemical sectors are among the largest users of steel drums. The steady growth in these industries, driven by increased demand for chemicals and petroleum-based products, fuels the demand for steel drums.
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Key Companies Profiled
- Mauser Packaging Solutions
- Greif Inc.
- Balmer Lawrie & Co. Limited
- Time Technoplast Ltd.
- Schütz GmbH & Co. KGaA.
- PT Rhem Indonesia, Tbk.
- PT Karya Sarana Drumindo.
- Pelangi Indah Canindo
- Malayan Metal Works
- Sicagen India Limited
- Nippon Steel Drum Co. Ltd.
- Saeng Thai Metal Drum Co., Ltd.
- HAS Industries Pte Ltd
- Jurong Barrels & Drums Industries Pte Ltd
- Global Barrels Industries Pte Ltd
- EcoDrum Sdn Bhd
- PT. PRAJAMITA INTERNUSA
- Saeng Thai Metal Drum Company Limited (STD)
- Pyramid Technoplast Ltd
Southeast Asia Steel Drum Industry Outlook by Category
By Capacity:
- 55 Gallons Steel Drums (Standard Size)
- Other than 55 Gallon
By Material:
- Carbon Steel
- Stainless Steel
By Head Type:
- Tight Head
- Open Head
By End-use:
- Chemicals
- Petroleum and Lubricants
- Paints, Inks, and Dyes
- Food and Beverages
- Building and Construction
- Healthcare and Personal Care
- Others
By Country:
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Burma (Myanmar)
- Cambodia
- Brunei
- Timor-Leste
- Laos
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