According to the latest research from Future Market Insights (FMI), the global industrial pails & drums market is poised for substantial growth in the coming years. FMI’s analysis indicates that the market is set to reach a valuation of US$ 20.3 billion in 2022, with a projected Compound Annual Growth Rate (CAGR) of 4.8% through 2032, ultimately reaching US$ 32.3 billion.
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Key Insights from the Market Analysis:
- Market Dynamics: The sales of industrial pails & drums are expected to witness significant augmentation, with the top 3 countries projected to hold approximately 25-30% of the market by the end of 2022. This indicates a competitive landscape with opportunities for market penetration and expansion.
- Segment Analysis: The analysis highlights the 501 to 1000 litre segment as a key driver of market growth. This segment is projected to account for around 40% of the market value share by the end of 2022. The increased preference for standard capacity is expected to fuel the sales of industrial pails & drums in the 501-1000 litre range.
- Market Potential: The projected CAGR of 4.8% underscores the robust growth potential of the industrial pails & drums market. Factors such as increasing industrialization, growing demand from end-user industries such as chemicals, lubricants, and paints & coatings, and the need for efficient storage and transportation solutions are driving market expansion.
Advent of Sustainable and Intelligent Packaging Solution Skyrocketing the Demand for Industrial Pails & Drums
With rising environmental concerns and implementation of stringent regulations regarding the use of plastic across the U.S., China, India, the U.K., Germany, and others, a substantial rise in the adoption of packaging solutions is experienced across various end use industries.
In accordance to this, numerous packaging companies are shifting their focusing of manufacturing sustainable packaging using 100% recycled plastics, biodegradable plastics, and plastic alternatives such as paper. Hence, introduction of novel sustainable packaging solutions is expected to create lucrative demand opportunities in the market.
Also, emergence of intelligent packaging with the integration of artificial intelligence (AI), internet of things (IoT), and data science have improved the demand for Industrial Pails & Drums Market. Hence, key players are incorporating novel technologies such as AI and IoT to increase their revenues, propelling the sales.
Key Industrial Pails & Drums Market Takeaways and Projections
- The U.S. is expected to lead the North America Industrial Pails & Drums Market, projecting the fastest growth in the region between 2022 and 2032
- Germany and the U.K. are expected to, collectively, hold the largest share in the Europe market over the assessment period.
- China will dominate the East Asia market, accounting for the largest demand share during the forecast period.
- India is expected to emerge as a highly remunerative market in South Asia, contributing the significant revenue share in the region through 2032.
- On the basis of Segment it is projected to hold the maximum share in the market, expanding at a remarkable CAGR during the coming decade.
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Report Benefits & Key Questions Answered
- Industrial Pails & Drums Historical Market Analysis: The detailed survey by FMI, examines key factors in the Industrial Pails & Drums market that affected the growth in the market for the last assessment period 2017-2021 and also studies their consequent impact. It also provide refined the sales projection of the Industrial Pails & Drums market for the forecast period 2022-2032.
- Industrial Pails & Drums Category & Segment Level Analysis: The category & segment level analysis conducted by FMI studies the market in terms of segments .It studies the vital dynamics across each segment and also highlights their growth prospects in the coming ten years.
- Industrial Pails & Drums Demand Outlook Analysis: Future Market Insight’s (FMI’s) exhaustive study provides crucial insights into key drivers and upcoming opportunities driving the demand for Industrial Pails & Drums for the assessment period. As per the study, the demand for Industrial Pails & Drums will grow at a robust CAGR between 2022 and 2032.
- Industrial Pails & Drums Market Trend Analysis: The latest study by FMI on the Industrial Pails & Drums Market offers compelling insights into key expansion strategies adopted by top-tier players with respect to current trends. It discloses details regarding upcoming trends in the packaging industry to assist market players in constructing an effective strategy to capitalize on them.
Competitive Landscape Analysis
The market survey conducted by FMI offers key trends and challenges in the packaging industry and its consequent impact of Industrial Pails & Drums Market. The survey provides a thorough market share analysis to offer an in-depth analysis of prevailing competition.
- It also provides a list of leading players and recent development in the global Industrial Pails & Drums Market. Some of the prominent market players are
- Grief Inc.
- Mauser Packaging Solutions
- Industrial Container Services
- Delta Containers Direct Limited
- FDL Packaging Group
- ZBR Packaging Materials Company Limited
- Myers Containers
- CL Smith
- Schoeller Allibert Services B.V.
- Alpla Werke Alwin Lehner GmbH & Co KG
- Vestil Manufacturing Corporation
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Industrial Pails & Drums Market by Category
By Material, Industrial Pails & Drums Market is Segmented as:
- Plastic
- Metal
By Capacity Type, Industrial Pails & Drums Market is Segmented as:
- Up to 100 litres
- 101 to 500 litres
- 501 to 1000 litres
- Above 1000 litres
By End Users, Industrial Pails & Drums Market is Segmented as:
- Chemical & Fertilizers
- Oil & Lubricants
- Food & Beverages
- Paints, Inks & Dyes
- Pharmaceuticals
- Automotive
- Building & Construction
- Other Consumer Goods
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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