The total sales of steel drums in Southeast Asia are poised to be valued at an estimated US$ 423.6 million in 2023, with projections reaching US$ 835 million by 2033. This reflects an anticipated expansion at a Compound Annual Growth Rate (CAGR) of 7.0% during the assessment period from 2023 to 2033.
The Southeast Asia steel drum market, concluding 2022 with a valuation of US$ 395.8 million, is expected to showcase a Year-on-Year (y-o-y) growth of 7.5% in 2023. Notably, the chemical segment, categorized by end-use, is projected to account for over one-fifth of the market share in terms of value by the year 2023.
The demand for steel drums in Southeast Asia has seen a steady rise, primarily driven by the region’s expanding industrial sector. Increasing manufacturing activities, coupled with the growing need for efficient storage and transportation solutions, have significantly contributed to the ongoing growth trajectory of the steel drum market in Southeast Asia.
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Upcoming Opportunities
The sustained demand for steel drums in Southeast Asia can be attributed to the region’s continual industrialization and construction activities. Countries such as Indonesia, Thailand, Vietnam, and Malaysia, at the forefront of industrial development, rely on steel drums for the secure packaging of a diverse range of industrial products. The ongoing expansion of these sectors fuels the consistent need for reliable and robust packaging solutions, further establishing steel drums as a vital component in supporting industrial and construction initiatives.
Steel drums are positioned to gain significant traction in Southeast Asia as the region intensifies its focus on sustainability and environmental considerations. With a growing emphasis on reducing the environmental impact of packaging materials, steel drums emerge as a favorable alternative. Their inherent resilience and recyclability align with the broader goal of minimizing single-use plastics, making steel drums an attractive and sustainable choice for industries seeking eco-friendly packaging solutions in Southeast Asia.
Business Landscape
The Southeast Asia steel drum industry is poised for significant growth throughout the forecast period, with projections indicating a substantial surge in sales from 2023 to 2033. The forecast anticipates the creation of additional opportunities, resulting in a remarkable expansion to US$ 439.2 million, nearly doubling the current market value.
Steel drums, renowned for their durability and extended lifespan, stand out as a highly sustainable and cost-effective packaging solution. This not only benefits consumers but also aligns with environmental considerations. As awareness about environmental issues continues to escalate, businesses and consumers alike are increasingly inclined toward packaging solutions that are both eco-friendly and contribute to minimizing carbon footprints.
Request For Customization: https://www.futuremarketinsights.com/customization-available/rep-gb-18096 Drivers for the Steel Drum Market in Southeast Asia:
- Industrial Expansion and Construction Boom: The continuous demand for steel drums in Southeast Asia is driven by ongoing industrial expansion and construction activities. Rapid industrialization in countries like Indonesia, Thailand, Vietnam, and Malaysia necessitates reliable packaging solutions, making steel drums a preferred choice for the secure transportation and storage of various industrial products.
- Sustainability and Environmental Concerns: Steel drums gain prominence as businesses and consumers increasingly prioritize sustainability and environmental responsibility. The inherent durability and recyclability of steel drums make them an environmentally friendly packaging option, aligning with the growing trend toward reducing single-use plastics and minimizing carbon footprints.
- Cost-Effectiveness and Longevity: The cost-effectiveness and longevity of steel drums contribute significantly to their market dominance. Businesses favor steel drums for their durability, providing a robust packaging solution that ensures the safe transport and storage of goods. The long lifespan of steel drums makes them a cost-effective choice for industries looking for reliable and sustainable packaging options.
Key Players
- 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
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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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