The global steel drum market is projected to witness robust growth, with an anticipated CAGR of 5.6% from 2023 to 2033. By 2033, the market is expected to reach a valuation of US$ 20.8 billion, up from US$ 2.0 billion in 2024.
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.
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Key Market Insights:
- Market Overview: Steel drums, known for their durability, cost-effectiveness, and safety, are crucial in various industries for packaging and transportation. Made from carbon steel or stainless steel, these drums are appreciated for their resistance to fire, UV rays, and moisture, making them a preferred choice for secure shipping.
- Recent Developments:
- Food Safe Steel Drums: Recent advancements include the development of food-safe steel drums, which are reusable and reliable. In June 2022, SCHÜTZ Container Systems expanded its reconditioning capacity in North America, reflecting the growing demand and innovation in the sector.
- Regional Highlights:
- United States: The U.S. steel drum market is projected to reach US$ 1.6 billion by 2033, with a CAGR of 3.6%. The market growth is supported by key players like Greif Inc., Mauser Packaging Solutions, and Time Technoplast Ltd., who are expanding production capacities and focusing on cost-effective solutions. The U.S. market benefits from its strong presence of industry leaders and rising crude oil production, driving demand for protective packaging solutions.
- Asia-Pacific: The steel drum market in East and South Asia is witnessing high demand, driven by the trade of oils, chemicals, and solvents. Stainless steel drums are particularly favored for exporting liquid materials, including vegetable oil, to countries such as Malaysia and Indonesia. The low manufacturing costs in developing economies like India and China are also fueling market growth in the region.
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Market Trends:
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- Sophisticated Containers: There is an increasing demand for advanced containers designed for efficient liquid transportation. The adoption of steel drums with enhanced features aligns with the growing need for secure and efficient packaging solutions in various industries.
- Paints, Inks, and Dyes Industry: The steel drums market is significantly influenced by the growing paints, inks, and dyes industries. These drums are essential for the safe transport of hazardous and non-hazardous materials, complying with stringent regulations set by authorities like the U.S. Department of Transportation.
- Intermodal Transportation: The use of steel drums in intermodal transportation is enhancing efficiency and reducing costs. The ease of handling steel drums has led to their increased adoption by freight companies, supporting market growth.
Demand for Effective Transportation of Large Volume of Liquid Driving Growth
The increasing production of manufacturing and industrial sector is one of the major factors augmenting sales of steel drum. 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 the 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 market.
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Key Segments Covered In Steel Drum Industry Research
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
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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 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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