The drum liner market will rise at 3.9% CAGR between 2020 and 2030, finds Future Market Insights (FMI) in a new study. Drum liners find applications across diverse industries, including food & beverages (F&B), automotive, and others. FMI has predicted the demand from industrial, chemicals, & lubricants segment to rise at above 4% over the forecast period. While growth in the F&B sector is likely to happen at a decelerated pace in 2020 amid COVID-19, the demand is expected to pick up, albeit gradually 2021 onwards.
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Similar trend is likely across regional markets. Growth in Europe, North America, and other regions will be significantly hampered during COVID-19. However, FMI has projected the demand in East Asia and South Asia to gradually rise in 2021, gaining momentum 2020 onwards to exhibit a higher CAGR than mature markets, including North America and Europe.
The rising demand in industrial production and residential constructions is expected to drive the market. The reusability of drums and their cost friendly nature are expected to contribute towards a positive growth in the drum liners market.
According to the Asian Infrastructure Investment Bank (AIIB), governments across Asia are likely to ramp up infrastructure projects post COVID-19 crisis to give tailwinds to economic growth. While the ongoing restrictions due to the pandemic will continue posing challenges, the AIIB has forecast the medium-term outlook for construction to remain robust. This is expected to create ample opportunities for drum liners sales in the near future.
Key Takeaways from Drum Liners Market Report
The demand for drum liners is expected to surge in paint, inks, and dyes segment
Increasing production and exportation of petroleum and oils has been fuelling demand for drum liners in Asia
The demand for flexible drums forecast to rise as demand from chemical industry increases
Design of straight-sided liners is increasingly preferred among end users
The demand from industrial chemicals and lubricants segment will continue surging through the forecast period
COVID-19 Impact Analysis
The COVID-19 pandemic has disrupted various industries including the drum liners market. Transport bans in several countries has restricted the need for drum liners. Limitations for the import of raw materials has also slowed down production. The market experienced a negative 1.3% CAGR during 2020.
The drum liner market is predicted to bounce back exhibiting a moderate pace of growth 2021 onwards. Following the pandemic, increasing demand for safe and hygienic garbage disposal and storage is expected to drive the market growth.
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Who Is Winning?
Companies operating in the drum liners market are focusing on the usage of eco-friendly materials in drum liners in order to offer improved sustainability. For instance, Mondi, one of the prominent names in paper and packing industry, has developed one-of-its-kind sustainable polycoated kraft (PCK) paper release liner, which it plans to launch on a global scale. Mondi’s NextLiner uses recycled paper as base with coatings derived from renewable sources to leave a positive impact on environmental footprint.
Some of the key players in the market are Sealed Air Corporation, Welch Fluorocarbon Inc., Sri Lakshmi Vishnu Plastics, Spp Poly Pack Pvt. Ltd., Vestil Manufacturing Corporation, Bemis Company Inc., CDF Corporation, Heritage Packaging, Toray Industries, Allied Plastics, Mitsubishi Chemicals, Berry Plastic Corporation and Steiner Electric Company.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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