Anticipated to reach a market value of US$ 21.7352 billion by 2033, the global steel drums & IBCs market is projected to grow at a steady compound annual growth rate (CAGR) of 4.5% from 2023. In 2023, the market is estimated to be valued at US$ 13,995.9 million, highlighting its significant growth potential.
United States: The steel drums & IBCs market in the United States is set to reach US$ 1,314.9 million in 2023. Emerging trends include a rising demand for eco-friendly and sustainable solutions and customized solutions for specific industries. Automation and new technologies are enhancing transportation and storage efficiency, contributing to market growth.
Japan: The steel drums & IBCs market in Japan is projected to reach US$ 637.8 million in 2023. Key trends include a growing need for high-quality and reliable containers, especially in the chemical and pharmaceutical sectors. Customized solutions are in demand, particularly in the cosmetics and food and beverage industries, while automation and new technologies aid transportation and storage.
South Korea: The steel drums & IBCs market in South Korea is expected to reach US$ 458.5 million in 2023. Market growth is driven by an increasing demand for eco-friendly and sustainable solutions and the adoption of intermediate bulk containers (IBCs) for efficient transportation. Customized solutions catering to industries like electronics and automotive are on the rise.
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Germany: The steel drums & IBCs market in Germany is poised to reach US$ 668.6 million in 2023. Increasing demand for IBCs and customized solutions for industries like chemicals and pharmaceuticals is a notable trend. Automation and new technologies are enhancing transportation and storage efficiency in the market.
European Flexible Intermediate Bulk Container Association (EFIBCA): EFIBCA represents over 50 IBC manufacturers in Europe. IBCs were declared a ‘priority product’ during the COVID-19 pandemic, playing a crucial role in transporting essential healthcare and food items. IBCs were used to transport safe food supplies, protective equipment, and vital supplies, and they continue to be essential in the European food and healthcare sectors. France, a leading food producer in Europe, relies heavily on IBCs for transporting its products. The growing demand for food and healthcare products in Europe is expected to drive further demand for IBCs in the region.
The Steel Drums & IBCs Market has witnessed significant growth in recent years, driven by the increasing demand for reliable and robust packaging solutions across diverse industries. Steel drums and IBCs offer several advantages over conventional packaging options, such as plastic containers or wooden crates. Let’s delve deeper into the factors contributing to the market’s expansion.
The Recent Developments:
- In 2019, Schutz Container Systems announced a strategic partnership with Greif, Inc. to expand its product offerings and increase its global presence.
- In Jan 2022, Greif Inc. had a joint venture with Gulf Refined Packaging (GRP) to diversify 50% of its shares. This is expected to help the company with debt repayment.
- In November 2020, Hoover Ferguson Group opened up a new art-of-state facility for the chemical tank and tanker truck servicing.
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The Major Key Players Are:
- Greif Inc.
- Hoover Ferguson Group
- Snyder Industries, Inc.
- SCHÜTZ GmbH & Co. KGaA
- Mauser Packaging Solutions
- Thielmann US LLC
- Time Technoplast Ltd.
- Custom Metalcraft, Inc.
- Automationstechnik GmbH
- Transtainer
- Hawman Container Services
- Schafer Werke Gmbh
- Obal Centrum s.r.o.
- others
Emerging Trends in Steel Drum and IBC Manufacturing
- Sustainability and Eco-Friendly Materials: With increasing environmental concerns, manufacturers are shifting towards sustainable practices. This includes using eco-friendly materials for drum and IBC production, as well as designing containers that are easily recyclable or reusable.
- Lightweight Designs: To reduce transportation costs and improve efficiency, manufacturers are focusing on creating lightweight steel drums and IBCs without compromising on durability. These containers are not only easier to handle but also contribute to lower carbon emissions during transportation.
- Improved Safety Features: Safety is a top priority in the manufacturing industry. Manufacturers are incorporating advanced safety features such as pressure relief valves, tamper-evident seals, and spill prevention mechanisms to ensure the safe storage and transportation of hazardous materials.
Chemical Industry Remains the Largest Consumer
Major consumption of steel drums and IBCs is witnessed across the chemical sector. The chemical segments is expected to hold approximately 40% share in the global steel drums & IBCs market in 2022. The growing incidents of storage and transportation of hazardous chemicals is expected to support this consumption as steel drums & IBCs are perceived to be safe packaging solutions for such goods.
As chemicals pose health risks on leakage and leach, the demand for packaging solutions that prevent exposure to external environment continues to rise, driving steel drums & IBCs’ demand. Another factor supporting the growing consumption of steel drums & IBCs for chemical packaging is the increasing inclination towards sustainable packaging solutions, considering the negative environmental impact of plastic which has been previously used for chemical storage and transport owing to its higher safety standards.
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Steel Drums & IBCs Market by Category
By Capacity Type:
- Steel Drums
- 200 Litre
- More than 200 Litre
- IBCs
- Up to 500 Litre
- 501-1,000 Litre
- 1,001-1,500 Litre
- Above 1,500 Litre
By End Use:
- Chemicals
- Petroleum & Lubricants
- Paints, Inks, & Dyes
- Food & Beverage
- Building & Construction
- Healthcare & Pharmaceuticals
- Others (Agriculture, etc.)
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