In 2023, the market for steel drums and IBCs is projected to reach a valuation of US$ 13,995.9 million worldwide. By 2023, the market is projected to grow at a compound annual growth rate (CAGR) of 4.5%, reaching US$ 21,735.2 million.
This growth trajectory reflects the persistent demand for steel drums & IBCs across various industries, driven by factors such as increasing industrial activities, stringent regulations concerning safe transportation of goods, and growing emphasis on sustainable packaging solutions. The market’s steady progression underscores its crucial role in facilitating efficient storage and transportation of liquids and chemicals worldwide.
Future Market Insights projects a comprehensive comparative and review analysis of the dynamics within the steel drums & IBCs industry, primarily influenced by various industry factors. Additionally, the market faces specific challenges related to the availability of alternatives such as fiber drums and Flexi tanks, which are expected to impede its growth.
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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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Growing Demand for Steel Drums & IBCs in the Chemical Industry to Propel Market Growth in 2023
Anticipated to reach a value of US$ 5,675.7 million in 2023, the chemicals segment is poised to lead the steel drums & IBCs market. Steel drums & IBCs stand out as the preferred choice for storing and transporting chemicals, attributed to their durability, corrosion resistance, and cost-effectiveness. The increasing demand for chemicals across diverse industries, including agriculture, pharmaceuticals, and manufacturing, is expected to drive the demand for steel drums & IBCs in the upcoming year. Furthermore, the industry’s focus on eco-friendly and sustainable solutions is projected to further propel growth within this segment.
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
Key Segmentations:
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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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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