The global steel drums and Intermediate Bulk Containers (IBCs) market is poised for significant growth, with a market valuation expected to increase from US$ 13,995.9 million in 2023 to US$ 21,735.2 million by 2033, reflecting a compound annual growth rate (CAGR) of 4.5% over the forecast period. This expansion is driven by emerging trends in manufacturing, increased demand across various industries, and evolving customer preferences.
The steel drum and IBC manufacturers are facing a rapidly changing market as the demand for IBC/drums continues to grow. One of the emerging trends is the focus on sustainability and eco-friendliness. Manufacturers are investing in new technologies and processes that reduce waste and minimize their carbon footprint.
The demand for customized solutions is also increasing, as clients seek containers that meet their specific needs. Companies in the steel drum and IBC industry are responding to these trends by developing innovative solutions that meet the changing needs of their clients.
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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.
Growth Drivers for IBC Demand:
- Efficiency and Cost-Effectiveness:
- The IBC market is experiencing robust demand as businesses seek efficient and cost-effective solutions for transporting and storing liquids and other materials.
- Sustainable Solutions:
- Companies are increasingly looking for eco-friendly IBC solutions that help reduce their carbon footprint and minimize waste.
- Automation:
- The trend towards automation is driving market growth, as automated processes improve the efficiency of transportation and storage.
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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