Steel Drums Market Overview
As per MRFR analysis, the Steel Drums Market Size was estimated at 5.15 (USD Billion) in 2022.
The Steel Drums Market Industry is expected to grow from 5.27(USD Billion) in 2023 to 6.5 (USD Billion) by 2032. The Steel Drums Market CAGR (growth rate) is expected to be around 2.36% during the forecast period (2024 - 2032).
Key Steel Drums Market Trends Highlighted
Key market drivers for steel drums include the growing demand for packaging in the oil and gas, chemical, and food industries. The increasing use of steel drums for storing and transporting hazardous and non-hazardous materials is also driving market growth. Opportunities to be explored or captured in the Steel Drums Market include the development of lightweight and corrosion-resistant drums, as well as the adoption of sustainable manufacturing practices.
Recent trends in the Steel Drums Market include the increasing adoption of e-commerce, which is driving demand for smaller and more portable drums. Additionally, the growing popularity of online food delivery and meal kits is creating opportunities for steel drums in the food packaging industry. The rising demand for steel drums in emerging economies is also expected to contribute to market growth.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Steel Drums Market Drivers
Rising Demand for Steel Drums in the Chemical and Petrochemical Industries
The chemical and petrochemical industries are major consumers of steel drums due to their ability to safely store and transport hazardous and corrosive materials. The growing production and consumption of chemicals and petrochemicals worldwide is driving the demand for steel drums. Steel drums provide excellent protection against leaks and spills, making them ideal for storing and transporting these sensitive substances. Additionally, the increasing demand for specialty chemicals and niche petrochemicals is further fueling the growth of the Steel Drums Market in these industries.
Expansion of the Food and Beverage Industry
The food and beverage industry is another significant driver of the Steel Drums Market. Steel drums are widely used for packaging and storing food products, such as edible oils, juices, and processed foods. The growing population and increasing disposable income in emerging economies are leading to a surge in the demand for packaged food and beverages. This, in turn, is boosting the demand for steel drums in the food and beverage sector. Steel drums offer several advantages for food packaging, including durability, resistance to corrosion, and ability to maintain product quality.
Growing Environmental Concerns and Regulations
Stringent environmental regulations and the growing emphasis on sustainability are driving the demand for steel drums in the waste management industry. Steel drums are commonly used for the safe storage and disposal of hazardous and non-hazardous waste. The increasing generation of industrial and municipal waste, coupled with the need for proper waste management practices, is fueling the demand for steel drums. Steel drums provide a reliable and environmentally friendly solution for waste containment and transportation, helping organizations comply with regulatory requirements and reduce their environmental impact.
Steel Drums Market Segment Insights
Steel Drums Market Type Insights
The Steel Drums Market is a type segment. By type, the market has been segmented into open-top drums, closed-top drums, and tight-head drums. The open-top drum segment accounted for the largest market share in 2023 and is anticipated to continue to dominate the market throughout the forecast period. They are majorly used across several industries to store and transport solid as well as liquid material. Open top drums are also widely used because they can be easily filled and emptied. The segment has been sub-divided into transportable and stationary drums.
Owing to their various advantages, open-top drums are mainly used for industrial purposes. In the same year, open-top drums held the major Steel Drums Market share and this scenario is expected to continue throughout the forecast period. The closed-top drum segment is anticipated to grow at a higher CAGR during the forecast period. This type of drum is mainly used to store hazardous and corrosive materials because it eliminates the risk of spillage and leaks. In 2019, this segment majorly accounted for second largest Steel Drums Market share. This has been sub-divided into transportable and stationary drums and the demand from the chemical and pharmaceutical sectors is expected to increase, enhancing the growth prospects of the closed-top drum segment.
Tight-head drum segments have been sub-divided into one or two opening drums. They are quite durable and can withstand high pressure. Thus, this type of drum is widely adopted in the food and beverage industry as they are used for packaging. The demand for tight-head drums is expected to increase due to the surging demand for packaged and ready-to-eat food.Owing to these factors, the Steel Drums Market is expected to grow at a moderate pace during the forecast period.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Steel Drums Market Capacity Insights
The Steel Drums Market size by capacity is anticipated to witness considerable growth in the years to come. The Less than 50 Litres segment accounted for a significant market share, with a value of USD 1.23 billion, in 2023. It is likely to have a steady growth rate for the duration of the projected period. On account of the higher demand from the chemical and pharmaceutical industries, this segment is expected to continue to dominate. The 50 to 200 Litres segment is speculated to have a market size of USD 1.89 billion by 2024 due to its predominant use in the oil and gas industry.
Over the next four years, the 200 to 500 Litres segment is anticipated to expand at a CAGR of 2.8% and capture a market size of USD 1.34 billion. The growing need for larger steel drums in the food and beverage sector is projected to drive this trend. The Above 500 Litres segment is expected to experience a slight increase, with a market value of USD 0.97 billion by 2024. These types of drums are tailored for special applications in sectors such as aerospace and defense.
Steel Drums Market Material Insights
The Steel Drums Market is segmented based on material into carbon steel, stainless steel, and alloy steel. Among these, the carbon steel segment held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period. The growth of this segment can be attributed to the increasing demand for carbon steel drums from various industries, including oil and gas, chemicals, and food and beverages. Carbon steel drums are preferred for storing and transporting hazardous materials as they offer excellent strength and durability.
The stainless steel segment is expected to witness significant growth during the forecast period, owing to its corrosion resistance and ability to withstand extreme temperatures. Stainless steel drums are widely used in the pharmaceutical, chemical, and food and beverage industries for storing and transporting sensitive products. The alloy steel segment is projected to grow at a steady pace during the forecast period. Alloy steel drums are known for their high strength and resistance to wear and tear, making them suitable for storing and transporting heavy-duty materials.
The increasing demand for alloy steel drums from the mining, construction, and automotive industries is expected to drive the growth of this segment.
Steel Drums Market Coating Insights
The growth of this segment is primarily driven by the increasing demand for coated steel drums from various end-use industries, including chemicals, pharmaceuticals, food and beverages, and paints and coatings. Uncoated steel drums are the most widely used type of steel drums, accounting for over 50% of the global market. They are typically used for storing and transporting non-hazardous materials, such as food and beverages. Painted steel drums are coated with a layer of paint to protect them from corrosion and rust. They are often used for storing and transporting hazardous materials, such as chemicals and solvents.
Galvanized steel drums are coated with a layer of zinc to protect them from corrosion. They are often used for storing and transporting corrosive materials, such as acids and bases. The demand for coated steel drums is expected to grow in emerging markets, such as Asia-Pacific and Latin America, due to the increasing industrialization and urbanization in these regions. The growth of the e-commerce industry is also expected to drive the demand for coated steel drums, as they are often used for packaging and shipping products.
Steel Drums Market Application Insights
The application segment plays a crucial role in shaping the dynamics of the Steel Drums Market. Chemicals and petrochemicals represent a significant application, accounting for a substantial share of the market revenue in 2023. The demand for steel drums in this sector stems from their ability to safely store and transport hazardous and corrosive chemicals. The food and beverage industry also relies heavily on steel drums for packaging and distributing edible oils, juices, and other products. This segment is expected to exhibit steady growth due to rising demand for packaged food and beverages.
Paints and coatings applications contribute a notable portion to the Steel Drums Market revenue. Steel drums offer durability and protection against harsh chemicals, making them ideal for storing and transporting paints and coatings. The pharmaceutical industry utilizes steel drums to package and distribute active pharmaceutical ingredients (APIs) and other sensitive materials. The demand in this segment is driven by the growing pharmaceutical industry and stringent regulations for safe storage and transportation of pharmaceuticals. Other industrial applications encompass a wide range of industries, including construction, automotive, and manufacturing.
Steel drums are used to store and transport lubricants, solvents, and other industrial chemicals. This segment is anticipated to witness steady growth due to the increasing demand for steel drums in various industrial sectors.
Steel Drums Market Regional Insights
The Steel Drums Market is segmented into North America, Europe, APAC, South America, and MEA. North America is the largest regional market for steel drums, accounting for over 35% of the global revenue in 2023. The region is home to a large number of chemical and petrochemical companies, which are the primary consumers of steel drums. Europe is the second-largest regional market, with a share of around 30%. The region has a well-developed manufacturing sector, which drives the demand for steel drums. APAC is the fastest-growing regional market, with a CAGR of over 4%.
The region is home to a number of emerging economies, which are experiencing rapid industrialization. South America and MEA are relatively small regional markets for steel drums, with a combined share of less than 15%. However, these regions are expected to witness steady growth in the coming years, driven by the increasing demand for steel drums from the oil and gas industry.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Steel Drums Market Key Players And Competitive Insights
Major players in Steel Drums Market industry are investing heavily in research and development to develop innovative products and technologies. They are also expanding their global presence through acquisitions and partnerships. The industry is characterized by intense competition, with leading Steel Drums Market players competing for market share. The competitive landscape is expected to remain fragmented, with numerous small and medium-sized players operating in regional markets. Key players in the Steel Drums Market include Greif, Inc., Mauser Group B.V., and Schtz GmbH & Co. KGaA. These companies have a strong global presence and offer a wide range of steel drums to meet the needs of various industries.
Sonoco Products Company is a leading manufacturer of steel drums in the United States. The company has a strong presence in the chemical, food, and beverage industries. Sonoco Products Company has a wide range of steel drums to meet the needs of its customers, including open-head drums, tight-head drums, and specialty drums. The company is committed to providing high-quality products and services to its customers. Sonoco Products Company has a team of experienced professionals who can help customers choose the right steel drum for their specific needs.
Another leading competitor in the Steel Drums Market is Rieke Packaging. The company is headquartered in Germany and has a global presence. Rieke Packaging offers a wide range of steel drums, including open-head drums, tight-head drums, and specialty drums. The company is known for its high-quality products and innovative packaging solutions. Rieke Packaging has a team of experienced professionals who can help customers choose the right steel drum for their specific needs.
Key Companies in the Steel Drums Market Include
- WestRock
- Mauser Packaging Solutions
- Rieke Packaging Systems
- Hoover Ferguson Group
- Scholle IPN
- Groupe Guillin
- Greif
- Kusuma Steel Industries
- Orlandi
- Held Container Systems
- Square Industries
- Steel Tank Drum
- Toss Packaging
Steel Drums Market Industry Developments
The Steel Drums Market is anticipated to witness steady growth in the coming years, driven by increasing demand from various industries such as chemical, food, and beverage. Growing environmental concerns and regulations regarding the safe storage and transportation of hazardous materials are also contributing to the market's growth.
Recent developments include the adoption of advanced technologies like Radio Frequency Identification (RFID) tags and sensors for real-time tracking and monitoring of steel drums, ensuring efficient supply chain management. Furthermore, the rising popularity of e-commerce is boosting demand for steel drums for packaging and shipping products, particularly in the food and beverage sector.
Steel Drums Market Segmentation Insights
- Steel Drums Market Type Outlook
- Open-Top Drums
- Closed-Top Drums
- Tight-Head Drums
- Steel Drums Market Capacity Outlook
- Less than 50 Litres
- 50 to 200 Litres
- 200 to 500 Litres
- Above 500 Litres
- Steel Drums Market Material Outlook
- Carbon Steel
- Stainless Steel
- Alloy Steel
- Steel Drums Market Coating Outlook
- Uncoated
- Painted
- Galvanized
- Steel Drums Market Application Outlook
- Chemicals and Petrochemicals
- Food and Beverage
- Paints and Coatings
- Pharmaceuticals
- Other Industrial Applications
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Report Attribute/Metric
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Details
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Market Size 2022
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5.15(USD Billion)
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Market Size 2023
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5.27(USD Billion)
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Market Size 2032
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6.5(USD Billion)
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Compound Annual Growth Rate (CAGR)
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2.36% (2024 - 2032)
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Report Coverage
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Base Year
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2023
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Market Forecast Period
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2024 - 2032
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Historical Data
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2019 - 2023
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Market Forecast Units
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USD Billion
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Key Companies Profiled
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WestRock ,Mauser Packaging Solutions ,Rieke Packaging Systems ,Hoover Ferguson Group ,Scholle IPN ,Groupe Guillin ,Greif ,Kusuma Steel Industries ,Orlandi ,Held Container Systems ,Square Industries ,Steel Tank Drum ,Toss Packaging
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Segments Covered
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Type ,Capacity ,Material ,Coating ,Application ,Regional
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Key Market Opportunities
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Growing demand for packaging in food and beverage industry Rise in construction activities in developing regions Increasing use in chemical and pharmaceutical industries Shift towards sustainable packaging solutions Government regulations promoting metal recycling
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Key Market Dynamics
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Increasing demand in chemical industry Growing consumer awareness Technological advancements Expanding ecommerce sector Rise in construction sector
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Countries Covered
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North America, Europe, APAC, South America, MEA
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Frequently Asked Questions (FAQ) :
The Steel Drums Market was valued at USD 5.27 billion in 2023 and is projected to reach USD 6.5 billion by 2032, exhibiting a CAGR of 2.36% during the forecast period.
Asia Pacific is expected to dominate the Steel Drums Market throughout the forecast period. This dominance can be attributed to the increasing demand for steel drums from various industries, such as chemical, petrochemical, and food beverage, in the region.
Steel drums are widely used for the storage and transportation of various liquids, solids, and semi-solids. Some of the key applications of steel drums include: - Storage and transportation of hazardous materials - Storage and transportation of food and beverage products - Storage and transportation of chemicals and petrochemicals - Storage and transportation of construction materials
Some of the key competitors in the Steel Drums Market include: - Greif, Inc. - Mauser Group - Schtz GmbH Co. KGaA - Smurfit Kappa Group - DS Smith Plc
The growth of the Steel Drums Market is primarily driven by the increasing demand for steel drums from various industries, such as chemical, petrochemical, and food beverage. Additionally, the growing awareness about the safety and environmental benefits of steel drums is expected to further drive market growth.
The Steel Drums Market is faced with several challenges, including: - Fluctuating raw material prices - Intense competition from alternative packaging solutions - Stringent government regulations on the handling and disposal of steel drums
Some of the key trends shaping the Steel Drums Market include: - Increasing demand for sustainable packaging solutions - Growing adoption of e-commerce, leading to increased demand for steel drums for the transportation of goods - Technological advancements in steel drum manufacturing
The Steel Drums Market is projected to grow at a CAGR of 2.36% during the forecast period (2023-2032). This growth is primarily driven by the increasing demand for steel drums from various industries, such as chemical, petrochemical, and food beverage.
The key factors driving the growth of the Steel Drums Market include: - Rising demand for steel drums from various industries - Increasing awareness about the safety and environmental benefits of steel drums - Growing adoption of e-commerce, leading to increased demand for steel drums for the transportation of goods
The potential risks and challenges that could impact the growth of the Steel Drums Market include: - Fluctuating raw material prices - Intense competition from alternative packaging solutions - Stringent government regulations on the handling and disposal of steel drums
