Industrial Drums Market report is a comprehensive overview of the market’s situation thoroughly examined and compiled by Stratview Research. This new report provides past progress, current market conditions, and a future prospect. It also offers accurate overview of the growth strategies, market size, mergers & acquisitions, and upcoming products/services of leading key players in this market.
The report analyses the market thoroughly and collects data in order to offer reliable data to the users. Industrial Drums Market is likely to witness an impressive CAGR of 7.0% during the forecast period. The excellent features offered by industrial drums such as higher operational efficiency and effectiveness in shipping bulk quantities of commodities in the form of liquid, their wide utilization for the packaging of chemicals and fertilizers, petroleum and lubricants, among others, and the growing cross-continent trade across the end-user industries are the major factors driving the growth of the industrial drums market during the forecast period.
Market Segments’ Analysis
According to Stratview Research, the Industrial Drums Market is segmented by Product Type (Steel Drums, Plastic Drums, and Fiber Drums), by End-User Industry Type (Food & Beverage, Chemicals and Fertilizers, Pharmaceuticals, Petroleum and Lubricants, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Based on the product type, the market is segmented as steel drums, plastic drums, and fiber drums. Steel drum product type is estimated to account for the largest share of the market during the forecast period owing to the increasing demand for chemicals and petroleum lubricants from various end-user industries and the excellent features offered by it, such as high strength, gas barrier properties, and superior processing performance. Factors such as its capability to be rolled into various thickness of the sheet, foil, rolling, sheet stamping, and welding made of different shapes and sizes of the packaging container, and its utilization as packaging solutions for transporting and storing hazardous goods are expected to fuel the product demand in the market over the forecast period.
In terms of regions, Asia-Pacific is estimated to be the fastest-growing region in the market with China, India, and Indonesia being the major countries with rapid evolution of manufacturing sector during the forecast period. Moreover, growing exports in vegetable oil and wines, and more preference given to industrial drums by the exporters in the regional market is expected to accelerate the growth of the market over the forecast period. Europe and North America are also expected to offer substantial growth opportunities during the forecast period.
Top key vendors in the market:
The report mentions a list of key players in the Industrial Drums Market. Some of them are mentioned below –
- Balmer Lawrie & Co. Ltd.
- Eagle Manufacturing Company
- Greif Inc.
- Industrial Container Services LLC
- Mauser Group NV
- SCHÜTZ GmbH & Co. KGaA
- Sicagen India Ltd.
- Time Technoplast Ltd.
- TPL Plastech Ltd.
- S. Coexcell Inc.
Key Questions Answered in The Report:
- Which region will show the higher and rapid growth?
- Who are the top key players of the Industrial Drums Market?
- How will the market change in the upcoming five years?
- What was the impact of Covid19 on the market?
- Which application/ service/product will take a lion’s share of the market?
- What are the market drivers and constraints?
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