Steel Drums Market 2021 Analysis and Review: Steel Drum Market by Material – Carbon Steel and Stainless Steel for 2021 – 2031

Posted November 12, 2021 by princepawar293

Steel drum is a safe and secure rigid packaging solution made from carbon steel or stainless steel material. It is cost-effective, easy to handle, and considered safe & secure for shipping.
Steel drums have emerged as preferred rigid packaging solutions as they are increasingly used for transporting hazardous and non-hazardous material. According to a study by Future Market Insights (FMI), the steel drums market is forecast to register steady growth on the back of increasing applications in industries such as chemicals, food & beverages, petroleum & lubricants, healthcare & personal care, building & construction, paints, inks, & dyes, and others. Driven by this, the steel drums market is forecast to reach nearly US$ 11. 4 Bn by 2021.

Growth forecast for the market remains positive in response to the consistently rising demand for safe & secure and cost-effectiveness solutions. Steel drums are often preferred for transporting chemicals because they are environmentally friendly, fire resistance, and have various other advantages. Considering the availability, steel drums are available in two different materials, stainless steel and carbon steel. Of these, carbon steel is preferred more.

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Over the past few years, the steel drum is gaining popularity among various end-use industries especially for storage and transportation of liquid materials as it offers safe and secure packaging solution. Also, rising concerns about sustainability is creating growth opportunities. Future Market Insights forecasts the market to continue growing at a positive rate between 2021 and 2031.

About the Report
Steel drum is a safe and secure rigid packaging solution made from carbon steel or stainless steel material. It is cost-effective, easy to handle, and considered safe & secure for shipping. Also it has excellent fire resistance properties, it is reusable, and recyclable. As a result of these features, steel drum is highly sought-after as a packaging solution across various industries. Spurred by these factors, the global steel drum market will continue growing at a positive pace between 2021 and 2031.

In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors driving demand for steel drum. The report tracks the global sales of the steel drum in 20+ high-growth markets, along with analyzing the impact of COVID-19 on the steel drum industry.

Key Takeaways from Steel Drum Market
Driven by rising demand for effective packaging solutions, steel drums market will rise at 5% CAGR between 2021 and 2031

Within the U.S., the chemicals industry will account for maximum sales of steel drums
Moderate growth is likely in the U.K. market, driven by increasing application in chemicals and petroleum & lubricants industries

Germany and France will remain highly lucrative markets for steel drums within Europe
Exceptional growth is likely in China, as demand continues increasing across diverse industries including chemicals, paints, inks & dyes, and petroleum & lubricants sectors

“Companies operating in the market are focusing on improving designs of steel drums to make them more light-weight, efficient, and cost-effective. Also they are focusing on expanding footprint via strategic collaborations,” says an FMI analyst.

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Rise in Demand for Steel Drum in Chemical Sector Augmenting Sales
The demand for steel drums in the chemical industry is rising due to the changing way of industrial packaging solution by pooling and leasing the containers and drums. The standards for using steel drums are set by various countries and various regulations such as the U.S. Department of Transportation (DOT), United Nations regulations. Majorly the steel drums are used by the chemical industry to store and transport hazardous and non-hazardous materials.

Also, the steel drum offers high safety and easy warehousing benefit which bolster their demand in the chemical industry. The steel drum is highly used for liquid chemicals in the global industrial packaging market. The chemical segment is expected to hold more than 35% of the steel drums market and estimated to witness faster-growing demand in the next five years, owing to favourable transportation regulations and international trade.

Steel Drum Market Landscape
Greif Inc., Mauser Packaging Solution, and SCHÜTZ GmbH & Co. KGaA are the top players operating in the steel drum market. Furthermore, Time Technoplast Ltd., Balmer Lawrie & Co. Limited, Nippon Steel Drums Co. Ltd., are some of the companies operating in the steel drum market. The Tier 3 players in the market hold 75–80% in the global steel drum market.

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Valuable Insights into Steel Drum Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global steel drum market, analyzing historical demand from 2014–2020 and forecast statistics for 2021–2031. The study reveals growth projections on the steel drum market based on capacity (55 gallon and other than 55 gallon), head type (tight head and open head), material (carbon steel and stainless steel) and end-use (chemical, petroleum & lubricants, paints, inks, & dyes, food & beverages, building & construction, healthcare & personal care, and other industries) across seven regions.
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Issued By FMI
Country United States
Categories Business
Last Updated November 12, 2021