The global steel drum market size is set for rapid growth over the forecast period. In terms of revenue, the global steel drum market accounted for USD 11.53 Billion in 2022 and is expected to reach USD 18.87 Billion by 2030, growing at a CAGR of 5.75%.
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➤ The industry’s expansion is fueled by the substantial demand from a variety of sectors, including chemical and food & beverage.
In recent years, there has been consistent expansion in the global steel cylinder market. One of the primary factors contributing to the market’s expansion is the growing demand for steel barrels in a variety of industries, including chemicals, petroleum, and food and beverage. Steel barrels are the preferred packaging solution due to their reusability, recyclability, and durability. The steel drum market is also expanding due to the necessity of reliable and secure packaging solutions for the transportation of products, which is being driven by the expansion of the e-commerce and logistics industries.
➤ The industry’s expansion may be impeded by fluctuations in raw material prices.
One of the primary constraints on the steel cylinder industry is the volatility of raw material prices, particularly steel. The profit margins of steel cylinder manufacturers can be substantially impacted by fluctuations in steel prices. Furthermore, the steel drum market may be at risk of growth due to the growing prevalence of alternative packaging solutions, including plastic drums and intermediate bulk containers (IBCs). Recycling steel containers is also a costly endeavor, which may have an effect on the industry’s adoption of sustainable practices.
➤ Growth in e-commerce and online purchasing, as well as the development of lightweight steel drums, may present the industry with numerous opportunities.
Several opportunities for expansion and development are presented by the global steel drum market. The opportunity for steel drum manufacturers to innovate and develop new products that are more environmentally beneficial is presented by the increasing awareness of environmental issues and the growing demand for sustainable packaging solutions. Additionally, the implementation of lightweight steel drums can result in substantial cost reductions and enhance the efficiency of transportation and logistics.
➤ The industry may face a challenge due to the exorbitant cost of steel barrel recycling.
The steel drum industry is confronted with a significant challenge: the escalating competition from alternative packaging solutions, including plastic barrels and intermediate bulk containers (IBCs). The volatility of raw material prices and the exorbitant cost of steel cylinder recycling are also substantial obstacles. Furthermore, the COVID-19 pandemic has resulted in the disruption of global supply chains and the impact on the production and distribution of steel barrels, resulting in price fluctuations and supply chain bottlenecks.
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The Global Steel Drum Market is segmented based on product, application and region
Global Steel Drum Market: Product Segment Analysis
● Carbon Steel
Cold Rolled Steel
Stainless Steel
Global Steel Drum Market: Application Segment Analysis
● Agriculture
● Building And Construction
● Chemicals & Solvents
● Food & Beverages
● Healthcare & Pharmaceuticals
● Oils & Lubricants
● Paints & Dyes
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The global Steel Drum market profiles key players such as:
● Mauser Packaging Solutions
● Greif Inc.
● Schutz Container Systems
● Industrial Container Services
● C.L. Smith
● Myers Container
● North Coast Container
● LINDRUM Manufacturing
● Eagle Manufacturing Company
● Skolnik Industries Inc.
● Cleveland Steel Container
● General Steel Drum
● Fibrestar Drums Limited
● St. Boniface Pallet Company
● Patrick J. Kelly Drums
???? Recent Developments
• Mauser Packaging Solutions, a global leader in industrial packaging, announced the introduction of a new line of stainless steel drums for the chemical and pharmaceutical industries in June 2021. The new containers are engineered to satisfy the stringent regulatory standards of these industries and provide exceptional durability, cleanliness, and corrosion resistance.
• Schutz Container Systems, a prominent provider of industrial packaging solutions, announced in March 2021 the introduction of a new line of steel containers with a self-closing lid. The new barrels are intended to enhance safety and efficiency in the workplace by eliminating the necessity for a separate lid and minimizing the likelihood of spills and leaks.
➤ The Asia-Pacific region is expected to experience the highest compound annual growth rate (CAGR) during the forecast period.
In 2022, the Asia-Pacific region accounted for a substantial portion of the steel drum market and is expected to exhibit the highest compound annual growth rate (CAGR) during the forecast period. The steel drum market in the Asia Pacific region is anticipated to experience substantial development in the years ahead, as a result of factors such as the increasing demand for eco-friendly packaging solutions, rising urbanization, and the ongoing industrialization of the region. Several emerging economies, including China, India, and Southeast Asian countries, are undergoing accelerated industrialization and infrastructural development in the region.
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