The global industrial drums market is expected to experience significant growth, with an estimated value of US$12.5 billion in 2022 and projected to reach US$17.6 billion by 2027, at a CAGR of 7.1% during the forecast period. By volume, the market is expected to grow at a CAGR of 6.6% from 2022 to 2027. The study conducted by Future Market Insights suggests that the industrial drums market will grow 1.5 times during this period, presenting lucrative opportunities for market players.
The Asia Pacific excluding Japan (APEJ) region is expected to drive the growth of the industrial drums market, with an estimated market share of 38% in 2022. The Chinese industrial drums market is projected to grow by 9% year-over-year in 2022. Across the APEJ region, the total valuation of the industrial drums market is expected to reach US$4.7 billion in 2022.
The industrial drums market accounted for approximately 18% of the total industrial packaging market, which was worth US$64 billion in 2021. However, the market dynamics are influenced by factors such as leakage of hazardous materials and safety concerns associated with manual handling.
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Advancements in the market include the use of rigid industrial packaging to protect various chemical and sensitive products, preventing leakage and spillage. Companies like SCHÜTZ Container Systems have announced the expansion of new plants in major cities to further boost the industrial drum market.
According to Future Market Insights, the industrial drum market is expected to decline by 30 basis share points (BPS) in H1-2022 compared to H1-2021. Additionally, when comparing the projected H1-2022 with the H1-2022 outlook period, a decline of 40 BPS change has been observed. The fluctuating pricing of raw materials and complexities in the supply chain are key reasons for this change in growth rate.
Key takeaways:
- The global industrial drums market is projected to reach US$17.6 billion by 2027, with a CAGR of 7.1% from 2022 to 2027.
- The market is expected to grow 1.5 times during this period, presenting lucrative opportunities.
- The APEJ region, particularly China, is driving the growth of the industrial drums market.
- Industrial drums account for approximately 18% of the total industrial packaging market.
- Challenges in the market include leakage of hazardous materials and safety concerns.
- Advancements include the use of rigid industrial packaging for better protection.
- The market is expected to experience a decline in the H1-2022 period due to fluctuating raw material prices and supply chain complexities.
- Slow adoption of automation technology among drum manufacturers may hinder growth in the industry.
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Competitive Landscape
Leading industrial drums manufacturers are committed to launching new products in the market targeting specific end-use industries. Key players in the industrial drums market are also making investments to increase their manufacturing capabilities and geographical footprint in an attempt to increase their market share.
For instance, in September 2021 Mauser Packaging Solutions announced the plan to invest in its Gebze, Turkey facility for increasing the manufacturing capacity of plastic drums and IBC production.
In February 2020, Greif Inc. announced the expansion of its California, U.S. facility with the addition of a blow molder for tight head and open head plastic drums.
Key Players:
- Greif, Inc.
- Mauser Group B.V.
- Schutz Container Systems, Inc.
- Sicagen India Limited
- Myers Container, LLC
- Eagle Manufacturing Company
- Time Technoplast Ltd
- Balmer Lawrie & Co. Ltd.
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Industrial Drums Market by Category
By Product Type:
- Steel Drum
- Plastic Drum
- Fiber Drum
By Capacity:
- Up to 100 Liter
- 100 to 250 Liter
- 250 to 500 Liter
- Above 500 Liter
By End Use:
- Food & Beverages
- Chemical & Fertilizers
- Pharmaceuticals
- Petroleum & Lubricants
- Building & Construction
- Paints, Inks, & Dyes
- Other End Uses
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
