Pune India, Jan. 02, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the bulk chemical drums market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the bulk chemical drums market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the material, product, type, end user and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the global bulk chemical drums market are Industrial Container Services, LLC, The Metal Drum Company, TPL Plastech Limited, Greif, Inc., Balmer Lawrie & Co. Ltd., Mauser Group B.V., A W Stokes & Son (Drums) Ltd., Three Rivers Packaging, Inc., U.S. Coexcell Inc., Fiberstar Drums ltd., Peninsula Drums Cc, Patrick J. Kelly Drums, Inc., Mauser Group B.V., Time Technoplast Ltd, Great Western Containers Inc., Orlando Drum & Container Corporation, Alberta Industrial Containers Ltd., Sonoco, Schutz Container Systems, Inc., Rahway Steel Drum Company among others. To achieve a substantial market share in the worldwide bulk chemical drums market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
The chemical drum is a cylindrical container for the transport and storage of powders and hazardous or non-hazardous liquid products. For storage of large volumes of chemicals, an increasing preference for containers with higher valves, an increase in both domestic and international bulk chemical trade, an increase in applications from emerging economies as well as the adoption of advanced packaging solutions are all expected to boost the growth of the bulk chemical drums market. Drum materials are typically chosen according to the product that will be stored in them, such as steel, plastic, or fiber, depending on factors such as the product’s reactivity with different materials, the duration of the storage necessary, and its hazardous nature. A decrease in crude oil prices required for the manufacture of bulk chemicals is also expected to boost demand from the construction and healthcare industries worldwide. As the food and beverage sector expands, especially in emerging economies, this segment will likely grow by creating demand for novel packaging solutions with high capacities. Aside from being recyclable, easy to handle, and spill-resistant, steel drums also provide key advantages over other rigid packaging options. In addition, end-users are increasingly concerned with product safety and sustainability, which makes steel drums popular.
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Scope of Global Bulk Chemical Drums Market Report:
|Market Share Unit||USD Billion|
|Segments Covered||Product Type, End-User, and Regions.|
|Regions Covered||North America, Europe, Asia-Pacific, South America, and Middle-East and Africa|
|Major Players||Industrial Container Services, LLC, The Metal Drum Company, TPL Plastech Limited, Greif, Inc., Balmer Lawrie & Co. Ltd., Mauser Group B.V., A W Stokes & Son (Drums) Ltd., Three Rivers Packaging, Inc., U.S. Coexcell Inc., Fiberstar Drums ltd., Peninsula Drums Cc, Patrick J. Kelly Drums, Inc., Mauser Group B.V., Time Technoplast Ltd, Great Western Containers Inc., Orlando Drum & Container Corporation, Alberta Industrial Containers Ltd., Sonoco, Schutz Container Systems, Inc., Rahway Steel Drum Company among others|
The steel drum is expected to be the fastest-growing segment in 2022.
The product segment includes fiber drum, steel drum and plastic drum. The steel drum segment is expected to witness the highest growth rate during the forecast period. Steel can be rolled into various thicknesses of sheets and foil, rolled, stamped, and welded into packaging containers of various shapes and sizes. In the forecast period, its use as packaging for transporting and storing hazardous goods will drive the market demand for the product.
Chemical & fertilizers are expected to be the fastest-growing segment in 2022.
The end-user segment includes building & construction, food & beverage, pharmaceuticals, chemical & fertilizers and others. The chemical & fertilizers segment is expected to witness the highest growth rate during the forecast period. Most industrial drums are used to store and transport hazardous and non-hazardous goods, most commonly used in the petroleum, oils, fertilizer, and chemical industries.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for Automotive Sensors include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share. The market for bulk chemicals is projected to grow as chemicals are increasingly used in agriculture, paints and coatings, electronics, personal care ingredients and cosmetics, and water treatment. Aside from that, government measures to reduce emissions and improve the adoption of sustainable production methods are expected to spur growth.
Germany’s bulk chemical drums market size was valued at USD 0.87 billion in 2021 and is expected to reach USD 1.59 billion by 2030, at a CAGR of 7.9% from 2023 to 2030.
The German automotive industry accounted for roughly one-third of the total amount spent worldwide on research and development, according to the Association of the German Automotive Industry’s annual report in 2020.
China’s bulk chemical drums market size was valued at USD 1.32 billion in 2021 and is expected to reach USD 2.44 billion by 2030, at a CAGR of 8.1% from 2023 to 2030.
The availability of cheap land and labor in the region helps small- and medium-sized businesses enter the market. These factors help the country grow even more rapidly.
India’s bulk chemical drums market size was valued at USD 1.01 billion in 2022 and is expected to reach USD 1.86 billion by 2030, at a CAGR of 8% from 2023 to 2030.
Over the next few years, the vast agriculture sector in the country is expected to create significant demand for industrial drums used in chemicals and fertilizers applications.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increasing demand from the healthcare and automotive segment across countries.
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