CAGR: 7.8%Current Market Size: USD 13.1 BillionFastest Growing Region: Europe
Largest Market: APACProjection Time: 2023-2030Base Year: 2022
The Global Bulk Chemical Drums market is expected to grow from USD 13.1 billion in 2022 to USD 23.89 billion by 2030, at a CAGR of 7.80% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the increasing demand for devices and clothing which can track body movements and give health alerts.
The chemical drum is a cylindrical container that is used to transport and store powders and hazardous or non-hazardous liquid products. A growing preference for higher valve containers for storing large volumes of chemicals, a growing national and international bulk chemical trade, and an increase in applications from emerging economies as well as the adoption of advanced packaging solutions will likely drive the growth of the bulk chemical drums market. Based on factors like the reactivity of the products with different materials, the duration of storage required, and the hazardousness of the product, the drum material depends on the product to be stored in. In addition, the construction and healthcare industries worldwide are expected to grow their demand for bulk chemicals as crude oil prices decrease. In addition, the rapid expansion of the food and beverage industry, especially in emerging economies, is likely to boost this segment by creating a high demand for innovative packaging solutions. Additionally, steel drums are witnessing more demand because steel drums have key advantages like recyclability, ease of handling & transport, and spill protection, making them an attractive alternative to rigid packaging. The increasing concern for product safety and sustainability has led to the growing popularity of steel drums.
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Market Dynamics:
Drivers:
The growth of the market is mainly driven by the increasing demand for chemical drums in the chemical and fertilizer sector. The Chemical and fertilizer sector deals with a variety of chemicals which need to be handled and stored properly in drums which are non-creative in nature and can hold a large number of chemicals and fertilizers. The most used type of drums in the chemical and fertilizer sector is steel drums. Steel drums are non-reactive and durable which makes them a perfect fit for chemical storage.
Restraints:
A major factor expected to restrain the growth of the steel drums market globally is the availability of substitutes, such as plastic drums and containers due to their insulation and lightness properties. A fiber drum is another option in demand that is lighter and easier to handle, slowing down the growth of the market to some extent because demand for a single type of drum will hamper the manufacturing and usage of other types of drums, which will affect the growth of the market.
Opportunities:
Bulk chemical drums are expected to grow in the next few years as trade operations involving bulk chemicals expand worldwide. Trading of products through sea links especially the trading of chemicals, petroleum & gas is triggering the demand for chemical drums for the safe transportation of chemicals from one place to another. Market demand in the Projection period is expected to increase due to the considerable correlation between industrial output and industrial packaging solutions.
Challenges:
Chemical drums are in huge demand in various end-user applications which is boosting the demand for the chemical drums and the overall growth of the market. But, the rising prices of the raw material used for the manufacturing of drums is one of the major challenges the market is facing. Because the rising raw material prices will affect the price of the market. Stringent restrictions on trading will also hamper the growth of the market. Moreover, due to the rising prices consumers are shifting towards other options available in the market which will affect certain sectors of the chemical drums market.
Segmentation Analysis:
The global bulk chemical drums market has been segmented based on product type, end-user, and region.
By Product Type
The product type segment includes fiber drum, steel drums, and plastic drum. The steel drums segment led the largest share of the bulk chemical drums market with a market share of around 39.8% in 2022. In the Projection period, steel demand is expected to be driven by its ability to roll steel sheets, foils, roll, stamp, and weld into various shapes and sizes of packaging containers and its application as packaging solutions for transporting and storing hazardous goods.
By End-User
The end-user segment includes building & construction, food & beverage, pharmaceuticals, chemical & fertilizers and others. The chemical & fertilizers segment led the largest share of the bulk chemical drums market with a market share of around 25.32% in 2022. The most common uses for industrial drums are in the petroleum, oils, fertilizer, and chemical industries, where they are widely used to store and transport non-hazardous and hazardous materials.
Global Bulk Chemical Drums Market- Sales Analysis.
The sale of bulk chemical drums expanded at a CAGR of 7.0% from 2016 to 2022.
The market will witness a huge demand for steel drums. In addition to their recyclability, ease of transport, and spill resistance, steel drums make a good alternative to rigid packaging because of their key benefits. The increasing concern for product safety and sustainability makes steel drums a popular choice among consumers.
Based on factors like the reactiveness of the product in relation to different materials, the length of storage required, and the hazardous nature of the product, the materials of the drums will be determined by the product it is intended to be stored in, which is increasing the demand for drums in various end-user applications, propels the growth of the market.
Thus, owing to the aforementioned factors, the global bulk chemical drums market is expected to grow at a CAGR of 7.80% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the gloves market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The Asia Pacific region dominated the wearable materials market and held a 38.84% share of the market revenue in 2022.
Global Bulk Chemical Drums Market- Country Analysis:
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 annual report published by the German Automotive Association in 2020 indicates that the German automotive industry accounts for about one-third of the global automotive industry's research and development expenditures.
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.
There are numerous factors that promote the entry of small- and medium-sized businesses in the region, including cheap land and labour, which further contribute to the country's bulk chemical drums market growth.
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.
As the country's agriculture sector continues to grow, there will be a significant demand for steel drums in the industrial drums market for chemical and fertilizer applications.
Key Industry Players Analysis:
To increase their market position in the global bulk chemical drums business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
7.80% |
Market Size |
13.1 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Product Type, By End-User, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
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., and Rahway Steel Drum Company. |
By Product Type |
|
By End-User |
|
Regional scope |
|
Scope of the Report
Global Bulk Chemical Drums Market by Product Type:
Global Bulk Chemical Drums Market by End-User:
Global Bulk Chemical Drums Market by Region:
Global Bulk Chemical Drums market size is USD 13.1 billion in 2022
Global Bulk Chemical Drums market is expected to reach USD 23.89 billion by 2030, at a CAGR of 7.80% from 2022 to 2029.
High price of raw material and availability of substitutes.
Asia Pacific region will witness more growth in the bulk chemical drums market.
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.
Political Factors- Markets like the bulk chemicals drums market might profit from trade blocs and trade treaties that the appropriate country of origin has developed and ratified. Trade blocks can help markets like bulk chemicals drum market by reducing the cost of resources, the cost of conducting business, and the shortage of skilled labor. Market like bulk chemicals drums market may simply make their goods and services available to customers through a variety of channels and distribution companies with the use of trade blocks. Strong business links could be established and maintained through trade agreements between nations and across boundaries, allowing market like bulk chemicals drums market to get access to cutting-edge knowledge, expertise, and technology.
Economic Factors- Consumer buying patterns are crucial to the success of market like bulk chemicals drums market It is preferable for consumer spending trends to increase because this will result in more people buying and using bulk chemicals drums market products. The increased consumer spending also reflects greater purchasing power, which is crucial for boosting overall consumption patterns and the economy's overall health. Product quality and marketing tactics can help to influence these higher consumer tendencies. Other economic variables like the inflation rate, interest rate, and unemployment trends also have an impact on these trends.
Social Factors- The size and composition of the family affects both the frequency and kind of purchases. This is crucial for comprehending consumption trends. bulk chemicals drums market deals mostly with nuclear families in the target market, who typically have two older children and occasionally a younger child. Parents are the main decision-makers, albeit they do take their children's wishes and opinions into account. Marketing, evaluations and recommendations made by store managers, as well as advice from friends and family, have an impact on these parents as retained decision-makers. bulk chemicals drums market uses push and pull tactics as a result for its appeal.
Technological Factors- High levels of domestic and foreign investment are made in the nation's technological R&D. The substantial investment aids in the advancement of industries by providing them with modern, flexible, and efficient means of conducting business and carrying out other business procedures. A higher rate of innovation has also been made possible by the increasing investment and related research. Businesses profit from innovation and development through the expansion of the industrial sector as a whole and the creation of a competitive advantage for the sector on the international market. Individual players' adaptations, such as bulk chemicals drums market, also help businesses develop strong competitive advantages.
Environmental Factors- The nation as a whole is gradually transitioning to using renewable energy for operations and business activities across all of its industries. This is being done to lessen both the carbon effect and the market's environmental footprint. Hydroplanes and solar energy are being used more and more by bulk chemicals drums market and other members of the same industry to run operations and conduct business. To aid in production processes, bulk chemicals drums market operates a small-scale company-controlled hydro plant.
Legal Factors- Businesses are required by national regulations to create valid employment contracts. These agreements, which cover every aspect of employment, are approved by the respected governmental bodies. Employment contracts provide a positive relationship between all parties and prevent miscommunication or collusion. Thebulk chemicals drums market complies with employment laws and informs prospective employees of these rules.bulk chemicals drums market HR division also regularly hosts workshops and training sessions for staff members to engage them and educate them on employment regulations and other legal requirements.
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