Impact of COVID-19 on Economy, Industry and Company :
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in significant demand & supply gap, production delay and weak consumer demand of end products across industries. At Bizizz Market Research, our analyst has done extensive research across industries and identify various methodologies which would assist C-Level executive to counter this ongoing threat and make informed business decision.
Kindly contact us to know more details: https://www.bizizzmarketresearch.com/contact
Global Steel Drums Market Was valued at around US$ 13.5 Bn In 2019. It Is Projected To Witness A CAGR Of 5.4% During The Forecast Period (2020-2028).
Steel is considered as one of the most durable and reliable materials for the production of industrial grade packaging containers. Steel drums are used for the packaging of liquids, semi-solids as well as powders. Steel drums perform remarkably well in an extensive range of temperatures, humidity and pressure, while maintaining their structural integrity irrespective of heat and flame, without any leakage. Various varieties of steel drums are available in the market. These factors boost the growth of steel drums in the market during the forecast period.
Steel drums manufacturers across the globe are citing an increase in the demand for cost-effective yet efficient packaging solutions to overcome the bulk packaging challenges. Therefore, many industrial rigid packaging manufacturers are mostly focusing on producing innovative packaging solutions to satisfy up-and-coming demands from the end-use industries.
Industries highly prefer steel drums over its counterparts due to their high mechanical strength, and when adequately emptied steel drums can be reused for multiple times. The reconditioning and recycling help in cutting back the expenses incurred during storage and shipping. Escalating demand for dyes and paints are creating more opportunities for the steel drums in the global packaging market. Another factor for the bracing of global steel drums market is an increased demand for consumer goods.
Particularly in commodity chemicals, use of steel drums in end-use category currently accounts for nearly 35% market share and the trend is expected to grow during forecast period.
By Application, Chemical and Fertilisers Industry Is Expected To Witness High Demand during Forecast Period (2020-2028)
Chemical and fertilizers accounted for a signficant share of xx% in 2019 and is expected to remain dominant during the forecast period. This growth can be attributed to the growing demand for chemicals and fertilisers from several vertical industries; the expansion of manufacturing activities are further expected to trigger the high use of industrial drums in this sector. Moreover, the growth in intercontinental trade of chemicals and fertilisers is anticipated to do well for the market in the years ahead.
By Material Type, Carbon Steel Drums Are Expected To Witness High CAGR during the Forecast Period
Carbon Steel drums are expected to witness a high CAGR of xx% during the forecast period owing to its benefits such as durability, light weight. These are preferred by manufacturers over other conventional alternatives. Carbon is expected to be a prferred choice for various manufacturers owing to various properties and benefits over other alternatives available in the market.
Asia Is Likely To Dominate the Steel Drums Market during the Forecast Period (2020-2028)
Asia accounted for a significant share of xx% of global steel drum market in 2019 and is expected to remain dominant during the forecast period. In addition to this, adoption of steel drums in South Asia is expected to witness a high CAGR during the forecast period. Abundance of raw materials, low labor costs and cheaper manufacturing process are influencing manufacturers to shift their production lines to the developing Asia. In addition to this, high chemical and steel production and booming end use industries in
Steel Drums Market: Key players
Key players in the steel drum market are Grief Inc, Chicago Steel Container Corp., Industrial Container Services, Inc., Industrial Container Services, Inc., Metal Drum Co Ltd, Schutz Container Systems, Inc. Many local as well as unorganized players are expected to contribute to the global steel drums market during the forecast period.
Steel Drums Market Segmentation
Global Steel Drums Market By End Use Industry:
- Chemicals and solvents
- Building and construction
- Healthcare and Pharmaceuticals
- Oils & Lubricants
- Paints & Dyes
- Other industrial applications
Global Steel Drums Market By Material Type:
- Stainless steel
- Carbon steel
- Cold rolled steel
Global Steel Drums Market By Capacity Type:
- Up to 10 Gallons
- 10- 30 Gallons
- 30- 50 Gallons
- 50-80 Gallons
- 80 Gallons and above
Global Steel Drums Market By Head Type:
- Open head
- Tight head
Global Steel Drums Market by Region:
- North America
- Latin America
- Asia Pacific
- Middle East & Africa