The chemical drums market offers storage and transportation solutions for various industrial chemicals through UN-approved drums. Chemical drums feature chemically inert linings and coatings that prevent reaction and corrosion of the containers. They ensure safe handling and transport of acids, alkalis, solvents, paints, inks and other hazardous chemicals.
The global chemical drums market is estimated to be valued at US$ 14.64 Bn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the chemical drums market include Greif, Inc., Mauser Group, SCH&UTZ GmbH and Co. KGaA, Time Technoplast Ltd., Hoover Ferguson Group, Balmer Lawrie and Co. Ltd., Sicagen India Ltd., Industrial Container Services, LLC, Fibrestar Drums Limited, Snyder Industries, Inc., Sonoco Products Company, Great Western Containers Inc., Myers Container LLC, Myers Industries, Inc., and Eagle Manufacturing Company. Greif, Inc. is one of the largest producer of industrial packaging products including steel and plastic drums.
The Chemical Drums Market Demand offers lucrative growth opportunities through development of innovative eco-friendly drums made from recycled plastics and metals. Drum manufacturers are focusing on lightweight drums to reduce transportation costs. They are also introducing digitally printed drums with advanced identification and tracking features.
North America, Europe and Asia Pacific represent the major markets for chemical drums globally with presence of key chemical manufacturers. However, chemical drums market is witnessing fastest growth in Asia Pacific and Middle East regions led by expanding chemical industries in China, India, Saudi Arabia and UAE. Drum manufacturers are investing in developing economies to cater to the increasing demand.
Market drivers
The primary driver for the chemical drums market is the steady growth of the global chemicals industry. Chemicals find applications across various end-use industries such as paints & coatings, fertilizers & agrochemicals, pharmaceuticals, solvents, oils & lubricants. Increasing demand from end-use industries is driving the need for safe and sustainable packaging solutions for storage and transport of chemicals. This presents opportunities for manufacturers and suppliers in the chemical drums market. Furthermore, stringent safety and environmental regulations regarding packaging and handling of hazardous chemicals also promote the demand for drums featuring UN approvals and corrosion resistant properties.
PEST Analysis
Political: Chemical Drum regulations regarding transportation, storage and disposal differ across regions and are subject to change. New or revised regulatory policies could impact the cost of manufacturing and distributing chemical drums.
Economic: Economic growth and industrial production influence the demand for chemical drums from end-use industries such as chemicals, oil & gas, food, etc. A recession may negatively impact the chemical drums market.
Social: Growing awareness about environmental protection and sustainability has increased demand for reusable and recyclable packaging solutions. This favors growth in returnable chemical drums.
Technological: Advances in plastic drum molding technology allow manufacturers to produce chemical drums that are lighter, more durable and offer greater chemical resistance compared to traditional steel drums. The use of RFID tags and sensors enable real-time monitoring of drum contents.
Geographical Regions of Concentration
The chemical drums market in terms of value is highly concentrated in North America and Europe. Major end-use industries such as chemicals, pharmaceuticals, food and beverage, oil and gas are well established in these regions with stringent regulations regarding drum safety and recyclability. The availability of necessary infrastructure for chemical transportation and logistics also contributes to market concentration.
Fastest Growing Region
The Asia Pacific region represents the fastest growing market for chemical drums. The rapid industrialization and rising consumption of chemicals in industries drives the demand. Additionally, a growing middle-class population and changing lifestyles increase packaged food and consumer goods production requiring chemical drums. Investments in developing transportation infrastructure and expansion of domestic and international trade networks support the growth of the chemical drums market in Asia Pacific.
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