The global Chemical Drums Market is estimated to be valued at US$ 14.64 Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Chemical drums are containers widely used for transportation and storage of various liquid chemicals, solvents, and other similar products. They are cylindrical metal containers with an average capacity ranging between 30 to 220 litres, made from steel or plastic materials. Chemical drums are resistant towards corrosion and have several advantages such as leak-proof sealing, low risk of contamination, and easy handling for transportation of chemicals. They ensure secure packaging of chemicals during transportation and storage in chemical industries, oil & gas industry, pharmaceutical industry, and other end-use industries.
Market key trends:
One of the major trends in the chemical drums market is the increasing demand from the pharmaceutical industry. There is a rising production of pharmaceutical drugs and medicines across the globe which is boosting the demand for effective packaging solutions like chemical drums. Pharmaceutical companies prefer chemical drums mainly due to their airtight packaging properties which help prevent contamination and quality deterioration of drugs. Moreover, regulatory standards regarding packaging of pharmaceutical drugs are also driving the adoption of industrial-grade chemical drums. Other trends include growing focus on recycled and reusable drums by manufacturers and shift towards plastic drums due to their lightweight properties.
Porter's Analysis
Threat of new entrants: The chemical drums market has moderate-high entry barriers for startups due to strict compliance with material handling and transportation safety regulations.
Bargaining power of buyers: Buyers have moderate bargaining power due to presence of several chemical drums suppliers. However, compliance requirements provide some bargaining power to suppliers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to compliance needs specific to chemical handling and transportation industries that requires strong technical expertise.
Threat of new substitutes: There exists low threat of substitutes due to lack of suitable alternatives for chemical drums that can match performance, safety and compliance requirements for transportation and handling of chemicals.
Competitive rivalry: The chemical drums market witnesses high competition among the top players and private label players.
Key Takeaways
The Global Chemical Drums Market Demand is expected to reach US$ 21.3 Bn by 2030, expanding at a CAGR of 5.6% over the forecast period. Increasing demand for chemical drums from oil and gas industry for safe transportation of chemicals is expected to drive the market.
North America dominated the chemical drums market in 2021 with a share of over 35%, due to strong presence of oil and gas and chemical industries in the US and Canada. Asia Pacific is projected to be the fastest growing market during the forecast period, due to rising industrialization and growth of end use industries in China and India.
Key players operating in the chemical drums market are Greif, Inc., Mauser Group, SCHÜTZ GmbH & Co. KGaA, Time Technoplast Ltd., Hoover Ferguson Group, Balmer Lawrie & 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. Major players are focusing on new product launches and expansion in emerging markets to gain higher market share.
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