Steel Drums Market Analysis Showcases Growth Trends and Opportunity until 2028


The global steel drums market was valued at US$ 7.74 Billion in 2018 and is projected to expand at a CAGR of 5.4%, through 2027.


[USPRwire, Wed Apr 10 2019] A new report titled “Steel Drums Market Analysis Showcases Growth Trends and Opportunity until 2028” has been included in the enormous research repository of Market Research Reports Search Engine (MRRSE) that compiles various facets of the Steel Drums market at a global level portraying a holistic analysis of the marketplace along with intelligence on key participants. The report covers an unbiased analysis on various market aspects, emphasizing major trends giving direction to the market, key opportunities paving new growth avenues, key drivers pushing the market’s growth and challenges and restraints hindering the market for Steel Drums across the globe.

The steel drums market numbers have been assessed by carefully scrutinizing the production of steel drums, in all the seven key regions for the current year, as well as the historical performance of the steel drums market. Market size and forecast for each segment in the steel drums market have been provided in the context of regional markets. All the segmentation for steel drums has been considered after appropriate secondary research and revalidation of the data obtained through interviews with key thought leaders in the industry. The steel drums market has been forecast based on constant currency rates.

The global steel drums market was valued at US$ 7.74 Billion in 2018 and is projected to expand at a CAGR of 5.4%, through 2027.

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Steel drums are used for storage and transportation of both hazardous and non-hazardous materials such as chemicals, coatings, paints and oil, etc. Steel drums are prepared by the process of roll forming, then welded by the electric resistance welding method, and lastly coated and painted. Recyclability, compactness, and excellent performance in a wide range of temperature are the main reasons why steel drums are preferred over alternatives like fiber and plastic drums. The two main categories of steel drums are tight-head steel drums and open-head steel drums.

Tight or closed-head steel drums are generally used to store low-viscous fluids while open-head steel drums are convenient for storing hazardous liquids and solids. Steel drums have an interior coating of epoxy or epoxy phenolic. Steel drums are available in a wide variety, ranging from below 25-gallons to 400-gallons. The 55-gallon steel drum is used as a standard as it provides high convenience. It is considered that 55 gallon steel drums can be handled easily without the use of special tools or machines. Moreover, they are an excellent container for fire resistance and durability.

A number of primary and secondary sources were consulted during the course of the study on the steel drums market. Secondary sources for data on steel drums trade include Factiva, various steel drums Associations like European Steel Drum Manufacturers Association, Japan Steel Drums Association, as well as company annual reports & publications. Detailed trade data has been provided to assess the global steel drums market supply/demand scenario.

The global steel drums market report begins with an executive summary intended to give a clear perspective about the market to the reader. It is then followed by a thorough definition of steel drums and the market segmentation describing the scope of the study. This is to outline the significance of steel drums as a product, and the impact of their market growth on the industry.

A porter’s analysis section ensures a thorough understanding of the level of competition in the steel drums market. Porter’s analysis for the global steel drums market has been covered for bargaining power of suppliers and buyers, threat of substitutes and new entrants, and the intensity of competition. This is followed by market dynamics and an overview of the global steel drums market, which includes FMI analysis of market drivers, restraints, trends and opportunity that are affecting the growth of the steel drums market.

The product type considered in the steel drums market study includes tight-head steel drums, and open-head steel drums. Of these, the tight head steel drums segment accounts for the major share of the global steel drums market.

On the basis of capacity, the steel drums market has been segmented into below 15-gallons, 15-40 gallons, 40-60 gallons, and above 60-gallons. Of these, the 40-60 gallons segment will grow at a healthy CAGR in the global steel drums market.

The material type considered in the steel drums market study includes stainless steel and carbon steel drums. Of these, the stainless steel drums segment accounts for the major share of the global steel drums market as steel has a higher resistance to corrosion.

On the basis of end-use industry, the global steel drums market has been segmented into seven segments that are chemicals and solvents, oil and lubricants, paints and dyes, food and beverages, pharmaceutical and healthcare, building and construction, and others (agriculture, etc.). The chemicals and solvents industry segment in the global steel drums market is expected to heavily dominate the market during the forecast period.

The next section of the report highlights the steel drums market by region and provides the market outlook for 2018–2027. The report evaluates the present scenario and growth prospects of the regional steel drums market for 2018–2027. The next section of the report highlights the steel drums market by region and provides the market outlook for 2018–2028. The study investigates the regional year-on-year (Y-o-Y) growth of the steel drums market. Key regions assessed in this report include North America, Latin America, Europe, Asia-Pacific excluding Japan, the Middle East & Africa (MEA) region, and Japan. The report evaluates the present scenario and growth prospects of the regional steel drums market for 2018–2028.

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To ascertain the market size in terms of value and volume, revenue generated by the key manufacturers of steel drums and their respective production capacity is taken into consideration. The forecast presented here assesses the total revenue generated by value across the steel drums market. In order to provide an accurate forecast, we started by sizing up the current market, which formed the basis on how the steel drums market is expected to develop in the future. Given the characteristics of the market, we have triangulated the outcome on the basis of three different types of analysis: based on supply side, downstream industry demand for steel drums, and the economic envelope. In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyse the market based on key parameters, such as Y-o-Y growth rates, to understand the predictability of the steel drums market and identify the right opportunities for players.

To understand the key growth segments in terms of growth and adoption of steel drums globally, in the final section of the report, a ‘dashboard view’ of the companies is provided to compare the current industrial scenario and their contribution to the total steel drums market. Moreover, it is primarily designed to provide clients an objective and exhaustive list of manufacturers in the steel drums market. Detailed comparative assessment of key providers specific to a segment in the steel drums market is also included. Report audiences can gain segment-specific manufacturer insights to identify and evaluate key competitors in the steel drums market.

The key manufacturers in the steel drums market profiled in this report include– Grief Inc., Mauser Group B.V., C.L.Smith, Sicagen India Ltd., TPL Plastech Ltd., Three Rivers Packaging Inc., Industrial Container Services, Balmer Lawrie & Co. Ltd., Milford Barrel Co. Inc., Enviro-Pak Inc., Orlando Drum and Containers Corporation, Sonoco Product Company, Great Western Containers, Fibrestar Drums Limited, and Patrick J. Kelly Drums, Inc., Eagle Manufacturing Company, Clouds Drums Dubai LLC, Myers Container, LLC., Peninsula Drums Cc, and Meyer Steel Drum, Inc. Many ocal and unrecognized players are expected to contribute to the global steel drums market during 2018-27.

Key Segments Covered in the Steel drums Market

By Product Type

Open-head Steel Drums

Tight-head Steel Drums

By Capacity

Below 15 gallons

15-40 gallons

40-60 gallons

Above 60 gallons

By End Use

Chemicals and Solvents

Oils & Lubricants

Paints & Dyes

Food & Beverages

Pharmaceuticals & Healthcare

Building and Construction

Others (Agriculture, etc.)

Key Regions Covered in the Steel Drums Market

North America

U.S.

Canada

Latin America

Brazil

Mexico

Rest of Latin America

Europe

EU – 4

UK

BENELUX

NORDIC

Eastern Europe

Rest of Europe

Japan

Asia Pacific Excluding Japan (APEJ)

Greater China

India

Korea

ASEAN Countries

AUS & NZ

Rest of APEJ

Middle East & Africa (MEA)

Turkey

Israel

South Africa

Rest of MEA

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