Steel Drums Market: Key Players and Driving Factors Analysis
Steel Drums Market: An Overview
Steel is considered as one of the most reliable and durable materials for the production of industrial grade packaging containers. Steel drums are used for packaging of liquids, semi-solids as well as powders. Steel drums perform remarkably well in an extensive range of temperatures, pressure, and humidity, while maintaining their structural integrity irrespective of heat and flame, without any leakage or spillage. Steel drums remain unaffected by the thermal shocks and are less likely to implode when proper work conditions are maintained, these conditions for handling steel drums depend on the drum contents. Variety of steel drums are available in the market, the closed or tight head type steel drums are typically used for storing low viscosity fluids while open head type steel drums are convenient for storing solids and hazardous liquids. Steel drums continue to be a feasible option for storing and transporting chemicals, lubricants, flammable & combustible materials and more due to their fire resistant properties. Steel drums prove to be a reliable solution to the bulk packaging needs. These properties are anticipated to further propel the demand for steel drums in the global steel drums market during the forecast period.
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Steel Drums Market: Dynamics
Steel drums manufacturers across the globe are citing an increase in demand for cost-effective yet efficient packaging solutions to overcome the bulk packaging challenges. Therefore, many industrial rigid packaging manufacturers are focusing on producing innovative packaging solutions to satisfy up-and-coming demands from the end-use industries. Industries prefer steel drums over its counterparts due to their high mechanical strength, and when adequately emptied steel drums can be reused multiple times. The reconditioning and recycling helps in cutting back the expenses incurred during storage and shipping. Escalating demand for paints and dyes is creating more opportunities for the steel drums in the global packaging market. Another factor for the thriving of global steel drums market is an increased demand for consumer goods. As the consumer awareness is escalating, inclination towards sustainable packaging solutions is growing and consumers are preferring steel drums which are reusable which helps in cut back on plastic usage. In recent years, plastic drums and containers entered the market and the demand is flourished due to their lightweight and insulation properties. However, steel drums remain the ideal storage option as they promise levels of resilience and sanitation that plastic cannot, and are much more eco-friendly. Fiber drums pose competition to the steel drums market. They are much lighter, and therefore easier to handle. The fiber drum is more resistant against corrosion than steel drums. This might slow down the growth of global steel drums market.
Steel Drums Market: Segmentation
Globally, the steel drums market has been segmented as –
On the basis of material type, the steel drums market has been segmented as-
- Stainless steel
- Cold rolled steel
- Carbon steel
On the basis of head type, the steel drums market has been segmented as-
- Tight head
- Open head
On the basis capacity, the steel drums market has been segmented as-
- Up to 10 Gallons
- 10- 30 Gallons
- 30- 50 Gallons
- 50-80 Gallons
- 80 Gallons and above
On the basis of end use industry, the steel drums market has been segmented as-
- Food & Beverages
- Healthcare and Pharmaceuticals
- Oils & Lubricants
- Paints & Dyes
- Chemicals and solvents
- Building and construction
- Other industrial applications
Steel Drums Market: Regional Outlook
Geographically, the steel drums market has been divided into seven key regions as:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Middle East & Africa
Steel Drums Market: Key players
- Mauser Group B.V.
- Greif, Inc.
- North Coast Container Corp.
- Rahway Steel Drum Co Inc.
- General Steel Drum LLC
- Skolnik Industries Inc.
- Metal Drum Co Ltd/The
- Clouds Drums Dubai LLC
- James G Carrick & Co Ltd
- Chicago Steel Container Corp.
- Izvar Ambalaj Sanayi VE Ticaret AS
- Industrial Container Services, Inc.
- Schutz Container Systems, Inc.
Many local and unorganized players are expected to contribute to the global steel drums market during the forecast period.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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The following regional segments are covered comprehensively:
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?