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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Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
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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?