~4.0% CAGR of Steel Drums & IBCs Market to Witness Steady Growth in 2029 - PowerPoint PPT Presentation

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~4.0% CAGR of Steel Drums & IBCs Market to Witness Steady Growth in 2029


The global demand for steel drums & IBCs accounted for revenues equating US$ 13 Bn in 2018 – PowerPoint PPT presentation

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Title: ~4.0% CAGR of Steel Drums & IBCs Market to Witness Steady Growth in 2029

Steel Drums IBCs Market Expected to Witness a
CAGR Value of 4.0 through 2019-2029
  • Feb 2020

Report Id REP-GB-10079 Published On 24 July
2019 Category Packaging
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Steel Drums IBCs Market
  • VALLEY COTTAGE, New York /PRNewswire/
    -- The global demand for steel drums
    IBCs accounted for revenues equating US 13 Bn in
    2018 FMI's new study estimates growth to hover
    at 4 mark during the next decade. Increasing
    global trade and growing proclivity to invest in
    efficient transportation are supporting market
    growth, according to the authors of the report.
  • Increasing focus on achieving cost-effectiveness
    in logistics, along with growing transportation
    of hazardous and non-hazardous materials have
    brought steel drums and IBCs at the center stage.
    Moreover, as steel drums IBCs are considered as
    one of the safest forms of packaging for
    dangerous goods such as chemicals, demand has
    remained steady over the years. The market is
    likely to be influenced by reusability that
    results in cost-savings in reverse logistics and
    traceability that enhances consumer services.
  • Growing Demand for Steel Drums IBCs in China
  • East Asian countries continue to offer
    significant opportunities for steel drums IBC
    manufacturers. The demand for steel drums IBCs
    in China, South Korea, and other East Asian
    countries is majorly driven by increased spending
    on trade activities and the growing demand for
    chemical packaging. The growing investments in
    increasing production facilities is likely to
    create significant growth opportunities for
    market players over the course of the forecast

Steel Drums IBCs Market
  • In addition to East Asia, South Asia is likely to
    remain a lucrative region for the steel drums
    IBCs market on account of the expansion of
    end-use industries which are likely to push the
    demand during the assessment period. Expanding
    cross-border trade witnessed across this region
    is expected to propel sales of steel drums
    IBCs. Further, key investments in the European
    economies focused at IBC production by companies
    such as Mauser Packaging Solutions and Greif
    reflect the opportunities offered by the European
  • Chemical Industry Remains the Largest Consumer
  • Major consumption of steel drums and IBCs is
    witnessed across the chemical sector. The
    chemical segments is expected to hold
    approximately 40 share in the global steel drums
    IBCs market in 2019. The growing incidents of
    storage and transportation of hazardous chemicals
    is expected to support this consumption as steel
    drums IBCs are perceived to be safe packaging
    solutions for such goods. As chemicals pose
    health risks on leakage and leach, the demand for
    packaging solutions that prevent exposure to
    external environment continues to rise, driving
    steel drums IBCs' demand. Another factor
    supporting the growing consumption of steel drums
    IBCs for chemical packaging is the increasing
    inclination towards sustainable packaging
    solutions, considering the negative environmental
    impact of plastic which has been previously used
    for chemical storage and transport owing to its
    higher safety standards.

Steel Drums IBCs Market
  • Companies operating in the steel drums IBCs
    market focus on maximizing the production on
    account of the constant demand growth from the
    chemical and petroleum and lubricants. Apart from
    these sectors, newer solutions are also being
    designed to address the requirements of the food
    processing and pharmaceutical sectors which
    include exceptional performance, enhanced
    handling and labor savings. Moreover,
    manufacturers continue to emphasize production of
    customized solutions that are designed to meet
    specific end-use requirements. Leading
    manufacturers of steel drums IBCs are likely to
    consider expansion of global footprint through
    acquisitions or collaborations with regional
  • Press-release Source https//www.prnewswire.com/n
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    intelligence, statistical anecdotes, technology
    inputs, valuable growth insights and an aerial
    view of the competitive framework and future
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Steel Drums IBCs Market
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