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

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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
  period.

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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
  economies.
• 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.

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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
  providers.
• Press-release Source https//www.prnewswire.com/n
  ews-releases/steel-drums--ibcs-market-to-grow-at-a
  -cagr-of-4-during-2019-to-2029--future-market-insi
  ghts-300892144.html
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• Future Market Insights (FMI) is a leading market
  intelligence and consulting firm. We deliver
  syndicated research reports, custom research
  reports and consulting services which are
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  packaged solution, which combines current market
  intelligence, statistical anecdotes, technology
  inputs, valuable growth insights and an aerial
  view of the competitive framework and future
  market trends.

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Steel Drums IBCs Market

• Contact UsMr. Abhishek Budholiya616 Corporate
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• White Paper   FMI White Paper February 2020

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