Title: ~4.0% CAGR of Steel Drums & IBCs Market to Witness Steady Growth in 2029
1Steel Drums IBCs Market Expected to Witness a
CAGR Value of 4.0 through 2019-2029
Report Id REP-GB-10079 Published On 24 July
2019 Category Packaging
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4Steel 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.
5Steel 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.
6Steel 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 - About Us
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inputs, valuable growth insights and an aerial
view of the competitive framework and future
market trends.
7Steel Drums IBCs Market
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