by Chemical drums are industrial packaging containers primarily used for storage and transportation of chemicals and allied products in heavy and chemical industries. They provide tamper proof and leak proof packaging solutions for safe handling of chemicals during transport and storage.
The global Chemical Drums Market is estimated to be valued at US$ 21.44 Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Sustainable packaging has emerged as a key trend in the chemical drums market. With increasing environmental regulations regarding reuse and recycling of industrial packaging, demand for reusable and recyclable chemical drums is growing. Chemical manufacturers are focusing on lightweight drums made from recycled plastics and metals to reduce raw material consumption and optimize supply chain efficiency. Reusable chemical drums help minimize waste generation and compliance with various government mandates.
SWOT Analysis
Strength: Chemical drums have a strong demand in industries such as chemicals, dyes, pigments, and pharmaceuticals for safe storage and transportation of industrial chemicals. Their durability and corrosion resistance make them suitable for storing aggressive chemicals.
Weakness: Frequent inspections and cleaning are required to maintain chemical drums in good condition. Improper handling can cause leakage from old or damaged drums.
Opportunity: Rising industrialization in Asia Pacific and Middle East & Africa is boosting the production and trade of chemicals globally, augmenting the demand for chemical drums. Various certification standards ensure product quality and safety.
Threats: Stringent regulations around chemical storage and transportation put pressure on manufacturers to ensure product safety. Environmental concerns around disposal of used drums can impact market growth.
Key Takeaways
The global chemical drums market is expected to witness high growth over the forecast period of 2023 to 2030. Growth will be driven by surging demand from chemical industries and tightening safety regulations.
Regional analysis: The Asia Pacific region dominates the global chemical drums market in terms of volume, accounting for over 35% of the global demand in 2023. Rapid industrialization and infrastructure development in major economies such as China and India are fueling the demand for chemical storage and transportation. Germany, France, and Italy also have a sizeable demand for chemical drums owing to large chemical industries in these countries.
Key players operating in the chemical drums market are Greif, Inc., Mauser Group, SCHÜTZ GmbH & Co. KGaA, Time Technoplast Ltd., Hoover Ferguson Group, Balmer Lawrie & Co. Ltd., Sicagen India Ltd., Industrial Container Services, LLC, Fibrestar Drums Limited, Snyder Industries, Inc., Sonoco Products Company, Great Western Containers Inc., Myers Container LLC, Myers Industries, Inc., and Eagle Manufacturing Company. These established market players focus on expanding production capacity and global footprint to leverage growth opportunities.
