Industrial Drum Market: Global Opportunity Analysis and Industry Forecast, 2023-2030 Market

Industrial Drum Market Outlook - 2027

An industrial drum is a circular and hollow container used for transportation of mass freight. Industrial drums can be manufactured using materials such as plastic, steel, and fiber amongst others. The type of material used depends on the application. Plastic drums are used for acidic materials, steel drums are used for chemical processing, and fiber drums are used for solid materials. Industrial drums are available in different sizes. The most commonly used drum size for shipping purposes is the 55-gallon drum, which means the drum has a capacity of 55 gallons. Industrial drums have applications in industries like oil and gas, petroleum, food and beverage, construction, manufacturing, agriculture, and more.  

COVID-19 Scenario analysis:

• COVID-19 pandemic has shut-down the production of various products in the industrial drum industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of industrial drum market significantly from last few months, as is likely to continue during 2020.
• COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year. 
• The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
• Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
• Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19 infection cases start to decrease.

Drivers, restraints, and opportunities

A surge in demand for industrial drums in petroleum, food and beverages, chemical, and other industries, is a major factor that can potentially drive the growth of the industrial drum market in the upcoming years. Besides, rising manufacturing activity in the emerging nations worldwide is expected to steer the growth of the industrial drum market. Industrial drums have emerged as a cost-effective transport solution for shipments of non-hazardous materials like fruit juices, wines, and more. This can be one factor that is expected to propel the demand for industrial drums in the future. However, complexities in supply chain and fluctuations in oil prices are anticipated to hinder the growth of the global industrial drum market. On the contrary, escalating intercontinental trade of various products such as chemicals, oil, food, and beverages, and others, are expected to fuel the growth of the industrial drum market during the forecast period.

Trends in the industrial drum market

Rapid globalization leading to an increase in international trade

Escalating intercontinental trade of various products like chemicals, oil, food and beverages, and others is expected to support the industrial drum market in the upcoming years. Rapid globalization among different nations has led to an increase in international trade. The U.S. is the top oil-producing country in the world as of 2019 with an average of 17.87 million barrels per day. The average oil production in the U.S. reached 15.6 million barrels per day in 2018. China is the largest importer of crude oil in the world with an average of 10.1 million barrels per day. In addition, rising productivity, imports, and exports of oil have resulted in increasing international trade that can eventually boost the demand for industrial drums. The above factors can propel the growth of the industrial drum market during the forecast period.

Business expansion by key players

The industrial drums market remains quite stable due to the existing and growing number of local, regional, and international vendors. With the increasing demand for industrial drums in various end-user industries like chemical, manufacturing, petroleum, and others, many new companies are entering the market making it more reinforced. For instance, Balmer Lawrie & Co. Ltd in the year 2019 opened its new steel drum manufacturing industrial plant at Vadodara, Gujarat. Balmer Lawrie & Co. Ltd is India’s largest manufacturer of 55-gallon drums. The business expansion by key players across the world can be accountable for the positive growth of the industrial drum market.

Key benefits of the report:

• This study represents the analytical representation of the global industrial drum market combined with the ongoing trends and future predictions to determine investment opportunities.
• The present market is thoroughly analyzed to enlighten the industrial drum market growth.
• The report gives information regarding the important drivers, restraints, and opportunities provided with an in-depth analysis of the global industrial drum market.
• Segmentation details of the global industrial drum market.
• The report gives a comprehensive global industrial drum market analysis based on competitiveness and how the performance of the competitors will take shape in the coming years. 

 Industrial Drum Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights