Int'l : +1-503-894-6022 | Toll Free : +1-800-792-5285 | help@alliedmarketresearch.com
A07902 | Pages: NA | Charts: NA | Tables: NA |
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:
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.
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.
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:
Key Market Segments
Key Market Players