Plastic drums are containers made of plastic that are used for transportation and storage of various materials. Plastic drums are easy to handle, simple to empty and fill and are therefore used for transportation and storage of various industrial products including products in the agriculture, chemical, pharmaceutical, petroleum industries among others. Plastic drums can be manufactured in various shapes with no seams on the inside by the blow molding process. However, plastic drums are generally molded in cylindrical shape to allow for rolling and handling using conventional drum handling tools and trolleys. The cylindrical shape lacks sharp corners and is not vulnerable to damage from impact and exposure. Plastic drums can be recycled and reused while the plastics used for the manufacture of some plastic drums are biodegradable.
COVID-19 scenario analysis:
- COVID-19 crisis is likely to affect the global plastic drums industry negatively, as a result of halted manufacturing and massive reduction in demand for luxury and non-essential services globally.
- COVID-19 crisis had a mixed impact on the packaging industry, mainly due to closure of physical retail stores globally. However, the availability of online retailing has absorbed the high impact of this shutdown.
- The requirement of eCommerce specific packaging is likely to remain strong, although the ecommerce companies would have to focus on protection of goods and sanitization of packages.
- In addition, the food packaging industry is on the frontline within the global packaging market, owing to the demand for essential products such as groceries and fresh food mainly from local e-retail sites.
- Industrial, transportation, and bulk packaging has faced a sharp decline, owing to decreased demand for non-essential goods during the first two quarters of 2020.
- Owing to the lowered disposable income of maximum population and weak demand for packaging from industrial goods, the packaging industry might face significant pressure of reduction in both wholesale as well as retail costs.
- Consumers are likely to stay hesitant for consumption of luxury products, travel, and hospitality services, which is expected to hinder the packaging industry growth in the future after the COVID-19 crisis.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, Opportunities, Restraints and Impact Analysis
Plastic drums can be used in a wide range of applications in various industries such as agriculture, chemical, pharmaceutical, petroleum industries among others. Plastic drums are easy to handle, simple to empty and fill. Thus, they have wide application across various industries for the logistics and transportation of various products. Plastics drums can be designed to meet various shapes and sizes depending upon the specific application and product type. The raw materials used for manufacturing plastic drums are easily available globally, which helps in the cost-effective production of high-quality plastic containers at economical rates. The major restraining factor for the growth of the global plastic drums market is the environmental degradation caused due to high volume use of plastics. Innovations in drum locking systems in plastic drums is expected to enhance their capabilities, thereby providing growth opportunity for the global plastic drums market. Due to availability of various innovative designs, the global plastic drums market is expected to grow as they may be used for the safe storage and transportation of various products.
The global plastic drums market trends are as follows:
Rising costs of transportation and supply chain management
Transportation and logistics services of various products around the world is very costly. The global transportation and materials handling market is also periodically affected by government regulations on labor hours and other related restraints. Also, the transportation and logistics industry is vulnerable to the fluctuating costs of crude oil and other economic factors. Plastic drums are lighter in weight than metal drums which helps in reducing the cost of transportation. Moreover, plastic drums can be stacked on pallets which is another factor that can help reduce handling and transportation costs. The reusability of plastic drums is thus very important for the global transportation and supply chain industry as it can help companies reduce some of their expenditure on logistics. By not having to spend additional amounts of capital for the procurement and maintenance of new drums, the company can save capital. Plastic drums can be re-used multiple times with repeated reconditioning. This is one of the most important factors behind the growth of the global plastic drums market. Plastic drums are designed with handles for easier handling and have strong locking systems and closures for protection of the products being transported. This can prevent risk of spillage and damage to the materials stored inside and thus reduce transportation and handling costs. Moreover, the cylindrical shape of plastic drums lacks sharp corners and is not vulnerable to damage from impact and exposure. These aforementioned factors are expected to aid the growth of the global plastic drums market.
The wide usability of plastic drums across various product types and industries
Plastic drums can be used in a wide range of applications in various industries such as agriculture, chemical, pharmaceutical, petroleum industries among others. Plastic drums are can used to store corrosive materials as metal drums are not be preferred for storage of such materials. Plastic drums can be used to store various lubricants, coolants, or surfactants as the rate of oxidation of these products can be controlled or reduced when stored in nonreactive plastic containers and thus the life span of the lubricant can be better maintained. Plastic containers can be used to safely store compatible flammables in certain types of approved plastic containers. Pharmaceutical materials can also be stored in plastic drums and certain types of plastic drums can also be used for the safe storage of food and beverage industry products too. Plastic drums made out of polyethylene (HDPE) can be used for several industrial applications as polyethylene has high density and high molecular weight. Polyethylene drums are excellent and more suitable for industrial purposes because the HDPE material used for making the containers are inert by chemical nature and highly resistant to both low and high pH contents. These factors of high compatibility with various materials and wide usability are expected to aid the growth of the global plastic drums market.
Key benefits of the report:
- This study presents the analytical depiction of the global plastic drums market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global plastic drums market share.
- The current market is quantitatively analyzed to highlight the global plastic drums market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global plastic drums market analysis based on competitive intensity and how the competition will take shape in coming years.
Plastic Drums Market Report Highlights
By Head Type
By Industry verticals
Key Market Players
Kodama Plastics Co. Ltd., BWAY, FDL, Remcon Plastics Incorporation, RPC, Schutz Container Systems, Sonoco Products Company, Greif Packaging LLC, Packaging Group, Mauser Group B.V., Jokey Group