Warehouse Drums And Barrel Market Research, 2031
The global warehouse drums and barrel market size was valued at $18,875.8 million in 2021, and is projected to reach $30,132.48 million by 2031, registering a CAGR of 4.7% from 2022 to 2031. Warehouse drums and barrels are large and cylindrical containers that are mainly used for shipping and storage applications. Drums and barrels are used primarily for transporting and storing bulk goods, which are most often liquids and powders.
The growth of the chemical industry is a major factor driving the warehouse drums and barrel market growth. In addition, warehouse drums and barrels provide protection against UV rays, dust, fire and are highly reliable which increases its adoption in the market.
However, fluctuating prices for raw materials used for manufacturing of warehouse drums and barrels is a factor limiting the growth of the warehouse drums and barrel market share.
Moreover, during the outbreak of the COVID-19 pandemic, construction, manufacturing, aviation, and construction industries were majorly affected. Manufacturing activities were halted or restricted. This led to decline in manufacturing of various equipment used for manufacturing of warehouse drums and barrels as well as their demand in the market, thereby restraining the growth of the warehouse drums and barrel market. Conversely, industries are gradually resuming their regular manufacturing and services. This is expected to lead to re-initiation of warehouse drums and barrels companies at their full-scale capacities, that helped the market to recover by end of 2021.
On the contrary, surge in demand for safe and secure packaging solutions for storage for paints and chemicals is expected to offer lucrative opportunities for the warehouse drums and barrel market.
The warehouse drums and barrel market is segmented on the basis of material, application, end user industry, and region. On the basis of material, the market is segmented into steel, plastic and fiber. On the basis of application, the market is divided into liquid and powder. On the basis of end user industry, it is classified into petroleum, pharmaceutical, paints, food and others. Region wise, the market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
On the basis of material, in 2021 the plastic segment dominated the warehouse drums and barrel market, in terms of revenue, and the fiber segment is expected to witness growth at the highest CAGR during the forecast period. As per application, in 2021, the liquid segment led the warehouse drums and barrel industry, and the powder segment is expected to exhibit highest CAGR in the near future. By end user industry, the petroleum segment led the market in 2021, in terms of revenue and the pharmaceutical segment is anticipated to register highest CAGR during the forecast period. Region wise, Asia-Pacific held the highest revenue in 2021; however, LAMEA is anticipated to register highest CAGR during the forecast period.
The major players profiled in the global warehouse drums and barrel market include Advance Drum Service, Inc., Amcor, Container Distributions Inc., Greif Inc, Illing Packaging, Industrial Container Services, Jackacki Bag & Barrel, Mauser Packaging Solutions, Meyer Steel Drum, Nippon Steel Drums Co. Ltd, Rahway Steel Drum Company, Inc., Schutz Gmbh & Co.KGaA, Skolnik Industries, Snyder Industries, LLC, Sonoco Product, Stavig Group and Tank Holding Corporation. Major companies in the market have adopted acquisition as their key developmental strategy to offer better products and services to customers in the market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the warehouse drums and barrel market analysis from 2021 to 2031 to identify the prevailing warehouse drums and barrel market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the warehouse drums and barrel market forecast.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global warehouse drums and barrel market trends, key players, market segments, application areas, and market growth strategies.
Warehouse Drums and Barrel Market Report Highlights
Market Size By 2031
USD 30.1 billion
CAGR of 4.7%
2021 - 2031
By End user industry
Key Market Players
Meyer Steel Drum, Inc., Tank Holding Corporation, Rahway Steel Drum Company, Inc., Skolnik Industries Inc, Stavig Group, Schuetz GmbH & Co. KGaA, Industrial Container Services, LLC, Mauser Packaging Solution, Container Distributors Inc., Greif Inc., Illing Company, Inc., Snyder Industries, LLC, Nippon Steel Drum Co. Ltd., Sonoco Products Co., Jakacki Bag & Barrel, Amcor Limited, Advance Drum Service, Inc.
Warehouse drums and barrels come under rigid bulk packaging, and the packaging using drums and barrels is the oldest packaging method. Warehouse drums and barrels are used to protect and transport goods in large quantities from a point of manufacture to a point of distribution, where these goods are finally packaged for customers. In addition, a key driver of market growth is the wide range of offerings from vendors.
Warehouse drums and barrels are made from a variety of materials such as plastic, steel, fiber, or a combination of these. The variety in the shapes, thickness, and sizes of warehouse drums and barrels facilitates specific industry needs. For instance, Greif, one of the key vendors of warehouse drums and barrels, that offers specialty drums and barrels. Its specialty steel drums segment offers the following types of drums: agitator steel drums, salvage steel drums, and Bitumen steel drums. Moreover, different competitors are launching new drums and barrels that are more durable and come with security features such as lock systems.
Furthermore, the surge in oil & gas and pharmaceutical industry in developing countries of Europe and Asia-Pacific is expected to boost the production of warehouse drums and barrels.