Future Market Insights (FMI) has published a new study on the global industrial drums market. A reporter has fielded several questions on the presumptive expansion of the global industrial drums market by interpreting the valuable insights provided in the report.
According to you, how will global industrial drums market evolve in foreseeable future?
Well, owing to inexpensive and convenience nature of industrial drums, preference for industrial drums is steadily increasing. This in return fueling demand for industrial drums and the global industrial drum market is estimated to witness expansion at 7.1% CAGR during 2017-2027. The market is anticipated to reach valuation of approximately US$ 17 Bn by the end of 2027.
What are the factors intensifying the demand for industrial drums?
The performance of the manufacturing sector as well as industrial output have also fueled the demand for the industrial drums in the global market. Manufacturing activities in China and India are challenging on one side and ASEAN countries are competition on the other to meet the requirements of them, thereby intensifying the demand for industrial drums. The performance of European countries has stabilized and will expand at moderate CAGR witnessing increased demand for products utilized for shipping purpose. The increased demand for the industrial drums is attributed to the co-relation between industrial output and the demand for it. While substantial demand for industrial drums is concentrated in the APEJ region, clusters such as Eastern Europe and Middle East are catering to the increased global demand. North America and Western Europe manufacturers will post continuous demand during the assessment period.
Why do you think APEJ region is leading in the global industrial drums market?
The APEJ region is anticipated to witness headway in terms of consumption of industrial drums for exporting vegetable oil and wines. Oil exporters in South East Asian countries such as Malaysia and Indonesia are preferring industrial drums over other packaging products. Industrial drums deliver higher operational effectiveness and efficiency in shipping bulk commodities or quantities in liquid form. Products such as palm oil from ASEAN countries is witnessing higher demand for the industrial drums in China, India, and countries across Europe. The exports of vegetable oil and associated products has increased by 1.5X during 2007-2016. Industrial drums have witnessed cost-effective transportation solution for the shipment of non-hazardous materials such as fruit juices, wines etc. Countries in the APEJ region with powerful agricultural output are enhancing their export volume by executing effective means of storage, packaging solutions, and transportation.
What are the key end-users of the industrial drums according to you?
Well, food and beverage, pharmaceuticals, chemicals and fertilizers, building and construction, paint, inks & dying and petroleum & lubricants are the key end-users of the industrial drums. However, chemical and fertilizers industry is anticipated to emerge as the largest end user of the industrial drums by the end of 2027. The chemical and fertilizers industry is anticipated to procure nearly half share of the global market for industrial drums. Owing to increased demand for chemicals and fertilizers, this industry is exhibiting significant demand for industrial drums.
What are the leading players operating in the global market for industrial drums?
Typically, Schutz Container Systems, Inc., Greif, Inc., Balmer Lawrie & Co. Ltd., Sicagen India Ltd., and Time Technoplast Ltd. are observed as the prominent players operating in the global market. However, U.S. COEXCELL Inc., Mauser Group B.V., TPL Plastech Ltd., Industrial Container Services, LLC, and Eagle Manufacturing Company are several others that have consolidated their footprints in the global market recently.
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