Steel drums and intermediate bulk containers (IBCs) are widely used for transporting various goods, including hazardous chemicals, metals, and liquids while adhering to safety regulations. The steel drums and IBCs market is expected to grow due to their reusability, versatility, and ability to protect against environmental risks. These containers have maintained consistent demand, especially for packaging hazardous items like chemicals. With increasing global demand, the steel drums and IBCs market is projected to expand significantly in the forecast period.
According to Data Bridge Market Research, the Steel Drums and Intermediate Bulk Container (IBC) Market accounted for USD 14.06 billion in 2021 and is expected to reach USD 19.92 billion by 2029. The market is expected to grow with a CAGR of 4.45% in the forecast period of 2022 to 2029.
“Increased focus towards steel drums and immediate bulk containers (IBCs) boosts the market’s growth”
The steel drums and intermediate bulk container (IBC) market is experiencing significant growth due to the heightened emphasis on packaging solutions. This trend is driven by the increasing recognition of steel drums and IBCs as reliable and safe options for transporting various goods, including hazardous substances. These containers' durability and protective features have garnered attention across industries, leading to a surge in demand. As a result, the steel drums and IBC market is witnessing substantial growth, catering to the evolving needs of industries worldwide.
What restraints the growth of the steel drums and intermediate bulk container (IBC) market?
“Volatility of raw material prices restraints the market’s growth”
The growth of the steel drums and intermediate bulk container (IBC) market is restrained by the volatility of raw material prices. Fluctuations in the prices of raw materials, such as steel and other inputs, create uncertainty in the manufacturing process and increase production costs. This volatility affects the profitability of manufacturers and hampers their ability to offer competitive prices to customers. Consequently, the market experiences slower growth as businesses face challenges in maintaining stable pricing and optimizing their profit margins amidst the fluctuating raw material costs.
Segmentation: Steel Drums and Intermediate Bulk Container (IBC) Market
The steel drums and intermediate bulk container (IBC) market is segmented on the basis of capacity, content, and end-use.
- On the basis of capacity, the steel drums and intermediate bulk container (IBC) market has been segmented into drums, and IBCs.
- On the basis of content, the steel drums and intermediate bulk container (IBC) market has been segmented into liquid, solid and semi-solid.
- On the basis of end-use, the steel drums and intermediate bulk container (IBC) market has been segmented into chemicals, petroleum and lubricants, paints, inks and dyes, food and beverages, building and construction, healthcare and pharmaceuticals, and others.
Regional Insights: Asia-Pacific dominates the steel drums and intermediate bulk container (IBC) market
Asia-Pacific dominates the steel drums and intermediate bulk container (IBC) market in terms of market share and revenue. The dominance of Hoover Ferguson Group is expected to persist and thrive. The market growth in this region can be attributed to the rising demand for industrial packaging solutions, coupled with the increased production of chemicals and steel in developing economies.
North America is estimated to show lucrative growth over the forecast period of 2022-2029, due to the existence of diverse industries and the high demand for packaged goods. The presence of various sectors and the strong consumption patterns within the region contribute to the growth and success of the market.
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Recent Development
- In January 2022, Gulf Refined Packaging acquired the Flexible Packaging joint venture (FPS) from Greif, Inc., a prominent supplier of industrial packaging solutions. The transaction, involving a cash payment of $123 million, is subject to specific conditions and adjustments after the closing period.
- In April 2021, Hoover Ferguson Group (Hoover Ferguson), a renowned provider of container, accommodation, workspace, and packaging solutions for the energy, petrochemical, and industrial sectors, unveiled a newly constructed facility in Odessa, Texas. This purpose-built facility is dedicated to delivering top-notch ISO tank and trailer cleaning services. With its cutting-edge bulk tank cleaning station for ISO tanks and tanker trucks, the facility commenced operations on August 3, 2020. Additionally, the company aims to incorporate an IBC wash line into the facility in the coming weeks to further enhance its service offerings.
The Prominent Key Players Operating in the Steel Drums and Intermediate Bulk Container (IBC) Market Include:
- Greif (U.S.)
- TPL Plastech Ltd. (India)
- Balmer Lawrie & Co. Ltd (India)
- Time Technoplast Ltd (India)
- Sicagen (India)
- BWAY Corporation (U.S.)
- Schütz GmbH & Co. KGaA. (Germany)
- Eagle Manufacturing Company (U.S.)
- 3M (U.S)
- Orora Packaging Australia Pty Ltd (Australia)
- Industrial Container Services, (U.S.)
- Chicago Steel Container Corporation (U.S.)
- U.S. COEXCELL Inc (U.S.)
- NORTH COAST CONTAINER LLC. (U.S.)
- Rahway Steel Drum Company (U.S.)
- General Steel Drum LLC (U.S)
Above are the key players covered in the report, to know about more and exhaustive list of steel drums and intermediate bulk container (IBC) market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Steel Drums and Intermediate Bulk Container (IBC) Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
