Global Steel Drums and Intermediate Bulk Container (IBC) Market – Industry Trends and Forecast to 2029

Global Steel Drums and Intermediate Bulk Container (IBC) Market, By Capacity (Drums, IBCs), Content (Liquid, Solid and Semi-Solid), End-Use (Chemicals, Petroleum and Lubricants, Paints, Inks and Dyes, Food and Beverages, Building and Construction, Healthcare and Pharmaceuticals, Others) – Industry Trends and Forecast to 2029

Market Analysis and Size

The worldwide packaging market is distinguished by constant product development geared primarily at improving the effectiveness obtained from material capabilities. Material changes are being implemented by manufacturers, resulting in economic and functional gains. Furthermore, the steel drums and intermediate bulk container (IBC) are one of the safest kinds of packaging for risky items such as chemicals, due to which their demand has remained consistent over the past few years. The market is anticipated to expand vastly even during the forecast period owing to the high demand of these steel drums and intermediate bulk container (IBC) across the globe.

Global Steel Drums and Intermediate Bulk Container (IBC) Market was valued at USD 14.06 billion in 2021 and is expected to reach USD 19.92 billion by 2029, registering a CAGR of 4.45% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

Report Scope and Market Segmentation

Market Definition

Steel drums and intermediate bulk container (IBC) are common shipping containers for both industrial and non-industrial goods. They're also designed to transport hazardous chemicals, metals, and liquids in accordance with regulations. Plastic, metal, and alloys could be used to create immediate bulk containers (IBCs). Steel drums and intermediate bulk container (IBC) are predicted to grow in popularity because to considerations such as reusability, adaptability, and protection from environmental threats.

Steel Drums and Intermediate Bulk Container (IBC) Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Increased Focus towards Steel Drums and Immediate Bulk Containers (IBCs)

Steel drums and immediate bulk containers (IBCs) have taken center stage as the focus on achieving cost-effectiveness in logistics has increased, as has the transportation of hazardous and non-hazardous products. Furthermore, because steel drums and immediate bulk containers (IBCs) are one of the safest forms of packaging for risky items like chemicals, demand has remained consistent throughout time. Reusability, which results in cost savings in reverse logistics and traceability, which improves customer services, is likely to influence the market.

• Steel Drums and Immediate Bulk Containers (IBCs) are Eco-Friendly

Steel drums and immediate bulk containers (IBCs) are predicted to grow in popularity due to considerations such as reusability, adaptability, and environmental protection. Plastic, metal, and alloys could be used to make immediate bulk containers (IBCs), which are reusable and can last for years. The steel drums, on the other hand are also eco-friendly as steel is the world's most recyclable as well as sustainable material. Owing to their eco-friendly properties, the steel drums and immediate bulk containers (IBCs) are estimated to have an accelerated growth.

Furthermore, the increased spending on trade activities and the growing demand for chemical packaging are the significant factors that are projected to drive market expansion. Increase in the chemical and pharmaceutical industries, as well as surge in the industrial packaging market due to increased international trade and the need for cost-effective bulk packaging, and increase in the beverage industries are among the major factors driving the growth of the intermediate bulk containers (IBC) market.

 Opportunities

• Investments and Customized Solutions

Furthermore, the growing investments in production facilities are expected to provide enormous growth opportunities for the steel drums and intermediate bulk container (IBC) market players. Moreover, the manufacturers emphasize towards the production of customized solutions that are designed to meet specific end-use requirements, which are also estimated to generate various opportunities for market over the forecasted period.

Restraints/Challenges

• Volatility of Raw Material Prices

The raw materials that are used in steel drums and intermediate bulk container (IBC, which consumes a major portion of the production budget of the manufacturing are susceptible to price fluctuations. The bulk container prices and cost of steel in steel drums combined with input costs have become more volatile. The paucity of raw materials is being hampered by a lack of imports. When combined with delayed delivery, this factor raises raw material prices, limiting the manufacturers' profitability. As a result, this factor will slow the expansion of the steel drums and intermediate bulk container (IBC) market over the forecasted period.

• Availability of Substitutes

The steel drums and intermediate bulk container (IBC) market is largely hampered owing to the presence of various alternatives. The availability of fiber drums as well as the flexi tanks are the major substitutes for the steel drums and intermediate bulk container (IBC). Therefore, this factor will challenge the steel drums and intermediate bulk container (IBC) market growth rate.

This steel drums and intermediate bulk container (IBC) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the steel drums and intermediate bulk container (IBC) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Steel drums and intermediate bulk container (IBC) Market

The current coronavirus outbreak impacted the industrial drum industry negatively, owing to the sharp decline in product demand, dropping pricing, and storage constraints. Moreover, COVID-19 will have a detrimental impact on transportation and logistics in 2020. Many plants were shut down in early 2020 to break the virus's chain, affecting the steel drum and intermediate bulk container (IBC) markets. Furthermore, the manufacturing of certain the steel drum and intermediate bulk container (IBC) items has been halted because to the pandemic's prolonged lockdown in important global countries. The industrial drum market has been severely hampered as a result of this.

On the flip side, steel drum and intermediate bulk container (IBC) were able to sustain a market pace in 2020-2021 thanks to the healthcare and pharmaceuticals, as well as the food and beverage industries. The market for steel drum and intermediate bulk container (IBC) has shifted from traditional to e-commerce distribution. The steel drum and intermediate bulk container (IBC) are projected to have increased demand over the next years due to qualities such as recyclability and reusability. In the face of these stressors, food supply chains have shown amazing resilience, prompting manufacturers to place a greater emphasis on maintaining strong relationships with value chain partners. Owing to these factors, market is estimated to recover and show favorable growth.

Recent Development

• In January 2022, Greif, Inc., a global leader and industrial packaging solutions supplier, announced that the Flexible Packaging joint venture, or "FPS," has been sold to Gulf Refined Packaging for a total cash consideration of $123 million, subject to certain restrictions and post-closing adjustments.
• In April 2021, Hoover Ferguson Group (Hoover Ferguson), a global leader in container, accommodation, workspace, and packaging solutions for the energy, petrochemical, and general industrial markets, today announced the opening of a new purpose-built facility in Odessa, Texas, that will provide market-leading ISO tank and trailer cleaning services. The facility, which includes a state-of-the-art bulk tank cleaning station for ISO tanks and tanker trucks, opened on August 3, 2020. In the next weeks, the business hopes to integrate an IBC wash line into the facility.

Global Steel Drums and Intermediate Bulk Container (IBC) Market Scope

The steel drums and intermediate bulk container (IBC) market is segmented on the basis of capacity, content and end-use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Capacity

• Drums

  • 200 Litre

More than 200 Litre

• IBCs

  • Up to 500 Litre
  • 501-1,000 Litre
  • 1,001-1,500 Litre
  • Above 1,500 Litre

Content

• Liquid
• Solid
• Semi-Solid

End-Use

• Chemicals
• Petroleum and Lubricants
• Paints, Inks and Dyes
• Food and Beverages
• Building and Construction
• Healthcare and Pharmaceuticals
• Others

Steel Drums and Intermediate Bulk Container (IBC) Market Regional Analysis/Insights

The steel drums and intermediate bulk container (IBC) market is analyzed and market size insights and trends are provided by country, capacity, content and end-use as referenced above.

The countries covered in the steel drums and intermediate bulk container (IBC) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the recycled asphalt market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the increasing demand for industrial packaging solutions along with enhanced production of chemicals and steel in the advancing economies.

North America on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the prevalence of various industries and the consumption for packaged goods within the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Steel Drums and Intermediate Bulk Container (IBC) Market Share Analysis

The steel drums and intermediate bulk container (IBC) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to steel drums and intermediate bulk container (IBC) market.

Some of the major players operating in the steel drums and intermediate bulk container (IBC) market are

• 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)