The global barrel liner market is expected to register a market value of US$ 70.4 million in 2023 and is projected to accumulate a valuation of US$ 160 million by exhibiting a CAGR of 8.5 % in the forecast period 2023 to 2033. The Barrel Liner market registered a growth of 4.1 % CAGR in the historical period 2018 to 2022.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 70.4 million |
| Projected Market Value in 2033 | US$ 160 million |
| Growth Rate (2023 to 2033) | 8.5% CAGR |
Barrel liners are materials used for the storage, collection disposal, and handling of garbage. They are generally formed of plastic films like polyethylene, polyester, and polypropylene, among others. Barrel liners come in numerous shapes, such as round bottom and flat bottom shapes whereas size can vary from 5-gallon to over 55-gallon. There are three types of barrel liners-flexible, rigid, and semi-rigid-depending on the application purpose. These liners are widely used in the food, chemical, and coating industries.
The rising demand for flexible packaging and low costs of barrel liners is expected to be key drivers for market growth. Moreover, the availability of different types of barrel liners available in the market is expected to fuel their demand in the forecast period. In addition, the rising use of these liners as a flexible packaging material is another factor fueling product demand. Furthermore, the easy availability of various types of drum liners and increasing consumption of products for storage, collection, and handling of garbage are the key factors driving the market growth ahead.
Also, mounting research and development activities and surging demand from emerging economies will further present new opportunities for market expansion. Barrel liners have the advantage of changing elasticity due to which the market is encouraged by the way of development in use from the division of end-user businesses including pharmaceuticals & cosmetics, food & beverages, and industrial chemicals.
Barrels are extensively used for the transfer of a number of goods in several businesses and this pushes the manufacturers for producing these products. These liners abolish the need to clean the drum which saves the price for barrel handlers. The international market for barrel liners is witnessing improvements due to the product enhancements and eye-catching structures of drum liners, like price cuts and the reusable feature of barrels. Apart from this, booming growth in the adhesive industry is another crucial factor expected to trigger growth in the market during the forecast period.
Region-wise, North America is expected to command the market by accumulating over 40% market share by end of the forecast period. The growth is attributed to the easy availability of various types of barrel liners and growing consumption of products for collection, storage, and handling in this region. Also, rising crude oil production and exports are also prime driving factors inducing growth in the market.
The market in Asia Pacific is expected to grow with a CAGR of 8.2% during the forecast period. Factors such as inflating disposable income and the growing purchasing power of consumers in this region are expected to fuel the demand for convenient and cost-effective drum liners. The region is expected to witness relatively good growth in the coming years owing to skyrocketing production and export of petroleum & oils, which ultimately fuels the demand for drum liners in this region.
Several multinational packaging companies are escalating their investments to tap the increasing needs of hypermarkets and supermarkets. Moreover, growing government support towards offering an ideal manufacturing ecosystem will further augment growth in the regional market.
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Recent developments and breakthroughs in technology, mergers, acquisitions, collaborations, and partnerships within the companies involved in manufacturing barrel liners are anticipated to create new avenues for market expansion during the forecast period.
According to latest research study by FMI, barrel liner business is set to grow at a CAGR of over 5.7% during 2021-2031. The demand is attributed to growing inclination of food & beverages and chemical & lubricants industry towards flexible packaging.
Furthermore, the evolving needs of end-users towards using more eco-friendly liners for barrels owing to stringent government regulation has been one of the key driving factors. It is anticipated that during the forecast period, the demand for barrel line will be growing at 1.6X. Factors such as higher adoption of products and introduction of more variety will complement the growth further.
Principal Consultant
The barrel liners have myriad applications in various end-use industries. They are commonly used for storage, collection and disposal of garbage’s from the barrels. The growing inclination of manufacturing industries towards flexible packaging has been a key driving factor in the business. Also, availability of wide variety of such liners has further supporting in driving the demand.
Stringent regulations on the material type of the product such as prohibition of low density polyethylene (LDPE) and high density polyethylene (HDPE) based liners in the regions such as Europe and North America will be key restraining factors in the business.
Furthermore, manufacturers are introducing eco-friendly and reusable liners in order to overcome such problems and this in turn has even supported more for higher adoption of product in the end-user industry. In the coming years ahead furthermore advances in the product with respective to evolution of end-user demand owing volatile regulations is set to bolster the product sales.
The barrel liners are extensively used in flexible packing applications. The flexible packaging is practiced in many of the end-use industries. As per the US Flexible Packaging Association’s (FPA), in 2020 the flexible packing business recorded a sales value of US$ 33.6 Billion. This includes packaging in F&B, chemical & lubricants and industrial packaging.
From the past decade this industry has been expanding at a rapid rate. Most of the end-user are switching to flexible packaging and are also discovering the importance of liners for barrels in this process. It is anticipated that growth in flexible packaging will act as key driver in driving the product sales.
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The USA accounts for largest share in the barrel liner business equivalent to more than 65% of the North America demand. The major demand in the country is driven by chemical and lubricant industry. According to American Chemistry Council (ACC), the chemical output dropped by 3.6% in 2020 owing to the on-going pandemic and lowered demand from the manufacturing industries.
This has led to a massive shrank in work force in chemical industry by 14,000 jobs.
Currently, majority of the country’s population has being vaccinated and all the restrictions on manufacturing units being lifted, the country’s economic gears are working again. It is anticipated by the ACC that in 2021, the chemical production in the USA will rise by 3.6% and similar trend will be followed in the next 10 years.
This clearly reflects that demand for the barrel liners will be sky-high from this industry and so will support the overall country’s business growth during the forecast period.
East Asia is a lucrative market for barrel liners business. The region accounted for over 35% of the overall sales of the product, with a CAGR of over 4.5% in 2020. The regional demand is driven by the end-users in China, Japan and South Korea. The F&B industry is one of the major user of barrel liners.
This industry in the region has been growing at a rapid pace. As per CCSFA (China Chain Store & Franchise Association), China’s F&B industry surpassed market value of US$ 595 Bn in 2019. In 2020, this industry had experience minor slowdown owing to the COVID-19 pandemic and has recovered as most of the products in this industry is considered as essentials and so the demand for barrel liner got back on track in these industries.
The overall regional outlook shows that in the coming years with the boom in end-use industries, the business opportunities for the regional manufacturers of barrel liners will multiply and will complement the overall business growth. It is anticipated that during 2021-31, the regional business will grow at a rate of 1.3X and will surpass its historical sales numbers.
Some of the leading manufacturers and suppliers of barrel liners include
The barrel liners business is highly fragmented and presence of many player have been recorded in the competitive landscape. Top most players in the business are focusing on inorganic strategies such as acquisition and are acquiring the small scale players posing major competition in the region of scope.
On the other hand emerging players are investing in research & development to launch new variety of barrel liner in order to attract new customer towards their product portfolio.
There is still a lot of space available for the new entrants, the barriers for new comers is limited in this business. Entering the business in the region having high presence of end-users and low competition will bear profitable business outcome during the initial years of entry.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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