The industrial drum ecosystem in Korea is expected to expand at a CAGR of 6.0% through 2033. With a valuation of USD 839.2 million in 2023, the industrial drum in Korea is poised to grow significantly. According to estimates, the industry in Korea are expected to generate USD 1,535.2 million valuation by 2033.
As the chemical and fertilizer industries evolve, industrial drum manufacturers are continuously innovating. The development of drums with enhanced advanced materials, improved sealing mechanisms, and innovative designs are likely to enhance safety and efficiency.
Key Highlights to Understand Emerging and Fast-growing Opportunities
| Attributes | Details |
|---|---|
| Industry Size of Korea in 2023 | USD 839.2 million |
| Expected Industry Size of Korea by 2033 | USD 1,535.2 million |
| Forecasted CAGR between 2023 and 2033 | 6.0% |
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Automobiles, shipbuilding, electronics, and petrochemicals are among the key industries in South Gyeongsang. Industrial drums are commonly used for storing and transporting various materials including chemicals, lubricants, and components.
Export-oriented economies play a predominant role in South Gyeongsang. The need for reliable and standardized industrial drums has become essential for packaging goods intended for export. The demand for industrial drum is increasing for the storage of materials like cement, asphalt, and roadwork chemicals in the growing infrastructure sector.
Regulations and safety standards related to environmental protection and safety also contribute to the factors that can drive an increased demand for industrial drums. Companies may require specialized drums to safely store and transport hazardous materials. The food and beverage industry utilizes industrial drums for the storage and transportation of a variety of materials, additives, and finished products.
The manufacturing industry in North Gyeongsang is robust, with a focus on electronics, automotive, and textiles. Materials, chemicals, and products from these industries are frequently transported and stored in industrial drums. The demand for industrial drums often affected by policies related to trade, manufacturing, and industry development. Different types of containers are likely to be required based on incentives or regulations. A convenient location near key ports and North Gyeongsang's involvement in international trade could also be significant. Shipping products often necessitates standardized and secure containers like industrial drums.
Industrial drums are frequently utilized in various industries for handling both raw materials and finished products. Industrial drums are often mandated by environmental regulations and safety standards for the safe storage and disposal of hazardous substances and pollutants. Ensuring compliance of these containers with the regulations can lead to a sustained demand for them. With ongoing economic development and growth, industrial drums are expected to become even more essential in the province as industrial activity continues to rise.
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The excellent mechanical properties of steel drums, including high strength, superior gas barrier characteristics, and good processing characteristics, contribute to their widespread use. In 2023, steel drums dominated Korea's industrial drum industry, accounting for 74.70% of the industry share.
With the increasing use of petroleum and chemical lubricants across various industries and the improvement of supply chain capabilities, the demand for industrial metal drums is expected to rise. Steel drums are also widely utilized for packaging hazardous or dangerous goods.
While steel drums can be reused for a relatively long period, they eventually wear out and require replacement. This, coupled with the aging of existing drum inventories, can lead to fluctuations in the demand for new drums.
| Korea Industrial Drum Industry Based on Product | Steel Drum |
|---|---|
| Industry Share in 2023 | 74.70% |
Bulk quantities of fertilizers and chemicals are commonly produced and transported. Drums play an essential role in the supply chain as they offer a convenient and secure means of storing and transporting these products. The chemicals and fertilizers industry segment is expected to account for a revenue share of 44.40% in 2023.
With the population and agricultural activity on the rise in Korea, the need for fertilizers to enhance crop yields is increasing. Chemical industries are also expanding to meet both consumer and industrial demands. This growing production translates to an increased requirement for industrial drum in Korea to transport and store these products.
The chemicals and fertilizer industry is subject to heavy regulation to ensure safety and environmental standards are met. As a result of these regulations, industrial drums designed for handling hazardous materials have become even more crucial.
| Korea Industrial Drum Industry Based on End Use | Chemicals & Fertilizers |
|---|---|
| Industry Share in 2023 | 44.40% |
Many renowned companies manufacture industrial drum in Korea. By developing technologies and sustainable solutions, they assist other companies in growing. The purpose of startups is to compete with established firms by developing new solutions or investing in innovative technology. Startup companies offer unique opportunities to discover niche markets, reach underserved groups, and create new products. Key industrial drum manufacturers in Korea are provided below.
Recent Developments Observed in Korea’s Industrial Drum Industry
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| Attributes | Details |
|---|---|
| Estimated Industry Size in 2023 | USD 839.2 million |
| Projected Industry Valuation by 2033 | USD 1,535.2 million |
| Value-based CAGR 2023 to 2033 | 6.0% |
| Historical Analysis of the Industrial Drum in Korea | 2018 to 2022 |
| Demand Forecast for Industrial Drum in Korea | 2023 to 2033 |
| Report Coverage | Industry Size, Industry Trends, Analysis of Key Factors Influencing Industrial Drum in Korea Insights on Global Players and their Industry Strategy in Korea, Ecosystem Analysis of Local and Regional Korea Providers |
| Key Cities Analyzed While Studying Opportunities in Industrial Drum in Korea | South Gyeongsang, North Jeolla, South Jeolla, Jeju |
| Key Companies Profiled in the Industry Analysis of Industrial Drum in Korea | Sejin Container Co., Ltd.; Kukil Can Co., Ltd.; Saejin Container Co., Ltd.; Dong Yang Plastic Co., Ltd; Daeyang Industrial Co., Ltd.; Shinil Industrial Co., Ltd.; Woojin Industry Co., Ltd. |
The industrial drum industry in Korea is valued at USD 839.2 million in 2023.
Korea is projected to achieve industrial drum sales of USD 1,535.2 million by 2033.
Between 2023 and 2033, the adoption of industrial drum in Korea is expected to at a 6.0% CAGR.
The demand for steel drums is likely to dominate the industry in the coming years.
1. Executive Summary
2. Market Overview
3. Market Background
4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033
5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Product Type
5.1. Steel Drum
5.2. Plastic
5.3. Fiber
6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Capacity Type
6.1. Up to 100 ltrs
6.2. 100 to 250 ltr
6.3. 250 to 500 ltr
6.4. Above 500 ltr
7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By End Use
7.1. Food & Beverages
7.2. Chemicals & Fertilizers
7.3. Pharmaceuticals
7.4. Petroleum & Lubricants
7.5. Building & Construction
7.6. Paints, Inks and Dyes
7.7. Other End Use
8. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
8.1. South Gyeongsang
8.2. North Jeolla
8.3. South Jeolla
8.4. Jeju
9. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
10. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
11. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
12. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
13. Rest of Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
14. Market Structure Analysis
15. Competition Analysis
15.1. Id-on Co Ltd
15.2. Insung Co. Ltd.
15.3. Greif, Inc.
15.4. Mauser Group B.V.
15.5. Schutz Container Systems, Inc.
15.6. Sicagen India Limited
15.7. Myers Container, LLC
15.8. Eagle Manufacturing Company
15.9. Time Technoplast Ltd
15.10. Balmer Lawrie & Co. Ltd.
15.11. TPL Plastech Limited
15.12. U.S. Coexcell Inc.
15.13. The Metal Drum Company
16. Assumptions & Acronyms Used
17. Research Methodology
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Industrial Drum Industry Analysis in Korea
