Industrial Drum Industry Analysis in Korea

Sales Analysis of Industrial Drum in Korea from 2023 to 2033

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

• The industrial drum industry in Korea is witnessing a surge in demand for eco-friendly drums, including recyclable and biodegradable options.
• Tailoring solutions to specific industries, such as food or hazardous materials, is driving an uptick in demand for industrial drum in Korea.
• Prioritizing investments in advanced coatings and materials is crucial for optimizing the performance and longevity of industrial drums.
• The integration of technology, such as tracking and monitoring equipment on drums, is revolutionizing safety protocols and streamlining inventory management.
• Ensuring compliance with safety regulations is a paramount concern for consumers, guaranteeing that drums are labeled and constructed with extreme care.
• With industries experiencing global expansion, there is a growing industry for selling drums in new and emerging markets worldwide.
• The demand for services related to drum maintenance, including repairs and routine upkeep, is on a steady rise within the industrial drum industry.
• Industrial drums with compact and lightweight designs are gaining popularity, as they require less storage space, thus driving increased demand.

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%

Key Trends Influencing the Demand for Industrial Drum in Korea

• Packaging solutions that are environmentally friendly and sustainable are becoming more prevalent.
• Due to their decreased shipping costs and ease of handling, lightweight materials such as composite and plastic drums are becoming increasingly popular. Drums are becoming more durable and cost-effective as a result of innovations in material technology.
• Regulations governing hazardous material handling and transport affect the industrial drum industry. As safety and regulatory standards evolve, drum manufacturers continually adapt their products.
• Sealing and closure technologies have advanced as a result of the demand for leak-proof and secure closures. The chemical and pharmaceutical industries are particularly reliant on these advancements.
• To increase productivity and reduce production costs, industrial drums are becoming more automated and efficient. Robotics and advanced manufacturing technologies are employed in this process.
• Industrial drums are now easier to find, order, and track due to the widespread adoption of digital technologies and eCommerce platforms. This trend has resulted in different interactions between customers and suppliers.
• Drum handling and storage solutions, along with ergonomic design, are becoming increasingly important from a health and safety perspective.

Province-wise Insights

South Gyeongsang's Robust Economic Growth Fuels Expansion among Manufacturers, Leading to a Remarkable Surge in Demand for Industrial Drums

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.

Government Policies in North Jeolla's are Set to Increase Demand for Industrial Drum

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.

Emerging Clean and Renewable Energy Technologies Pave the Way for a Promising Future in South Jeolla

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.

Category-wise insights

Demand for Steel Drum is on the Rise as Quality and Durability Gain Ground

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%

Expanding Chemicals & Fertilizers Industries Fuel Demand for Secure Drum Storage Solutions

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%

Competitive Landscape

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.

• 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.

Recent Developments Observed in Korea’s Industrial Drum Industry

• In September 2023, as part of QatarEnergy's extensive shipbuilding program, the Middle Eastern company contracted South Korea's HD Hyundai Heavy Industries (HHI) to build 17 LNG carriers. This is the largest order in shipbuilding history. In addition to meeting long-term fleet replacement requirements, the USD 3.9 billion deal is going to expand the company's LNG production capacity, a result of the North Field LNG expansion and Golden Pass LNG export projects.
• In October 2023, the South Korean state oil company, Korea National Oil Corp (KNOC), announced the signing of a five-year agreement with Saudi Arabia's Aramco for an oil reserve of 5.3 million barrels.

Scope of the Report

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.

Table of Content

• 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