The industrial drum ecosystem in Korea is expected to expand at a CAGR of 6.0% through 2033. With a valuation of US$ 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 US$ 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 | US$ 839.2 million |
| Expected Industry Size of Korea by 2033 | US$ 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 | US$ 839.2 million |
| Projected Industry Valuation by 2033 | US$ 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 US$ 839.2 million in 2023.
Korea is projected to achieve industrial drum sales of US$ 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 1.1. Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Product Life Cycle Analysis 3.5. Supply Chain Analysis 3.5.1. Supply Side Participants and their Roles 3.5.1.1. Producers 3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers) 3.5.1.3. Wholesalers and Distributors 3.5.2. Value Added and Value Created at Node in the Supply Chain 3.5.3. List of Raw Material Suppliers 3.5.4. List of Existing and Potential Buyer’s 3.6. Investment Feasibility Matrix 3.7. Value Chain Analysis 3.7.1. Profit Margin Analysis 3.7.2. Wholesalers and Distributors 3.7.3. Retailers 3.8. PESTLE and Porter’s Analysis 3.9. Regulatory Landscape 3.9.1. By Key Regions 3.9.2. By Key Countries 3.10. Regional Parent Market Outlook 3.11. Production and Consumption Statistics 3.12. Import and Export Statistics 4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033 4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022 4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Product Type, 2018 to 2022 5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Product Type, 2023 to 2033 5.3.1. Steel Drum 5.3.2. Plastic 5.3.3. Fiber 5.4. Y-o-Y Growth Trend Analysis By Product Type, 2018 to 2022 5.5. Absolute $ Opportunity Analysis By Product Type, 2023 to 2033 6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Capacity Type 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Capacity Type, 2018 to 2022 6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Capacity Type, 2023 to 2033 6.3.1. Up to 100 ltrs 6.3.2. 100 to 250 ltr 6.3.3. 250 to 500 ltr 6.3.4. Above 500 ltr 6.4. Y-o-Y Growth Trend Analysis By Capacity Type, 2018 to 2022 6.5. Absolute $ Opportunity Analysis By Capacity Type, 2023 to 2033 7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By End Use 7.1. Introduction / Key Findings 7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By End Use, 2018 to 2022 7.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By End Use, 2023 to 2033 7.3.1. Food & Beverages 7.3.2. Chemicals & Fertilizers 7.3.3. Pharmaceuticals 7.3.4. Petrolium & Lubricants 7.3.5. Building & Construction 7.3.6. Paints, Inks and Dyes 7.3.7. Other End Use 7.4. Y-o-Y Growth Trend Analysis By End Use, 2018 to 2022 7.5. Absolute $ Opportunity Analysis By End Use, 2023 to 2033 8. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. Introduction 8.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2018 to 2022 8.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2023 to 2033 8.3.1. South Gyeongsang 8.3.2. North Jeolla 8.3.3. South Jeolla 8.3.4. Jeju 8.3.5. Rest of 8.4. Market Attractiveness Analysis By Region 9. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 9.2.1. By Product Type 9.2.2. By Capacity Type 9.2.3. By End Use 9.3. Market Attractiveness Analysis 9.3.1. By Product Type 9.3.2. By Capacity Type 9.3.3. By End Use 9.4. Key Takeaways 10. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 10.2.1. By Product Type 10.2.2. By Capacity Type 10.2.3. By End Use 10.3. Market Attractiveness Analysis 10.3.1. By Product Type 10.3.2. By Capacity Type 10.3.3. By End Use 10.4. Key Takeaways 11. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 11.2.1. By Product Type 11.2.2. By Capacity Type 11.2.3. By End Use 11.3. Market Attractiveness Analysis 11.3.1. By Product Type 11.3.2. By Capacity Type 11.3.3. By End Use 11.4. Key Takeaways 12. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 12.2.1. By Product Type 12.2.2. By Capacity Type 12.2.3. By End Use 12.3. Market Attractiveness Analysis 12.3.1. By Product Type 12.3.2. By Capacity Type 12.3.3. By End Use 12.4. Key Takeaways 13. Rest of Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 13.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 13.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 13.2.1. By Product Type 13.2.2. By Capacity Type 13.2.3. By End Use 13.3. Market Attractiveness Analysis 13.3.1. By Product Type 13.3.2. By Capacity Type 13.3.3. By End Use 13.4. Key Takeaways 14. Market Structure Analysis 14.1. Competition Dashboard 14.2. Competition Benchmarking 14.3. Market Share Analysis of Top Players 14.3.1. By Regional 14.3.2. By Product Type 14.3.3. By Capacity Type 14.3.4. By End Use 15. Competition Analysis 15.1. Competition Deep Dive 15.1.1. Id-on Co Ltd 15.1.1.1. Overview 15.1.1.2. Product Portfolio 15.1.1.3. Profitability by Market Segments 15.1.1.4. Sales Footprint 15.1.1.5. Strategy Overview 15.1.1.5.1. Marketing Strategy 15.1.1.5.2. Product Strategy 15.1.1.5.3. Channel Strategy 15.1.2. Insung Co. Ltd. 15.1.2.1. Overview 15.1.2.2. Product Portfolio 15.1.2.3. Profitability by Market Segments 15.1.2.4. Sales Footprint 15.1.2.5. Strategy Overview 15.1.2.5.1. Marketing Strategy 15.1.2.5.2. Product Strategy 15.1.2.5.3. Channel Strategy 15.1.3. Greif, Inc. 15.1.3.1. Overview 15.1.3.2. Product Portfolio 15.1.3.3. Profitability by Market Segments 15.1.3.4. Sales Footprint 15.1.3.5. Strategy Overview 15.1.3.5.1. Marketing Strategy 15.1.3.5.2. Product Strategy 15.1.3.5.3. Channel Strategy 15.1.4. Mauser Group B.V. 15.1.4.1. Overview 15.1.4.2. Product Portfolio 15.1.4.3. Profitability by Market Segments 15.1.4.4. Sales Footprint 15.1.4.5. Strategy Overview 15.1.4.5.1. Marketing Strategy 15.1.4.5.2. Product Strategy 15.1.4.5.3. Channel Strategy 15.1.5. Schutz Container Systems, Inc. 15.1.5.1. Overview 15.1.5.2. Product Portfolio 15.1.5.3. Profitability by Market Segments 15.1.5.4. Sales Footprint 15.1.5.5. Strategy Overview 15.1.5.5.1. Marketing Strategy 15.1.5.5.2. Product Strategy 15.1.5.5.3. Channel Strategy 15.1.6. Sicagen India Limited 15.1.6.1. Overview 15.1.6.2. Product Portfolio 15.1.6.3. Profitability by Market Segments 15.1.6.4. Sales Footprint 15.1.6.5. Strategy Overview 15.1.6.5.1. Marketing Strategy 15.1.6.5.2. Product Strategy 15.1.6.5.3. Channel Strategy 15.1.7. Myers Container, LLC 15.1.7.1. Overview 15.1.7.2. Product Portfolio 15.1.7.3. Profitability by Market Segments 15.1.7.4. Sales Footprint 15.1.7.5. Strategy Overview 15.1.7.5.1. Marketing Strategy 15.1.7.5.2. Product Strategy 15.1.7.5.3. Channel Strategy 15.1.8. Eagle Manufacturing Company 15.1.8.1. Overview 15.1.8.2. Product Portfolio 15.1.8.3. Profitability by Market Segments 15.1.8.4. Sales Footprint 15.1.8.5. Strategy Overview 15.1.8.5.1. Marketing Strategy 15.1.8.5.2. Product Strategy 15.1.8.5.3. Channel Strategy 15.1.9. Time Technoplast Ltd 15.1.9.1. Overview 15.1.9.2. Product Portfolio 15.1.9.3. Profitability by Market Segments 15.1.9.4. Sales Footprint 15.1.9.5. Strategy Overview 15.1.9.5.1. Marketing Strategy 15.1.9.5.2. Product Strategy 15.1.9.5.3. Channel Strategy 15.1.10. Balmer Lawrie & Co. Ltd. 15.1.10.1. Overview 15.1.10.2. Product Portfolio 15.1.10.3. Profitability by Market Segments 15.1.10.4. Sales Footprint 15.1.10.5. Strategy Overview 15.1.10.5.1. Marketing Strategy 15.1.10.5.2. Product Strategy 15.1.10.5.3. Channel Strategy 15.1.11. TPL Plastech Limited 15.1.11.1. Overview 15.1.11.2. Product Portfolio 15.1.11.3. Profitability by Market Segments 15.1.11.4. Sales Footprint 15.1.11.5. Strategy Overview 15.1.11.5.1. Marketing Strategy 15.1.11.5.2. Product Strategy 15.1.11.5.3. Channel Strategy 15.1.12. U.S. Coexcell Inc. 15.1.12.1. Overview 15.1.12.2. Product Portfolio 15.1.12.3. Profitability by Market Segments 15.1.12.4. Sales Footprint 15.1.12.5. Strategy Overview 15.1.12.5.1. Marketing Strategy 15.1.12.5.2. Product Strategy 15.1.12.5.3. Channel Strategy 15.1.13. The Metal Drum Company 15.1.13.1. Overview 15.1.13.2. Product Portfolio 15.1.13.3. Profitability by Market Segments 15.1.13.4. Sales Footprint 15.1.13.5. Strategy Overview 15.1.13.5.1. Marketing Strategy 15.1.13.5.2. Product Strategy 15.1.13.5.3. Channel Strategy 16. Assumptions & Acronyms Used 17. Research Methodology
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Industrial Drum Industry Analysis in Korea
