The global sales of insulated drum covers are estimated to be worth USD 367.9 million in 2021 and are anticipated to reach a value of USD 596.5 million by 2031. Sales are projected to rise at a CAGR of 5.0% over the forecast period between 2021 and 2031. The revenue generated by insulated drum covers in 2020 was USD 350 million.
Due to the rise in demand in various sectors such as pharmaceuticals, food and beverages, and chemicals for temperature-sensitive storage and transportation facilities, the insulated drum covers market is growing. This is because insulated drum covers protect the product from extremely high or low temperature that may result in spoilage or damage to the product.
Besides, new regulations made by various governments make it compulsory for transporters to maintain the goods within a specific temperature range, which has raised demand for insulated drum covers. Other developments in insulation materials include lightweight, durable, and eco-friendly products that enhance cover efficiency and sustainability.
Increasing energy conservation concerns and cost-effective logistics solutions further reinforce growth in this market. Global development of trade and increased cold chain logistics demand is driving the use of insulated drum covers.
Global Insulated Drum Covers Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 350 million |
| Estimated Size, 2021 | USD 367.9 million |
| Projected Size, 2031 | USD 596.5 million |
| Value-based CAGR (2021 to 2031) | 5.0% |
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Insulated drum cover reduces temperature concerns. It helps maintain the temperature of cargo by providing a barrier between cargo and air around it, protecting it from freeze, heat and temperature spikes.
In addition to that, the need for manufacturers in the food and beverage, paint/ chemical, pharmaceutical and cosmetic industries to maintain the standard of their products while they are shipped abroad is a major driving factor for the increasing demand for insulated covers.
The main preference of consumers these days is focused on global use. The recent product innovations in the market have improved user experience in terms of ease of usage. It is expected to be driven by government support for accelerated adoption across several countries.
Further, it is expected to boost demand due to an increase in preference from commercial and residential sectors. Several advantages of this market include re-usability and cost-efficiency, leading to a wide range of applications across nations. This will eventually generate benefits for the government, low-energy consumption community owners and consumers at last.
In recent years, many developing nations have witnessed substantial growth in urbanization and increased foreign investments which can also increase the longevity of the product substantially. Drums are used for the transportation and storage of industrial products which requires appropriate handling of filling products.
The increased use of drums will increase the sale of drum covers. The global drum covers market is witnessing a transition where buyers from developed as well as developing markets are opting for the same.
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In the USA, drum covers are widely acknowledged to be an efficient and safe way to transport or store chemical compounds and liquid goods. However, they often fail to provide adequate protection against damaging changes in temperature during transportation.
Also, Latin America has a boost in demand for drums and drum covers since there is a huge demand for petrochemicals. The developing parts of America will see an increase in sales of drum covers as it allows them to withstand temperature-related spoilage during shipping.
Moreover, the reliability of drum covers is found well in rigorous testing procedures. Having been qualified in thermal test chambers and real-life scenarios, they help with meeting regulatory compliance requirements and such assurance is expected to drive insulated drum covers product adoption shortly.
The demand for insulated drum covers in the European market is estimated to grow significantly in the upcoming years. In addition, food-grade and UN-certified drums are used for hazardous chemicals and food and beverage industries. Drums hold a substantial share of the intermediate bulk containers market.
Moreover, demand for petrochemicals in developed as well as developing regions is boosting the drums and drum covers market, since drum helps to maintain the temperature, which is quintessential in the transport of petrochemical products. Packaging has made it possible for the shipping industry to transport large-volume products in better condition.
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Some of the leading manufacturers and suppliers of insulated drum cover market include
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides an 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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Insulated Drum Covers Market
