The global sales of overpack drum are estimated to be worth USD 3.6 billion in 2021 and are anticipated to reach a value of USD 6.0 billion by 2031. Sales are projected to rise at a CAGR of 5.3% over the forecast period between 2021 and 2031. The revenue generated by overpack drum market in 2020 was USD 3.4 billion.
The overpack drum is driven by the high demand for safe transportation and storage of hazardous materials, particularly within the chemical and oil & gas industries. Stricter regulations regarding hazardous waste disposal and environmental protection quicken the pace of using overpack drums. Growth in the industries that involve pharmaceuticals and manufacturing contributes to the market's growth.
The driving factors include growing awareness regarding workplace safety and the need to avoid spills or leakage during shipment. Technological improvements in the field of material and design of drums further contribute to durability and high performance. Growing international trade activities further support market growth by increasing demand for secure packaging solutions.
Global Overpack Drum Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 3.4 billion |
| Estimated Size, 2021 | USD 3.6 billion |
| Projected Size, 2031 | USD 6.0 billion |
| Value-based CAGR (2021 to 2031) | 5.3% |
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The prime driving factor of the overpack drum market is incessant development in the manufacturing and industrial sector. Developing economies such as India and low cost, manufacturing countries like China are forecasted to have a comparatively higher rate of growing demand for overpack drum. Owing to these reasons developing regions such as the Asia Pacific will emerge as a focal point with a greater growth rate in the global overpack drum market.
As the industrial output is anticipated to increase with developing economies demand for industrial packaging solution such as overpack drums are anticipated to rise in the global market. As the retail demand is rising need for international trade is gaining importance more than ever. Manufacturers are relentlessly striving for innovations in terms of design, material, and more to enhance the overall user experience with overpack drums.
USA Department of Transport (DOT) and Pipeline and Hazardous Materials Safety Administration (PHMSA) has laid out certain agreements that have to be followed for shipping any dangerous material across the global market. This rating system also known as UN certified or POP (performance oriented packaging).
This has enhanced the inevitability of securing a DOT and UN rating embossed over the overpack drum to claim superior functionality and safety. End users in the global market are also looking for such label claims on the overpack drums to ensure whether the packaging material is suitable for use.
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The United States is considered a hub for the trade of several commodities, owing to which packaging solutions such as overpack drums are considered a necessity. Along with this strong demand, manufacturers are continuously striving for several innovations.
USA Department of Transportation is responsible for regulating and monitoring material and overall features of overpack drums for maintaining safety assurance. United States has a high demand for overpack drums that comes from several business and government agencies, for instance, Procter & Gamble, Honeywell International Inc., The Kraft Foods Group, USA Military, and many more.
India and China are one of the prime markets that have witnessed a rapid growth in demand for packaging solutions such as overpack drums, as these countries are some of the largest manufacturers of essential commodities. A large share of the region’s production is exported to the global market, which commensurate to the demand of overpack drum for safe transport of goods across the borders.
Availability of large reserve of resources and vast coastal line brings another competitive edge for being the trade hotspot for the global market, thus becoming prominent region for the overpack drum market as well. Manufacturers are overpack drum are aiming to establish its physical presence over these hotspot of the market to gain maximum advantage.
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Some of the leading manufacturers and suppliers of
Key manufacturers of overpack drums such as ENPAC are striving to enhance market penetration by publicizing the product as eco-friendly. For instance, ENPAC promotes its overpack drums to the end user by projecting the eco-friendly application which helps spillage of chemicals, oils, and others throughout the supply chain.
The companies are promoting the application of overpack drum as they state, spillage over transport or workplace could cost over USD 30,000 per incident, excluding the fee imposed by a government agency. Owing to this market penetration is anticipated to rise over time.
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.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis and Forecast 6.1. Material 6.2. Closure 6.3. Capacity 6.4. Application 7. Global Market Analysis and Forecast, By Material 7.1. Carbon Steel 7.2. HDPE 8. Global Market Analysis and Forecast, By Closure 8.1. Screw On Cover 8.2. Cover with Bolt Ring Closure 9. Global Market Analysis and Forecast, By Capacity 9.1. 20 Gallon 9.2. 30 Gallon 9.3. 55 Gallon 9.4. 65 Gallon 9.5. 85 Gallon 9.6. More than 95 Gallon 10. Global Market Analysis and Forecast, By Application 10.1. Food & Beverage 10.2. Chemicals & Fertilizers 10.3. Building & Construction 10.4. Pharmaceuticals 10.5. Paints & Lubricants 11. Global Market Analysis and Forecast, By Region 11.1. North America 11.2. Latin America 11.3. Western Europe 11.4. Eastern Europe 11.5. Asia Pacific 11.6. East Asia 11.7. MEA 12. North America Sales Analysis and Forecast, by Key Segments and Countries 13. Latin America Sales Analysis and Forecast, by Key Segments and Countries 14. Western Europe Sales Analysis and Forecast, by Key Segments and Countries 15. Eastern Europe Sales Analysis and Forecast, by Key Segments and Countries 16. Asia Pacific Sales Analysis and Forecast, by Key Segments and Countries 17. East Asia Sales Analysis and Forecast, by Key Segments and Countries 18. MEA Sales Analysis and Forecast, by Key Segments and Countries 19. Sales Forecast by Material, Closure, Capacity, and Application for 30 Countries 20. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 21. Company Profile 21.1. CP Lab Safety 21.2. Berlin Packaging 21.3. Marine Marketing Services 21.4. General Container Corp. 21.5. Skolnik Industries, Inc. 21.6. New Pig Corporation 21.7. Cardinal Carryor 21.8. American Textile & Supply, Inc. 21.9. Peerless Materials Company 21.10. Interstate Products Inc. 21.11. Vimal Barrels Pvt. Ltd. 21.12. ENPAC
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Overpack Drum Market
