Steel Drum Industry Analysis in Korea

A Complete Study of Steel Drum in Korea from (2023 to 2033)

In 2023, the projected net revenue from steel drum sales in Korea is USD 426.1 million. Looking ahead, there is a strong expectation that this figure could surge to a substantial USD 679.6 million by 2033.

This growth is underpinned by a promising forecast, with the demand for steel drums in the country anticipated to experience a steady 4.80% CAGR over the next decade. This signifies a prosperous trajectory for the steel drum industry in Korea.

Key Insights on the Steel Drum Sector of Korea

• In 2018, the adoption of steel drums in Korea amounted to about USD 354.4 million in value, and this figure grew to around USD 404 million in 2022.
• The usage of steel drums, on average, increased at a CAGR of 3.30%, according to research conducted across various sectors of Korea between 2018 and 2022.
• Steel drums have become a desirable option in several packaging sectors of Korea due to qualities such as longevity, high sustainability, exceptional strength, and eco-friendliness.

Attributes	Details
Industry size of Korea in 2023	USD 426.1 million
Expected Industry Size of Korea by 2033	USD 679.6 million
Forecasted CAGR between 2023 to 2033	4.80%

Top 3 Key Trends Influencing Demand for Steel Drum in Korea

Korea's Industrial Growth Fuels Steel Drum Demand: The food manufacturing, coatings, chemicals, and pharmaceutical sectors in Korea are using steel drums as packaging and transportation containers, which have surged in demand in recent years.

With the rapid economic development, the industrial landscape in the country is advancing relentlessly, which is anticipated to boost steel drum sales further.

Innovations Drive Steel Drum Popularity: Steel drum usage is expected to rise with the rapid expansion of the food and beverage industry and the ongoing innovations in the packaging sector in Korea. Leading steel drum manufacturers are focusing on developing suitable linings and interior coatings for steel drums to make them more suitable for packaging food and beverage items.

Korea Favors Large-volume Steel Drums: In Korea, large-volume steel drums were found to account for more than 75% of the total sales achieved in the year 2022. The section featuring steel drums with a 55-gallon capacity is gaining more traction in the transportation of both hazardous and non-hazardous liquid commodities.

Key Challenges Limiting Steel Drum Adoption in Korea

Plastic Containers Challenge Steel Drums: Higher use of drums or containers made up of plastic and other materials can restrain the demand for steel drums in Korea in the coming days. The use of carbon steel in the manufacturing of steel drums has a number of advantages, as it is both durable and stronger than stainless steel.

IBCs Outshine Steel Drums: With respect to the usefulness aspect, steel drums are less usable than intermediate bulk containers, making them less popular among small and medium-scale enterprises. In addition, because IBCs are fastened to the pallets at the bottom, managing them is simpler than handling heavy steel drums in Korea.

Category-wise insights

Tight Head Type Steel Drums are Preferred More in Korea

Over the projected years, the segment of steel drums with tight heads is anticipated to account for 80.10% of the sales in Korea. The demand for steel drums with tight heads is higher due to their valuable protection against spills when storing and transporting products in the chemical industries.

Steel Drum in Korea based on Head Type	Tight Head
Total Share (2023)	80.10%

Food & Beverage Sector Creates a Significant Demand in Korea

Based on end-use verticals, the steel drum demand from chemical industries in Korea is expected to expand considerably over the forecast years. In the current year, 2023, this segment is estimated to account for around 35.70% of the total sales of steel drums in the country.

Steel Drum in Korea based on End Use Vertical	Chemicals Industry
Total Share (2023)	35.70%

Competitive Landscape

In Korea, the manufacturers and suppliers of steel drums are largely concentrated, with global players acquiring a sizable portion of the domestic demand. Currently, Korea has very low entry restrictions, which is anticipated to contribute to the emergence of steel drum industry players and intensify the competition.

Manufacturers of steel drums in Korea are implementing the state-of-the-art technologies, including automation and robotics, in their manufacturing plants to stay competitive in their business.

The global attention that eco-friendly packaging solutions are currently receiving has changed the Korea’s packaging industry as a whole. Therefore, producers of steel drums are working toward the development of sustainable manufacturing processes with a strong focus on carbon footprint reduction technologies.

Recent Developments in Steel Drum in Korea

• Dongkuk Steel Company of South Korea announced in March 2023 its intention to restructure into a holding company and two steel firms, with the goal of promoting environmentally-friendly practices and expanding its presence in the steel industry. Dongkuk Holdings intends to focus on establishing new businesses and reorganizing existing ones under the Green for Steel program. This program aims to achieve additional Green-Recycled (GR) certification for H-beams and hot-rolled steel used in structures made from recycled steel scrap. The company has also taken control of the production of hot-rolled steel and is at the forefront of transforming steel manufacturing techniques.
• N-BUTYL LITHIUM IN 15% HEXANE is an organometallic compound introduced by Adeka Korea Corporation for use as a catalyst and initiator in polymerization operations. The company has placed bulk orders for canisters and 200-kilogram steel drums for packaging the product.

Key Players for Steel Drum in Korea

• Insung Corporation (Seoul)
• Taeyoung Steel Drum Co., Ltd. (Gyeongsang)
• Dongwon Systems Co., Ltd. (Seoul)
• Id-on Co Ltd (Jeonju)
• Sparkle Safety Inc. (Seoul)
• Hanil Steel Drum Co., Ltd. (Kwangju)
• Sungwoo Steel Drum Co., Ltd. (Jeonju)
• Sejin Steel Drum Co., Ltd. (Gyeongsang)
• Shinhan Steel Drum Co., Ltd. (Ulsan)
• Samhwa Steel Drum Co., Ltd. (Gyeongsang)
• Dongwon Steel Container Co., Ltd. (Seoul)
• Korea Steel Drum Co., Ltd. (Gyeonggi)

Scope of the Report

Attribute	Details
Estimated Industry Size in 2023	USD 426.1 million
Projected Industry Size by 2033	USD 679.6 million
Anticipated CAGR between 2023 to 2033	4.80% CAGR
Historical Analysis of Demand for Steel Drum in Korea	2018 to 2022
Demand Forecast for Steel Drum in Korea	2023 to 2033
Report Coverage	Industry Size, Industry Trends, Analysis of key factors influencing Steel Drum in Korea, Insights on Global Players and their Industry Strategy in Korea, Ecosystem Analysis of Local and Korea Providers
Key Cities Analyzed	South Gyeongsang, North Jeolla, South Jeolla ,Jeju
Key Companies Profiled	Insung Corporation; Taeyoung Steel Drum Co., Ltd.; Dongwon Systems Co., Ltd.; Id-on Co Ltd; Sparkle Safety Inc.; Hanil Steel Drum Co., Ltd.; Sungwoo Steel Drum Co., Ltd.; Sejin Steel Drum Co., Ltd.; Shinhan Steel Drum Co., Ltd.; Samhwa Steel Drum Co., Ltd.; Dongwon Steel Container Co., Ltd.; Korea Steel Drum Co., Ltd.

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033
• 5. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Capacity Type
  • 5.1. 200 L
  • 5.2. Other than 200 L
• 6. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By End Use
  • 6.1. Chemicals
  • 6.2. Petroleum & L.
  • 6.3. Paints, Inks, & D.
  • 6.4. Food & Beverage
  • 6.5. Building & Const.
  • 6.6. Healthcare & P.
  • 6.7. Others
• 7. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
  • 7.1. South Gyeongsang
  • 7.2. North Jeolla
  • 7.3. South Jeolla
  • 7.4. Jeju
  • 7.5. Rest of Korea
• 8. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 9. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 10. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 11. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 12. Rest of Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 13. Market Structure Analysis
• 14. Competition Analysis
  • 14.1. Insung
  • 14.2. Sang-A Steel Drum
  • 14.3. Greif Inc.
  • 14.4. Mauser Packaging Solutions
  • 14.5. Time Technoplast Ltd.
  • 14.6. Sicagen India Limited
  • 14.7. Balmer Lawrie & Co. Limited
  • 14.8. Industrial Container Services, Inc.
  • 14.9. Great Western Containers Inc.
  • 14.10. SCHÜTZ GmbH & Co. KGaA
• 15. Assumptions & Acronyms Used
• 16. Research Methodology