In 2023, the projected net revenue from steel drum sales in Korea is US$ 426.1 million. Looking ahead, there is a strong expectation that this figure could surge to a substantial US$ 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
| Attributes | Details |
|---|---|
| Industry size of Korea in 2023 | US$ 426.1 million |
| Expected Industry Size of Korea by 2033 | US$ 679.6 million |
| Forecasted CAGR between 2023 to 2033 | 4.80% |
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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.
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.
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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% |
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% |
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
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| Attribute | Details |
|---|---|
| Estimated Industry Size in 2023 | US$ 426.1 million |
| Projected Industry Size by 2033 | US$ 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. |
The anticipated CAGR for steel drum industry in Korea through 2033 is 4.80%.
Demand for steel drums in Korea is likely to surpass US$ 679.6 million by 2033.
Steel drum providers in Korea are aiming food and beverage industries to boost sales.
Steel drums with tight head account for 80.10% revenue share in 2023.
Chemical industry garners 35.70% of total demand in Korea in 2023.
1. Executive Summary 1.1. Korea Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. 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 3.10. Regional Parent Market Outlook 3.11. Production and Consumption Statistics 3.12. Import and Export Statistics 4. Korea 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. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Capacity Type 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Capacity Type, 2018 to 2022 5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Capacity Type, 2023 to 2033 5.3.1. 200 L 5.3.2. Other than 200 L 5.4. Y-o-Y Growth Trend Analysis By Capacity Type, 2018 to 2022 5.5. Absolute $ Opportunity Analysis By Capacity Type, 2023 to 2033 6. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By End Use 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By End Use, 2018 to 2022 6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By End Use, 2023 to 2033 6.3.1. Chemicals 6.3.2. Petroleum & L. 6.3.3. Paints, Inks, & D 6.3.4. Food & Beverage 6.3.5. Building & Const. 6.3.6. Healthcare & P. 6.3.7. Others 6.4. Y-o-Y Growth Trend Analysis By End Use, 2018 to 2022 6.5. Absolute $ Opportunity Analysis By End Use, 2023 to 2033 7. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. Introduction 7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2018 to 2022 7.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2023 to 2033 7.3.1. South Gyeongsang 7.3.2. North Jeolla 7.3.3. South Jeolla 7.3.4. Jeju 7.3.5. Rest of Korea 7.4. Market Attractiveness Analysis By Region 8. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033 8.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 8.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 8.2.1. By Capacity Type 8.2.2. By End Use 8.3. Market Attractiveness Analysis 8.3.1. By Capacity Type 8.3.2. By End Use 8.4. Key Takeaways 9. North Jeolla 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 Capacity Type 9.2.2. By End Use 9.3. Market Attractiveness Analysis 9.3.1. By Capacity Type 9.3.2. By End Use 9.4. Key Takeaways 10. South 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 Capacity Type 10.2.2. By End Use 10.3. Market Attractiveness Analysis 10.3.1. By Capacity Type 10.3.2. By End Use 10.4. Key Takeaways 11. Jeju 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 Capacity Type 11.2.2. By End Use 11.3. Market Attractiveness Analysis 11.3.1. By Capacity Type 11.3.2. By End Use 11.4. Key Takeaways 12. Rest of Korea 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 Capacity Type 12.2.2. By End Use 12.3. Market Attractiveness Analysis 12.3.1. By Capacity Type 12.3.2. By End Use 12.4. Key Takeaways 13. Market Structure Analysis 13.1. Competition Dashboard 13.2. Competition Benchmarking 13.3. Market Share Analysis of Top Players 13.3.1. By Regional 13.3.2. By Capacity Type 13.3.3. By End Use 14. Competition Analysis 14.1. Competition Deep Dive 14.1.1. Insung 14.1.1.1. Overview 14.1.1.2. Product Portfolio 14.1.1.3. Profitability by Market Segments 14.1.1.4. Sales Footprint 14.1.1.5. Strategy Overview 14.1.1.5.1. Marketing Strategy 14.1.1.5.2. Product Strategy 14.1.1.5.3. Channel Strategy 14.1.2. Sang-A Steel Drum 14.1.2.1. Overview 14.1.2.2. Product Portfolio 14.1.2.3. Profitability by Market Segments 14.1.2.4. Sales Footprint 14.1.2.5. Strategy Overview 14.1.2.5.1. Marketing Strategy 14.1.2.5.2. Product Strategy 14.1.2.5.3. Channel Strategy 14.1.3. Greif Inc. 14.1.3.1. Overview 14.1.3.2. Product Portfolio 14.1.3.3. Profitability by Market Segments 14.1.3.4. Sales Footprint 14.1.3.5. Strategy Overview 14.1.3.5.1. Marketing Strategy 14.1.3.5.2. Product Strategy 14.1.3.5.3. Channel Strategy 14.1.4. Mauser Packaging Solutions 14.1.4.1. Overview 14.1.4.2. Product Portfolio 14.1.4.3. Profitability by Market Segments 14.1.4.4. Sales Footprint 14.1.4.5. Strategy Overview 14.1.4.5.1. Marketing Strategy 14.1.4.5.2. Product Strategy 14.1.4.5.3. Channel Strategy 14.1.5. Time Technoplast Ltd. 14.1.5.1. Overview 14.1.5.2. Product Portfolio 14.1.5.3. Profitability by Market Segments 14.1.5.4. Sales Footprint 14.1.5.5. Strategy Overview 14.1.5.5.1. Marketing Strategy 14.1.5.5.2. Product Strategy 14.1.5.5.3. Channel Strategy 14.1.6. Sicagen India Limited 14.1.6.1. Overview 14.1.6.2. Product Portfolio 14.1.6.3. Profitability by Market Segments 14.1.6.4. Sales Footprint 14.1.6.5. Strategy Overview 14.1.6.5.1. Marketing Strategy 14.1.6.5.2. Product Strategy 14.1.6.5.3. Channel Strategy 14.1.7. Balmer Lawrie & Co. Limited 14.1.7.1. Overview 14.1.7.2. Product Portfolio 14.1.7.3. Profitability by Market Segments 14.1.7.4. Sales Footprint 14.1.7.5. Strategy Overview 14.1.7.5.1. Marketing Strategy 14.1.7.5.2. Product Strategy 14.1.7.5.3. Channel Strategy 14.1.8. Industrial Container Services, Inc. 14.1.8.1. Overview 14.1.8.2. Product Portfolio 14.1.8.3. Profitability by Market Segments 14.1.8.4. Sales Footprint 14.1.8.5. Strategy Overview 14.1.8.5.1. Marketing Strategy 14.1.8.5.2. Product Strategy 14.1.8.5.3. Channel Strategy 14.1.9. Great Western Containers Inc. 14.1.9.1. Overview 14.1.9.2. Product Portfolio 14.1.9.3. Profitability by Market Segments 14.1.9.4. Sales Footprint 14.1.9.5. Strategy Overview 14.1.9.5.1. Marketing Strategy 14.1.9.5.2. Product Strategy 14.1.9.5.3. Channel Strategy 14.1.10. SCHÜTZ GmbH & Co. KGaA 14.1.10.1. Overview 14.1.10.2. Product Portfolio 14.1.10.3. Profitability by Market Segments 14.1.10.4. Sales Footprint 14.1.10.5. Strategy Overview 14.1.10.5.1. Marketing Strategy 14.1.10.5.2. Product Strategy 14.1.10.5.3. Channel Strategy 15. Assumptions & Acronyms Used 16. Research Methodology
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Steel Drum Industry Analysis in Korea
