The total sales of steel drums in Southeast Asia are estimated to be valued at US$ 423.6 million in 2023 and are projected to reach US$ 835 million by 2033. The revenue is anticipated to expand at a CAGR of 7.0% in the assessment period 2023 to 2033.
The Southeast Asia steel drum business was valued at US$ 395.8 million at the end of 2022 and is anticipated to exhibit a y-o-y growth of 7.5% in 2023. The chemical segment by end-use will likely account for over 1/5th of the share in terms of value by 2023.
The stainless steel segment, with an estimated share of 85%, leads the Southeast Asia steel drum business in terms of the material category. It is poised to expand at a CAGR of around 7.5% from 2023 to 2033. In terms of head type, the tight head segment is expected to create a total financial potential of around US$ 348 million in the projection period.
| Attributes | Key Insights |
|---|---|
| Southeast Asia Steel Drum Business Size (2022A) | US$ 395.8 million |
| Southeast Asia Steel Drum Business Estimated Revenue (2023E) | US$ 423.6 million |
| Southeast Asia Steel Drum Business Projected Revenue (2033F) | US$ 835 million |
| Value-based CAGR (2023 to 2033) | 7.0% |
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The Southeast Asia steel drum business is expected to experience a lucrative growth outlook during the forecast period. The latest estimation predicts that there will be a significant increase in sales from 2023 to 2033. It is projected to cultivate additional openings of US$ 439.2 million while expanding 2.0 times the current value during the forecast period.
Steel drums boast several advantages in terms of durability and longevity, owing to which it is considered a highly sustainable as well as cost-effective solution, favoring consumers and the environment. Additionally, as environmental concerns continue to rise, businesses and consumers are increasingly seeking packaging solutions that are eco-friendly and help minimize their carbon footprint.
Key manufacturers in the region, such as Sicagen, Grief Inc., and Mauser Packaging Solutions, have also been actively investing in sustainable manufacturing practices such as wastewater management and recyclability to uphold their circular economy goals. Several steel drum manufacturers in Southeast Asia have integrated drum reconditioning services into their portfolio to support the growing demand for eco-friendly and sustainable solutions.
Steel drums are expected to gain immense popularity due to their high versatility, durability, and cost-effectiveness. They are projected to find applications across several sectors as the demand for reliable storage and transportation solutions rises. Their exceptional strength makes them suitable for storing a wide range of materials, including chemicals, petroleum products, as well as food and beverages.
In recent times, the chemical and petroleum businesses have showcased rapid growth across several countries in Southeast Asia. For instance, according to Malaysia's Ministry of Investment, Trade and Industry (MITI), the country’s chemical sector is estimated to rise by over 30% in the next seven years.
The Government of Vietnam also launched an industrial development strategy in 2022. It will help the local petrochemical sector to expand by around 10% every year till 2040. Such initiatives are further poised to propel the steel drum business across Southeast Asia.
Southeast Asia is expected to witness a CAGR of 7.0% during the forecast period. Southeast Asia’s steel drum business is an important segment of the region's well-established packaging sector. The business serves a wide range of sectors, including chemical, pharmaceutical, construction, food and beverage, and manufacturing.
The business is set to be affected by the region's growing industrialization, which is projected to increase the need for reliable and safe packaging solutions. The construction sector, particularly in countries such as Vietnam, Thailand, Indonesia, and Malaysia, is witnessing a high demand for steel drums for the storage and transportation of construction materials.
Steel drums are anticipated to be used in a variety of sectors, including chemical, petroleum, food and beverage, pharmaceutical, agriculture, and more. They are set to be chosen based on their robustness, longevity, and capacity to handle hazardous contaminants. As steel barrels are more environmentally friendly and recyclable than plastic ones, they are set to gain high popularity.
To increase the effectiveness and quality of steel drum production, manufacturers are making investments in cutting-edge production technology. Stricter laws governing the transfer of hazardous goods are further driving the demand for steel barrels.
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The Southeast Asia steel drum business exhibited a CAGR of 4.6% during the historical period from 2018 to 2022. It reached a value of US$ 395.8 million in 2022 from US$ 330.4 million in 2018.
| Historical CAGR (2018 to 2022) | 4.6% |
|---|---|
| Historical Value (2022) | US$ 395.8 million |
The demand for steel drums in Southeast Asia steadily increased due to the region's expanding industrial sector. The rise in manufacturing activities, along with the need for efficient storage and transportation solutions, has further facilitated this growth.
Another factor that helped the sales to rise is the presence of stringent regulations associated with the safe storage and transportation of hazardous materials. Steel drums have been preferred over other alternatives due to their ability to meet the required safety standards.
The business has been influenced by the need for sustainable packaging solutions and the increased awareness of environmental problems. As they are strong and recyclable, steel barrels are becoming immensely popular among businesses trying to lessen their environmental effect. Manufacturers can now satisfy clients’ needs with greater product quality, efficiency, and customization possibilities thanks to technological advancements in steel drum production.
It has been noted that certain manufacturers are being acquired by larger players in the business. Competition has grown as a result of this consolidation, and product offers can get better.
Over time, consumer tastes have changed. For instance, several businesses now choose alternative packaging materials for certain uses, such as plastic drums or intermediate bulk containers (IBCs).
The Southeast Asian steel drum business has been impacted by global economic situations such as trade disputes, exchange rate volatility, and economic downturns. The availability of raw materials and components required for the manufacturing of steel drums has been impacted by supply chain interruptions, as demonstrated during the COVID-19 epidemic.
The table presents the expected CAGRs for Southeast Asia steel drum space over several semi-annual periods spanning from 2022 to 2033. In the first half (H1) of the decade from 2022 to 2032, the field is predicted to surge at a CAGR of 7.7%.
It is set to be followed by a slightly lower growth rate of 7.4% in the second half (H2) of the same decade. Moving into the subsequent period, from H1 2023 to H2 2033, the CAGR is projected to drop slightly to 7.2% in the first half and remain relatively moderate at 7.0% in the second half.
| Particular | Value CAGR |
|---|---|
| H1 (2022 to 2032) | 7.7% |
| H2 (2022 to 2032) | 7.4% |
| H1 (2023 to 2033) | 7.2% |
| H2 (2023 to 2033) | 7.0% |
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| Attributes | Key Factors |
|---|---|
| Southeast Asia Steel Drum Business Trends |
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| Growth Hindrances |
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| Upcoming Opportunities |
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The table below highlights the demand for steel drums in Southeast Asia by capacity and material type. Under material type, the carbon steel segment will likely remain dominant in the assessment period.
The carbon steel segment is set to showcase a significant CAGR of 7.2% through 2033 in the field of steel drums in Southeast Asia. The 55-gallon steel drums capacity segment is projected to surge at a CAGR of 7.4%.
| Segment | Value-based CAGR (2023 to 2033) |
|---|---|
| Carbon Steel (Material Type) | 7.2% |
| 55 Gallon (Capacity) | 7.4% |
Based on the capacity, the standard 55-gallon drum size is anticipated to hold over 4/5th of the share by 2023. Moreover, it is poised to gain a significant share and consequently account for about 90% by 2033.
Stringent business standards necessitate the use of common steel drums for industrial usage, which is the UN-rated 55-gallon steel drum. These drums are set to be utilized by all large-scale sectors for the storage and transportation of a wide variety of goods.
It is considered the primary steel drum that most manufacturers keep in stock, thereby ensuring constant availability. This ready availability ensures a stable supply even in Southeast Asia. This would enable businesses to minimize lead times for procurement, thereby making it a widespread choice.
The carbon steel segment is estimated to dominate the ecosystem with a share of about 90%. It is further expected to develop supplementary avenues of US$ 348.6 million during the forecast period.
The cost-effective nature of carbon steel would make it the primary choice for steel drum manufacturers across Southeast Asia. Moreover, the falling prices of hot-rolled carbon steel sheets are further aiding in the segment’s growth.
The carbon steel segment is expected to remain the predominant choice throughout 2033. However, the stainless steel segment is poised to steadily gain a significant share in the evaluation period. This is owing to the rapid growth of the chemical petrochemical. And pharmaceutical sectors in the region.
Pharmaceutical sales across Southeast Asia are expected to increase by around 50% in the next five years. This is projected to be driven by the flourishing biopharmaceutical sector and increasing government support across countries such as Thailand and Indonesia.
Key manufacturers of steel drums in Southeast Asia are trying to focus on increasing their production capacity to meet the surging demand from regional customers. They are expanding their product portfolio to cater to a wide variety of end users. The Southeast Asia steel drum ecosystem is highly competitive, with several key players dominating the field.
Prominent companies in this business include Mauser Packaging Solutions, Greif Inc., Balmer Lawrie & Co. Limited, Time Technoplast Ltd., Schütz GmbH & Co. KGaA., and PT Rhem Indonesia, Tbk. In recent times, leading manufacturers have been exploring the use of not only sustainable materials but also production methods. They are also focusing on expansion in order to increase production capabilities.
For instance,
| Attribute | Details |
|---|---|
| Estimated Southeast Asia Steel Drum Business Revenue (2023) | US$ 4.6 billion |
| Projected Southeast Asia Steel Drum Business Revenue (2033) | US$ 7.2 billion |
| Value-based CAGR (2023 to 2033) | 7.0% |
| Forecast Period | 2023 to 2033 |
| Historical Data | 2018 to 2022 |
| Business Analysis | Value (US$ million) and Volume (metric tons) |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Capacity, Material, Head Type, End-use, Country |
| Key Companies Profiled | Mauser Packaging Solutions; Greif Inc.; Balmer Lawrie & Co. Limited; Time Technoplast Ltd.; Schütz GmbH & Co. KGaA.; PT Rhem Indonesia, Tbk.; PT Karya Sarana Drumindo.; Pelangi Indah Canindo; Malayan Metal Works; Sicagen India Limited; Nippon Steel Drum Co. Ltd.; Saeng Thai Metal Drum Co., Ltd.; HAS Industries Pte Ltd; Jurong Barrels & Drums Industries Pte Ltd; Global Barrels Industries Pte Ltd; EcoDrum Sdn Bhd; PT. PRAJAMITA INTERNUSA; Saeng Thai Metal Drum Company Limited (STD); Pyramid Technoplast Ltd; Indonesia Raya Makmur PT. |
The business expanded at a CAGR of 4.6% from 2018 to 2022.
The worth of the business in 2022 was US$ 395.8 million.
In 2033, the space is anticipated to reach US$ 835 million.
The rising utilization of steel drums across the industrial sector is a key driver.
The top 3 players operating are Mauser Packaging Solutions, grief Inc., and Time Technoplast Ltd.
1. Executive Summary 1.1. Southeast Asia Outlook 1.2. Sales Analysis 1.3. Future Market Insights (FMI) Analysis and Recommendations 2. Overview 2.1. Coverage / Taxonomy 2.2. Definition / Scope / Limitations 2.3. Heat Mapping/Capacity Mapping 3. Key Trends 3.1. Key Trends 3.2. Technological Trends 4. Key Success Factors 4.1. Capacity Adoption / Usage Analysis 4.2. Capacity USPs / Features 4.3. Strategic Promotional Strategies 5. Demand Analysis 2018 to 2022 and Forecast, 2023 to 2033 5.1. Historical Volume (Units) Analysis, 2018 to 2022 5.2. Current and Future Volume (Units) Projections, 2023 to 2033 5.3. Y-o-Y Growth Trend Analysis 5.4. Total Installed Base 6. Business - Pricing Analysis 6.1. Regional Pricing Analysis 6.2. Weighted Average Pricing Analysis Benchmark 7. Demand (in Value or Size in US$ million) Analysis 2018 to 2022 and Forecast, 2023 to 2033 7.1. Historical Value (US$ million) Analysis, 2018 to 2022 7.2. Current and Future Value (US$ million) Projections, 2023 to 2033 7.2.1. Y-o-Y Growth Trend Analysis 7.2.2. Absolute $ Opportunity Analysis 8. Background 8.1. Global Packaging Materials Overview 8.2. Key Regulations 8.3. Forecast Factor 8.4. Macro-Economic Factors 8.5. Value Chain Analysis 8.5.1. Exhaustive List of Raw Material Suppliers 8.5.2. Exhaustive List of Lidding Films Converters/Manufacturers 8.5.3. Exhaustive List of End-users/Customers 8.6. Cased-based Scenario – Impact Assessment 8.6.1. Current Statistics 8.6.2. Short-Mid-Long Term Outlook 8.6.3. Likely Rebound 8.7. Dynamics 8.7.1. Drivers 8.7.2. Restraints 8.7.3. Opportunity Analysis 8.8. Supply Demand Analysis 9. Sales Analysis 2018 to 2022 and Forecast 2023 to 2033, By Capacity 9.1. Introduction / Key Findings 9.2. Historical Size (US$ million) and Volume (Units) Analysis, By Capacity, 2018 to 2022 9.3. Current and Future Size (US$ million) and Volume (Units) Analysis and Forecast, By Capacity, 2023 to 2033 9.3.1. 55 Gallons Steel Drum (Standard Size) 9.3.2. Other than 55 Gallon 9.4. Share Analysis, By Capacity 10. Sales Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material 10.1. Introduction / Key Findings 10.2. Historical Size (US$ million) and Volume (Units) Analysis, By Material, 2018 to 2022 10.3. Current and Future Size (US$ million) and Volume (Units) Analysis and Forecast, By Material, 2023 to 2033 10.3.1. Carbon Steel 10.3.2. Stainless Steel 10.4. Share Analysis, By Material 11. Sales Analysis 2018 to 2022 and Forecast 2023 to 2033, By Head Type 11.1. Introduction / Key Findings 11.2. Historical Size (US$ million) and Volume (Units) Analysis, By Head Type, 2018 to 2022 11.3. Current and Future Size (US$ million) and Volume (Units) Analysis and Forecast, By Head Type, 2023 to 2033 11.3.1. Tight Head 11.3.2. Open Head 11.4. Share Analysis, By Application 12. Sales Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-use 12.1. Introduction / Key Findings 12.2. Historical Size (US$ million) and Volume (Units) Analysis, By End-use, 2018 to 2022 12.3. Current and Future Size (US$ million) and Volume (Units) Analysis and Forecast, By End-use, 2023 to 2033 12.3.1. Chemicals 12.3.2. Petroleum and Lubricants 12.3.3. Paints, Inks, and Dyes 12.3.4. Food and Beverages 12.3.5. Building and Construction 12.3.6. Healthcare and Personal Care 12.3.7. Others 12.4. Attractiveness Analysis, By End-use 13. Sales Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13.1. Introduction / Key Findings 13.2. Historical Size (US$ million) and Volume (Units) Analysis, By Country, 2018 to 2022 13.3. Current and Future Size (US$ million) and Volume (Units) Analysis and Forecast, By Country, 2023 to 2033 13.3.1. Indonesia 13.3.2. Malaysia 13.3.3. Philippines 13.3.4. Singapore 13.3.5. Thailand 13.3.6. Vietnam 13.3.7. Burma (Myanmar) 13.3.8. Cambodia 13.3.9. Brunei 13.3.10. Timor-Leste 13.3.11. Laos 13.4. Attractiveness Analysis, By End-use 14. Structure Analysis 14.1. Analysis by Tier of Companies (business) 14.2. Share Analysis of Top Players 14.3. Presence Analysis 15. Competition Analysis 15.1. Competition Dashboard 15.2. Competition Benchmarking 15.3. Competition Deep Dive/ Portfolio Analysis (Global Based/Operating Key Players) 15.3.1. Mauser Packaging Solutions 15.3.1.1. Overview 15.3.1.2. Capacity Portfolio 15.3.1.3. Profitability by Segments (Capacity/Channel/Region) 15.3.1.4. Sales Footprint 15.3.1.5. Strategy Overview 15.3.2. Greif Inc. 15.3.2.1. Overview 15.3.2.2. Capacity Portfolio 15.3.2.3. Profitability by Segments (Capacity/Channel/Region) 15.3.2.4. Sales Footprint 15.3.2.5. Strategy Overview 15.3.3. Balmer Lawrie & Co. Limited 15.3.3.1. Overview 15.3.3.2. Capacity Portfolio 15.3.3.3. Profitability by Segments (Capacity/Channel/Region) 15.3.3.4. Sales Footprint 15.3.3.5. Strategy Overview 15.3.4. Time Technoplast Ltd. 15.3.4.1. Overview 15.3.4.2. Capacity Portfolio 15.3.4.3. Profitability by Segments (Capacity/Channel/Region) 15.3.4.4. Sales Footprint 15.3.4.5. Strategy Overview 15.3.5. Schütz GmbH & Co. KGaA. 15.3.5.1. Overview 15.3.5.2. Capacity Portfolio 15.3.5.3. Profitability by Segments (Capacity/Channel/Region) 15.3.5.4. Sales Footprint 15.3.5.5. Strategy Overview 15.3.6. PT Rhem Indonesia, Tbk 15.3.6.1. Overview 15.3.6.2. Capacity Portfolio 15.3.6.3. Profitability by Segments (Capacity/Channel/Region) 15.3.6.4. Sales Footprint 15.3.6.5. Strategy Overview 15.3.7. PT Karya Sarana Drumindo. 15.3.7.1. Overview 15.3.7.2. Capacity Portfolio 15.3.7.3. Profitability by Segments (Capacity/Channel/Region) 15.3.7.4. Sales Footprint 15.3.7.5. Strategy Overview 15.3.8. Pelangi Indah Canindo 15.3.8.1. Overview 15.3.8.2. Capacity Portfolio 15.3.8.3. Profitability by Segments (Capacity/Channel/Region) 15.3.8.4. Sales Footprint 15.3.8.5. Strategy Overview 15.3.9. Malayan Metal Works 15.3.9.1. Overview 15.3.9.2. Capacity Portfolio 15.3.9.3. Profitability by Segments (Capacity/Channel/Region) 15.3.9.4. Sales Footprint 15.3.9.5. Strategy Overview 15.3.10. Sicagen India Limited 15.3.10.1. Overview 15.3.10.2. Capacity Portfolio 15.3.10.3. Profitability by Segments (Capacity/Channel/Region) 15.3.10.4. Sales Footprint 15.3.10.5. Strategy Overview 15.3.11. Nippon Steel Drum Co.，Ltd. 15.3.11.1. Overview 15.3.11.2. Capacity Portfolio 15.3.11.3. Profitability by Segments (Capacity/Channel/Region) 15.3.11.4. Sales Footprint 15.3.11.5. Strategy Overview 15.3.12. Saeng Thai Metal Drum Co., Ltd. 15.3.12.1. Overview 15.3.12.2. Capacity Portfolio 15.3.12.3. Profitability by Segments (Capacity/Channel/Region) 15.3.12.4. Sales Footprint 15.3.12.5. Strategy Overview 15.3.13. HAS Industries Pte Ltd 15.3.13.1. Overview 15.3.13.2. Capacity Portfolio 15.3.13.3. Profitability by Segments (Capacity/Channel/Region) 15.3.13.4. Sales Footprint 15.3.13.5. Strategy Overview 15.3.14. Jurong Barrels & Drum Industries Pte Ltd 15.3.14.1. Overview 15.3.14.2. Capacity Portfolio 15.3.14.3. Profitability by Segments (Capacity/Channel/Region) 15.3.14.4. Sales Footprint 15.3.14.5. Strategy Overview 15.3.15. Global Barrels Industries Pte Ltd 15.3.15.1. Overview 15.3.15.2. Capacity Portfolio 15.3.15.3. Profitability by Segments (Capacity/Channel/Region) 15.3.15.4. Sales Footprint 15.3.15.5. Strategy Overview 15.3.16. EcoDrum Sdn Bhd 15.3.16.1. Overview 15.3.16.2. Capacity Portfolio 15.3.16.3. Profitability by Segments (Capacity/Channel/Region) 15.3.16.4. Sales Footprint 15.3.16.5. Strategy Overview 15.3.17. PT.PRAJAMITA INTERNUSA 15.3.17.1. Overview 15.3.17.2. Capacity Portfolio 15.3.17.3. Profitability by Segments (Capacity/Channel/Region) 15.3.17.4. Sales Footprint 15.3.17.5. Strategy Overview 15.3.18. Saeng Thai Metal Drum Company Limited (STD) 15.3.18.1. Overview 15.3.18.2. Capacity Portfolio 15.3.18.3. Profitability by Segments (Capacity/Channel/Region) 15.3.18.4. Sales Footprint 15.3.18.5. Strategy Overview 15.3.19. Pyramid Technoplast Ltd 15.3.19.1. Overview 15.3.19.2. Capacity Portfolio 15.3.19.3. Profitability by Segments (Capacity/Channel/Region) 15.3.19.4. Sales Footprint 15.3.19.5. Strategy Overview 15.3.20. Indonesia Raya Makmur PT. 15.3.20.1. Overview 15.3.20.2. Capacity Portfolio 15.3.20.3. Profitability by Segments (Capacity/Channel/Region) 15.3.20.4. Sales Footprint 15.3.20.5. Strategy Overview *The above list is indicative in nature and is subject to change during the course of research 16. Assumptions and Acronyms Used 17. Research Methodology
Packaging
October 2023
REP-GB-18000
350 pages
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Steel Drum Industry Analysis in Southeast Asia
