The global steel drum market is projected to witness linear growth between 2023 and 2033 at a CAGR of 5.6%, reaching USD 20.8 billion by the year 2033.
The steel drum is a safe and secure rigid packaging solution made from carbon steel or stainless steel. The steel container drums hold prominent features like being cost-effective, easy to handle, safe & secure for shipping, resistant to fire, reusable, recyclable, and many more, which augment the demand for steel drum.
Safe and secure packaging is used in various end-use industries, which creates an astonishing demand for steel drums. On the back of all these factors, the global steel drum market seems attractive and growing.
A Few new advances that have taken place in the market include the usage of food safe steel drums which are reusable and reliable. In June 2022, SCHÜTZ Container Systems expanded its reconditioning capacity in North America for the IBCs and drums.
The key reason for the swift growth of steel container drums market is that it protects the stored material against harmful UV rays, moisture and dust. Furthermore, properties such as durability, high sustainability, eco-friendliness and excellent strength make small steel drum a preferred choice in the packaging industry.
| Attributes | Details |
|---|---|
| Steel Drum Market Size (2022) | USD 11.7 billion |
| Steel Drum Market Size (2023) | USD 12.1 billion |
| Projected Steel Drum Market Value (2033) | USD 20.8 billion |
| Global Steel Drum Market Growth Rate (2023 to 2033) | 5.6% CAGR |
| Collective Value Share: Top 5 Companies (2022E) | 18% |
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| Particulars | Details |
|---|---|
| H1 2021 | 1.2% |
| H1 2022 Projected | 2.1% |
| H1 2022 Expected | 2.3% |
| BPS Change - H1, 2022 (O) - H1, 2022 (P) | (+) 20 ↑ |
| BPS Change - H1, 2022 (O) - H1, 2021 | (+) 110 ↑ |
Future Market Insights predict a comparison and review analysis of the dynamics of the stainless steel drum market, which is principally subjected to an array of industry factors. Along with a few definite influences regarding the availability of substitutes such as plastic containers and drums, due to their insulation and lightness features, is a key factor expected to restrain the growth of steel container drums market.
The sales of steel drum is expected to surge by 110 basis share points (BPS) in H1-2022 (O) against comparison with H1-2021, according to an FMI analysis. However, when comparing the H1-2022 projected and H1-2022 outlook period, a rise in BPS change by 20 BPS has been noticed.
The small steel drum size has been the most preferred rigid packaging solution for shipping, storing, and warehousing hazardous as well as non-hazardous material for various end-use industries such as petroleum & lubricants, chemicals, paints, inks, & dyes, building & construction, and others. Moreover, stainless steel drum protects the material against temperature and also ensures that the product does not get spilled.
The reusability and recyclability option makes steel drum an attractive among the other rigid packaging solutions. The steel drum’s future seems to be bright due to growing trade for oil in various regions at a broad level.
Principal Consultant
The steel drum with lid witnessed lucrative market growth due to its demand in various industries like chemicals, petroleum & lubricants, paints, inks, & dyes, and others. The market growth for steel drum manufacturing process seems to remain sizable in the forecast period considering the benefits provided by it for storing and shipping hazardous & non-hazardous materials.
Furthermore, the key benefits such as recyclability, ease of handling & transport, and protection against spilling make the steel barrel market attractive among other rigid packaging solutions. Also, the rising concern for the safety of products and sustainability raises the popularity of steel drum among the end-users.
Considering all the benefits of a cost-effective steel drum, the market growth is estimated to uplift in the future period and witness at a prominent growth rate of 5.6% during 2023 to 2033.
Oil & Chemicals to accelerate the growth in Asia-Pacific
The demand for steel drums is witnessed to be high in East and South Asia. This could be attributed to the growing trade for oils, chemicals & solvents. The stainless steel drums are the most sought-after rigid packaging solutions for exporting oil to South & East Asia countries, including Malaysia and Indonesia.
The factor driving the growth of small steel drum market is their high operational efficiency in transporting liquid materials in bulk quantities. The export of vegetable oil and the other related products is also fueling the regional growth.
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Sophisticated Containers to be asked for regarding transportation of Liquids
The production performance of the steel drum manufacturing market and industrial sector is one of the significant factors augmenting the sales of steel drum. The low manufacturing cost in developing economies such as India and China has led the steel drum manufacturers in India and other countries to move their production facilities and expand their market in South & East Asia.
Since there is a significant correlation between the industrial output and demand for industrial packaging, demand for enhanced industrial packaging is evident, with stabilized manufacturing sector output.
Though the demand for steel drums is likely to be concentrated in East Asia & South Asia, a considerable contribution to the global demand is also anticipated from the other clusters such as Europe and The Middle East and Africa.. North America and Latin America markets are likely to post perpetual demand for steel drums over the forecast period.
Paints, Inks, and Dyes Industry to hold a major chunk of Revenue
The steel drums’ usage is rising with respect to shipping and storing of liquid materials such as paints, inks & dyes. The steel drums are the most suitable rigid packaging solutions for transporting hazardous and non-hazardous material especially liquid material.
The growing paints, inks, & dyes industries demand safe and secure packaging solutions for their product protection. As per the American Coating Association, almost half of the coating and paint products are regulated by the United States Department of Transportation’s (DOT) modal regulations to meet the criteria for hazardous materials.
Rising paints, inks & dyes production in emerging economies, coupled with the increasing need for secure transportation of such products, is estimated to bolster the steel drum with lid market in forthcoming years.
Intermodal Transportation to create wonders
The metal drum barrel used before in intermodal transportation caused various problems while loading and unloading. The use further resulted in extra cost for handling as well as delays in product delivery.
Considering the steel drums for intermodal transportation that are easy to handle has led to cost reduction and extensive usage by freight companies. Hence, intermodal transportation is anticipated to represent opportunities for growth of the global steel container drum market.
Availability of Cost-Effective Counterparts to hamper the Market
The available intermediate bulk containers (IBCs) are hindering the steel drum market growth. Comparing steel drums and IBCs, the latter ones are cost-effective in terms of storage and transportation. Looking through the shape, the round shape of steel pan drum results in unutilized space, whereas IBCs result in maximum space utilization.
Moving towards the usability feature, steel drums have low usability as compared to IBCs. Furthermore, handling of IBCs is easy than steel container drums as they are attached to the pallets from the bottom. IBCs have the capability to drain completely while in steel drums it is not possible as the residue is left at the bottom.
Another important factor that limits the market growth of food safe steel drum is corrosion resistance power. The steel drums are not capable of resisting corrosion, which increases the chances of contamination. On the back of all these factors, end-use industries may slowly switch to IBCs, which may also result in 75% of cost-saving. Overall, the benefits provided by IBCs are acting as restraint to the steel drum market.
The global steel drum market’s pricing has been defined based on its capacity segment that includes 55 gallon and other than 55-gallon steel drum. The pricing for stainless steel 55 gallon drum is more than the other segment. With its low price, other than 55 gallon metal drum are more affordable for small & medium size end-use industries in the market.
The steel drum price varies as per the geographical change. The developed regions like Europe and North America have high pricing due to the offering of the high-quality product as well as a large amount of taxes levied on the industries. Besides, South & East Asia offer low pricing due to the availability of raw material, low investment cost, low labour cost, and less number of manufacturers.
| Attributes | Details |
|---|---|
| United States Market Size (2033) | USD 1.6 billion |
| United States Absolute Dollar Growth | USD 486.3 million |
| United States Market CAGR (2023 to 2033) | 3.6% |
According to FMI’s analysis, the United States generates a significant portion of the demand for steel drum. The reason for the high market growth is the presence of leading key players supplying steel drum for sale in the United States.
Key players such as Greif Inc., Mauser Packaging Solutions, Time Technoplast Ltd. and others have a strong presence along with strong production capacity in the United States. Furthermore, rising production of crude oil leading towards exports in the United States is the factor that leads to bolstering the demand for protective packaging solution that includes metal oil drum.
| Attributes | Details |
|---|---|
| India Market Size (2033) | USD 1 billion |
| India Absolute Dollar Growth | USD 538.9 million |
| India Market CAGR (2023 to 2033) | 8% |
The steel drum for sale are basically consumed by chemical industries due to the rising demand for chemicals in various end-use industries. The targeted segment is the prominently growing sector in India. The chemical sector is growing at a significant pace.
According to India Brand Equity Foundation (IBEF) organization, the market size for the Indian chemical sector is expected to reach USD 232.6 billion by 2022 from USD 194.6 billion in 2020. Also, the export of chemicals is rising in India. The exports of chemicals in 2019 was USD 1.88 billion, which increased to USD 2.08 in 2020.
The key chemical players are targeting India market for manufacturing chemicals, which may increase the exports. Back on this factor, the market growth for steel drum manufacturers in India seems promising in the near future.
| Attributes | Details |
|---|---|
| China Market Size (2033) | USD 10 billion |
| China Absolute Dollar Growth | USD 4.8 billion |
| China Market CAGR (2023 to 2033) | 6.8% |
As per Energy Information Administration (EIA), China’s annual import for crude oil increased at an average of 10.1 million barrels per day in 2019. Also, the low manufacturing cost along with easily available raw material and labor at cheap price drive the leading steel drum manufacturers to expand their market in that region.
There is no entry barrier in China’s market, which again adds to the growth of the steel drum market. The government of China is also promoting investment, which is also projected to create growth opportunities over the foreseeable period.
| Attributes | Details |
|---|---|
| Germany Market Size (2033) | USD 793.1 million |
| Germany Absolute Dollar Growth | USD 216.4 million |
| Germany Market CAGR (2023 to 2033) | 3.2% |
Russia is the second big market in Europe region for all types of metal drum for sale. The reason for the demand for steel drum in Russia is the rise in the chemical industry. According to the Netherlands Embassy, the chemical industry is one of the growing industries in Russia. The value of Russian chemical and petrochemical output in 2017 was USD 57 billion.
Germany has a huge market for paints, inks & dyes Europeregion. Germany holds around 25% of the market share for mini steel drum.
By capacity, 55 gallon steel drum is the most preferred segment among the other segments. The 55 gallon steel drums are chiefly used for transporting liquid hazardous as well as non-hazardous materials due to their huge capacity and portability.
On the back of these factors, the chemicals, petroleum & lubricants, paints, inks & dyes, and the other industries rely on the 55 gallon steel drum for storing and shipping their products. The targeted capacity segment is expected to hold more than 4/5th portion of the market by the end of 2033.
The carbon steel segment holds various benefits such as being stronger than stainless steel and durable at the same time. Also, carbon steel contains high quantity of carbon, which hardens the steel. The same segment is anticipated to offer an incremental opportunity of USD 7.24 billion in the next ten years period.
The tight head under head type is estimated to have a market share of more than 75% in the next five years in the global steel drum market. The same segment is expected to provide an incremental opportunity of USD 5.06 billion during the foreseeable period. As per FMI’s analysis, factors that drive the demand for the tight head are its valuable protection against spills while storing and shipping and demand by chemicals and petroleum & lubricants industries.
By end-use, the chemicals’ segment is going to make the steel drum market grow significantly. Worldwide rising demand for chemicals leads towards the requirement of safe and secure storing and shipping packaging. The targeted segment is anticipated to expand by 1.78 times to the current market. Also, it is anticipated to offer an incremental opportunity of USD 3.16 billion in the next ten years.
The steel drum manufacturers are focusing on safety rendered by steel drum to cater to the market demand and survive the competition. Also, the manufacturers are trying to address the sustainability trend by developing environment-friendly steel drum. These manufacturers also provide reconditioning services, which lead to low packaging scrap.
The key manufacturers are trying to enhance customer service by using RFID technology on steel drum to track & trace the steel drum.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2016 to 2022 |
| Market Analysis | USD million for Value and million Units for Volume |
| Key Regions Covered | North America; Latin America; Europe; South Asia; Middle East and Africa; Oceania; and East Asia |
| Key Countries Covered | The United States, Canada, Brazil, Mexico, Argentina, Germany, Italy, France, The United Kingdom., Spain, Russia, Benelux, India , Thailand, Indonesia, Malaysia, Singapore, GCC countries, Northern Africa, Turkey, South Africa, China, Japan, South Korea, Australia & New Zealand |
| Key Segments Covered | By Capacity, By Head Type, By Material Type, By End User Verticals, and By Region |
| Key Companies Profiled | Greif Inc.; Mauser Packaging Solutions; Time Technoplast Ltd.; Sicagen India Limited; Balmer Lawrie & Co. Limited; Industrial Container Services, Inc.; Great Western Containers Inc.; SCHÜTZ GmbH & Co. KGaA; Peninsula Drums CC; Patrick J. Kelly Drums; Skolnik Industries Inc.; Nippon Steel Drums Co. Ltd.; Stavig Group; PT Pelangi Indah Canindo Tbk; Müller AG Verpackungen; A W Stokes & Son (Drums) Ltd.; PT. Rheem Indonesia; Indonesia Raya Makmur PT.; The Metal Drum Company |
| Report Coverage | Market Forecast, Brand share analysis, Competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
Asia Pacific is projected to emerge as a lucrative market for steel drums.
The growth potential of the steel drum market is 5.6% through 2033.
The high cost of adoption is likely to limit market growth.
North America is likely to generate 25% revenue in 2023.
The global market size to reach USD 20.8 billion by 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Capacity 5.1. 55 Gallon 5.2. Other than 55 Gallon 6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Head Type 6.1. Tight Head 6.2. Open Head 7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Material 7.1. Carbon Steel 7.2. Stainless Steel 8. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By End Use 8.1. Chemicals 8.2. Petroleum & Lubricants 8.3. Paints, Inks, & Dyes 8.4. Food & Beverages 8.5. Building & Construction 8.6. Healthcare & Personal Care 8.7. Others 9. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. South Asia 9.5. East Asia 9.6. Oceania 9.7. Middle East and Africa 10. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 15. Oceania Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 16. Middle East and Africa Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Greif Inc. 19.2. Mauser Packaging Solutions 19.3. Time Technoplast Ltd. 19.4. Sicagen India Limited 19.5. Balmer Lawrie & Co. Limited 19.6. Great Western Containers Inc. 19.7. SCHÜTZ GmbH & Co. KGaA 19.8. Peninsula Drums CC 19.9. Patrick J. Kelly Drums 19.10. Skolnik Industries Inc. 19.11. Nippon Steel Drums Co. Ltd. 19.12. Stavig Group 19.13. PT Pelangi Indah Canindo Tbk 19.14. Müller AG Verpackungen 19.15. A W Stokes & Son (Drums) Ltd. 19.16. PT. Rheem Indonesia 19.17. The Metal Drum Company 20. Assumptions & Acronyms Used 21. Research Methodology
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