Steel drums are made of steel, which makes them very attractive, long - lasting, and leak-proof. They are suitable for storing, transporting, and containing potentially hazardous or toxic materials. As they will not easily crack, tear, or bend in transit, their toughness ensures maximum protection. The increasing demand for efficient and lucrative packaging solutions for sufficing to the growing challenge of bulk packaging is projected to boost the sales growth of the global Steel Drums market during the forecast period, set between 2021 and 2031.
The Steel Drums market is categorized in terms of material, head type, capacity, end user, and regions. In terms of material, the market is trifurcated into carbon steel, cold rolled steel, and stainless steel. With respect to head type, the market is split into open head and tight head. Based on capacity, the market is grouped into 80 gallons and above, 50-80 gallons, 30-50 gallons, 10-30 gallons, and upto 10 gallons. The end user segment is categorized into agriculture, building and construction, chemicals and solvents, paints and dyes, oils & lubricants, healthcare and pharmaceuticals, and food and beverages.
The report on Steel Drums market offers an elaborate overview of the market and factors influencing its growth such as drivers, restraints, challenges, and future growth opportunities. The impact of the novel COVID19 pandemic is also discussed in the report. List of the significant players and their efforts in the form of innovations and new product launches is also discussed in details. It also throws light on the innovations that helped the market grow in terms of revenue generation. For more information on this report, log on to the company website.
The nature of competition for the global market is highly fragmented on account of the presence of a multiple players. Leading players of the Steel Drums market are using multiple strategies such as introducing innovative products to attract more revenues to the market. Other players are engaging in joint ventures and collaborative efforts to create revenue generation opportunities for the Steel Drums market in the coming years.
Some of the key players of the global Steel Drums market include:
Steel drums are preferred by industries over their counterparts due to their high structural rigidity, and when correctly emptied, steel drums can be reused multiple times. Repair and maintenance and recycling help to reduce the costs associated with storage and shipping. Additionally, the rising demand for consumer goods has promoted the demand for packaging, ultimately augmenting the sales growth of the steel drums market. Furthermore, the increasing rate of awareness among consumers about sustainable packaging will further help attract lucrative growth opportunities for this market in the coming years.
Geographically, this market is widespread into the regions of Latin America, Europe, North America, and the Middle East and Africa. These regions are further categorized as per the nations bringing business. Asia Pacific emerged as the largest revenue generator for the Steel Drums market attributing to the increasing demand for multiple consumer products and the rising need for stainless steel drums from the agriculture sector. Europe market stands in close competition with Asia Pacific with high demand from specialty applications, commodity, and chemicals sectors.
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Steel Drums Market
*86 figures and 60 tables includes