July 20, 2024

Chemical Drums Market To Witness High Growth Owing To Increased Adoption In Chemical Transport

Market Overview:

Chemical drums are bulk packaging solutions used for transporting and storing chemicals and hazardous wastes. They are mainly made up of steel and are coated from inside to provide protection against corrosion from chemicals. Some key uses of chemical drums include storage and transportation of industrial chemicals, agrochemicals, pharmaceutical ingredients, lubricants, solvents, adhesives and more. They provide an affordable and sustainable solution for B2B distribution of chemicals.

Market Dynamics:

The increased government focus on safety during transportation and storage of hazardous chemicals is expected to drive the adoption of chemical drums globally. Strict regulations mandate the use of specialized packaging for chemicals to avoid contamination and leaks. Moreover, the growing pharmaceutical and agrochemical industries in emerging nations are fueling the demand for chemical drums. Further, the rising environmental awareness is prompting end users to switch from single-use plastic containers to reusable drums made from steel and rigid plastics. On the supply side, key manufacturers are focusing on expanding production capacities and introducing specialized drum designs catering to unique chemical handling requirements to capitalize on market opportunities. However, availability of alternative bulk packaging materials may limit the growth of the chemical drums market to some extent over the forecast period.

SWOT Analysis

Strength: Chemical drums market provide a safe and effective means of transporting chemicals over long distances. Chemical drums allows storage and transportation of chemicals in bulk quantity. They are durable and reusable which helps reduce packaging waste.

Weakness: Frequent cleaning and maintenance of chemical drums increases operational costs. Improper handling of chemical drums during transport can lead to leakage and safety issues.

Opportunity: Growing end use industries such as pharmaceuticals, chemicals, agriculture and paints & coatings is driving the demand for chemical drums. Adoption of reusable and recyclable packaging solutions presents an opportunity for players in the chemical drums market.

Threats: Stringent regulations regarding the transport and disposal of hazardous chemicals acts as a challenge. Availability of alternative means of chemical transportation such as rail cars and tank trucks are also threatening the chemical drums market.

Key Takeaways

The Global Chemical Drums Market Demand  is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing demand from chemical manufacturers. The market size is anticipated to reach US$ 22.13 Bn by 2030 from US$ 14.64 Bn in 2023. Chemical drums are an integral part of the chemical supply chain providing safe and bulk transportation of chemicals.

Regional analysis North America dominates the global chemical drums market and is expected to continue its dominance, holding around 30% of the overall market share. This can be attributed to presence of leading chemical manufacturing companies in the region. Asia Pacific exhibits the fastest growth and is estimated to witness a CAGR of over 6% during the forecast period. This growth is backed by expansion of end use industries such as agrochemicals, pharmaceuticals and specialty chemicals in developing countries of Asia Pacific such as India and China.

Key players operating in the chemical drums market are Greif, Inc., Mauser Group, SCHÃœTZ GmbH & Co. KGaA, Time Technoplast Ltd., Hoover Ferguson Group, Balmer Lawrie & Co. Ltd., Sicagen India Ltd., Industrial Container Services, LLC, Fibrestar Drums Limited, Snyder Industries, Inc., Sonoco Products Company, Great Western Containers Inc., Myers Container LLC, Myers Industries, Inc., Eagle Manufacturing Company. Key players are focusing on capacity expansion and new product launches to strengthen their market position.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it