There’s widespread utilization of steel drums in various industries as a way of improving safety standards. The drums are a secure packaging and shipping solution for both hazardous and non-hazardous liquids. An increase in their demand will foresee increased sales in the coming years.
The petroleum, lubricant, and chemical industries are primarily instrumental in propelling the drums’ increased sales.
The latest study by Future Market Insights shows that the global market for steel drums will experience a sturdy growth rate of 3.7% through to 2029. These gains on the international platform are due to recyclability and reusability.
Findings of the Study
The results of the study reveal that there’s a growing trend of reconditioned carbon steel drums. As genuinely green products, the drums potentially reduce packaging costs and save the environment. They decrease the amount of waste the production process creates.
The uptake of steel drums in the transportation sector is likely to boost cross-border trade, especially from growing economies. As users pull in for drums reconditioning, plastic drums are likely to accelerate the expansion of steel drums in the coming years. Makers are likely to go into the reconditioning business going forth.
The Expanding Proficiency in the Chemical Sector
Intermediate Bulk Container market participants are on the lookout for stakeholders in the chemicals sector. These shipping containers have added to the proficiency of multi-purpose shipping and transportation. As such, the chemical sector is likely to be at the forefront in using these steel drums.
In addition to increased flexible liquid packaging, steel drums also provide advantages in handling and storage by providing spill-proof solutions. With the developing spotlight on spill prevention in international trade, their utilization will see a considerable uptick in the future.
Factors Influencing the Worldwide Carbon Steel Drums Market
The growing demand for carbon steel drums and IBCs and the preferred solution is credited to several factors. These include higher operational proficiency and safety in the transportation of bulky liquids. Drums with a capacity of 55 gallons will be more preferred as they have more lucrative prospects in the coming decade.
There is also more stability being witnessed in the industry’s worldwide economic performance for the last three quarters. The critical connection between industrial output and interest in industrial packaging solutions will drive the market’s interest in the coming years.
While the market demand is expected to move to South Asia and East Asia, there’s an anticipated global need in Europe and the Middle East. Latin America and North America are also likely to experience significant market demand.
Globally, the development is attributed to the need for safe and secure transportation of various products. The extensive gains in industrial and bulk packaging are additionally liable for enhanced carbon steel drums production.
Final Thoughts
The uptake of carbon steel drums to transport various bulky liquids is likely to boost cross-border trade. The impact will be significant in the growing economies. As the end-users campaign for drums reconditioning, the expansion of the drums market will be inevitable.
Overall, this will enhance efficiency in shipment and boost commercial ties between makers and consumers.
