Chemical Drums Market Growth Accelerated by Increased Demand for Chemical Transportation

 

Chemical drums are air and watertight cylindrical containers primarily used for the storage, handling and transportation of various liquid chemicals and hazardous materials. Chemical drums come in a variety of materials like steel, plastic and fiber with polyethylene and polypropylene being commonly used plastics owing to their chemical resistance and durability properties. The global Chemical Drums Market is estimated to be valued at US$ 21.44 Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increased global trade of chemicals over the years has been a key factor driving the demand for chemical drums for safe transportation of liquid chemicals across regions. Chemical drums being cost-effective and reusable means of transportation are highly preferred by chemical manufacturers and distributors. Furthermore, stringent regulations around the world regarding the packaging and containment of hazardous chemicals during transit has also boosted the adoption of chemical drums. Manufacturers are focusing on developing repurposed and sustainable drums made from recycled plastics and other materials to cater to the increasing emphasis on green packaging solutions, which is another major trend expected to propel the chemical drums market during the forecast period.

Segment Analysis
The global chemical drums market is dominated by the non-removable head segment as it accounts for nearly half of the total market share. Chemical drums with non-removable heads are widely used for storing and transporting industrial chemicals over short and medium distances. Their monoblock construction makes them more durable and prevents accidental spills during transport.

Key Takeaways
The global Chemical Drums market is expected to witness high growth during the forecast period of 2023 to 2030. The market is projected to reach a value of US$ 21.44 Bn by 2024, registering a CAGR of 5.6% during 2023-2030 forecast period.

Regional analysis: Asia Pacific region currently dominates the global chemical drums market and is expected to witness the fastest growth during the forecast period. Countries like China, India, Japan and South Korea have seen rapid industrialization and economic growth over the past decade. This has led to increased demand for chemicals from industries like paints & coatings, agriculture, oil & gas etc. Also, the presence of major chemical manufacturers in the region drives the need for effective packaging and transportation of chemicals.

Key players operating in the Chemical Drums market include Greif, Inc., Mauser Group, SCHÜTZ 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., and Eagle Manufacturing Company. Greif, Inc. and Mauser Group capture majority market share owing to their wide distribution network and high production capacities across regions.

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