Global Drum Storage Racks Market 2018-2022

Technavio’s market research analysts have predicted that the drum storage racks market will be worth almost USD 353 million by 2022. Drum storage racks are used for bolstering the handling and storing of drums that encase materials such as chemicals, petrochemicals, solvents, paints, and fertilizers. This research report presents a detailed analysis of the drum storage racks market by end-user sectors (chemicals and fertilizers industry, petroleum and lubricants industry, and others) and by region (the Americas, APAC, and EMEA). It also examines the competitive landscape and offers information on the major market players.

Increasing demand for warehouse racks for space optimization is a key factor driving market growth

The recent years witnessed a considerable increase in warehouse rents in countries such as the US. It has been observed that rents of bulk distribution space have increased by about 5%-7% from 2015 to 2016. Additionally, the rents of multitenant distribution warehouses also increased by 13%-16% from 2013-2016 in the US. This has made it difficult for many companies to expand old warehouses or construct new ones to meet the growing demand for storehouses and storage services. As a result, several companies are trying to optimize the available warehouses capacity to attain higher profits, in turn, creating the demand for storage racking systems, which according to our analysts is one of the major drivers driving the growth of the drum storage racks market. For a complete list of drivers that will influence the market’s growth, purchase Technavio’s full report.

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Drum Runner, New Pig, and Vestil are among the leading vendors in the drum racking systems market

The drum storage racks market appears to be fragmented with the presence of a considerable number of companies that offer products including drum stackers and racks and pallet racking systems. The growth of the market will induce more companies to enter the market. This will result in a more fragmented market where the level of competition is quite intense. By offering a detailed analysis of the competitive landscape of this warehouse racking systems market, this report will help clients gain a clear picture of the market’s competitive environment. Additionally, this drum racking systems industry analysis report will also help clients identify new growth opportunities and design effective strategies to make the most from the upcoming market trends.  

The report offers a complete analysis of drum storage racks manufacturers including:

• DENIOS
• Drum Runner
• New Pig
• Vestil
• Wesco Industrial Products

The Americas is the primary driver of growth during the forecast period

• Americas
• APAC
• EMEA

More than 38% of the market’s incremental growth is expected to come from the Americas. The countries in the region are focusing on the development of their chemical infrastructure. Moreover, the region also comprises of some of the leading oil-producing companies such as the US, Mexico, and Venezuela. This, coupled with the growing demand for oil and chemical products will drive the need for drum storage racks in this region.

Chemical and fertilizers industy to drive demand in the market

The major end-users to the drum storage racks market are:

• Chemicals and fertilizers industry
• Petroleum and lubricants industry

During 2017, the chemicals and fertilizers industry accounted for the highest market share. With the global expansion of the chemical industry, the demand for drum storage racks from this end-user segment will increase in the coming years and the segment will dominate the drum racking systems market throughout the forecast period.

Key highlights of the global drum storage racks market for the forecast years 2018-2022:

• CAGR of the market during the forecast period 2018-2022
• Detailed information on factors that will accelerate the growth of the drum storage racks market during the next five years
• Precise estimation of the global drum storage racks market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• Growth of the drum racking systems industry across various geographies such as the Americas, APAC, and EMEA
• A thorough analysis of the market’s competitive landscape and detailed information on several vendors
• Comprehensive information about factors that will challenge the growth of drum storage racks manufacturers

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This market research report analyzes the market outlook and provides a list of key trends, drivers, and challenges that are anticipated to impact the global drum storage racks market and its stakeholders over the forecast years.

Our analysts have also considered how the performance of other related markets in the vertical will impact the drum racking systems market size till 2022. Some of the markets most likely to influence the growth of the drum storage racks market over the coming years are the warehousing and storage market and the warehouse racking market.

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