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The warehouse drums and barrels market size is estimated to grow at a CAGR of 4.5% between 2022 and 2027. The market size is forecast to increase by USD 2.63 billion.
The growth of the market depends on several factors such as the rise in international trade, manufacturing industries driving consumption of specialty chemicals, and the emergence of new segments, such as reverse logistics.
This warehouse drums and barrels market report extensively covers market segmentation by application (chemicals, petroleum products, food products, paint and solvents, and others), material (steel, plastic, and fiber), and geography (North America, APAC, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The emergence of new segments, such as reverse logistics is the key factor driving the growth of the market. Reverse logistics involves transporting hazardous or defective products from a retail facility to a manufacturing or distribution facility. Increasing consumer pressure and regulatory changes are increasing the adoption of reverse logistics around the world.
Moreover, reverse logistics reduces transportation, administration, and aftermarket costs while ensuring greater transparency in the supply chain. This created a demand for reverse logistics and stimulated sales of storage drums and barrels. Therefore, these factors will drive the growth of the global storage drums and barrels market during the forecast period.
Recycling of warehouse drums and barrels is the primary trend shaping the growth of the market. Recycling of storage containers such as barrels and drums is on the rise. Additionally, barrel end users are demanding sustainable packaging. This is due to changing trends in end-users of storage drums and barrels demanding sustainable and environmentally friendly industrial packaging.
Moreover, market players of warehouse drums and barrels are expected to use sustainable materials in the manufacture of storage drums and barrels to increase market penetration. As a result, these factors will drive the growth of the warehouse drums and barrels market during the forecast period.
High risk associated with oil storage and availability of alternative is a challenge that affects the growth of the market. Traditional oil drums and oil storage barrels are susceptible to contamination. Most oil drums are single-layer storage drums that, when left outdoors, tend to absorb moisture, dust, and ultraviolet (UV) rays, which degrade the oil over time. Therefore, end users must install separate facilities to effectively store oil and lubricants in drums and barrels.
Moreover, the drums are stacked and stored above ground to avoid contamination. Therefore, such risks and investments associated with drums and barrels may encourage end-users to invest in alternative storage options such as intermediate bulk containers (IBCs), thereby impeding the growth of the global warehouse drums and barrels market during the forecast period.
The chemicals segment is estimated to witness significant growth during the forecast period. The chemical industry is one of the largest end users of storage drums and barrels. Chemicals are stored in drums and barrels in a variety of industries as raw materials or intermediate products to make final products such as fertilizers, plastics, and synthetic rubber.
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The chemicals segment was the largest segment and was valued at USD 3.89 billion in 2017. Moreover, the growth of this segment is primarily driven by the increasing demand for specialty chemicals globally. Specialty chemicals are in high demand as they are used in a variety of applications in the construction and textile industries. Examples of specialty chemicals include blowing agents, hardeners, adhesives, cosmetic additives, food additives, pesticides, polymers, and construction chemicals. Therefore, the growth in the global chemical industry is expected to increase the demand for warehouse drums and barrels during the forecast period.
Steel drums are extensively used in the chemical, petroleum, and pharmaceutical industries to store and contain toxic and hazardous substances. Steel drums offer the highest level of protection as they are less likely to bend, crack, or tear than plastic or fiber drums. Additionally, most steel drums are stackable, making them suitable for small storage areas. Steel drums also protect against fire damage. Hence, these factors are expected to drive the growth of the segment during the forecast period.
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APAC is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In 2021, the US was the largest contributing country to the warehouse drums and barrels market in North America. Other North American economies such as Canada are also contributing to the growth of the regional warehouse drums and barrels market.
Additionally, the demand for warehouse drums and barrels is also driving the growth of industrial storage facilities. End users in the chemical industry, such as paints and coatings and automotive aftermarket dealers, require large spaces to safely store chemicals such as automotive cleaning chemicals and dyes. The North American region is home to numerous paint and coatings companies, including Pittsburgh Plate Glass (PPG) Industries, Inc., The Sherwin-Williams Co., and RPM International Inc. As a result, these factors have a positive impact on the regional market of warehouse drums and barrels during the forecast period.
The outbreak of the COVID-19 pandemic in 2020 negatively affected the warehouse drums and barrels market in North America. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Therefore, the regional market is anticipated to recover and grow significantly during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Aramsco Inc., Bronstein Container Co. Inc., BWAY Corp., East India Drums and Barrels Mfg Pvt. Ltd., EBKContainers, E-con Packaging Pvt. Ltd., Feldman Industries Inc., Greif Inc., ITP Packaging Ltd., Jakacki Bag and Barrel Inc., MVM Pack Holding AG, Myers Container, Rahway Steel Drum Co. Inc., REMCON Plastics Inc., SCHUTZ GmbH and Co. KGaA, Sharda Containers, Tank Holding Corp., and Time Technoplast Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report encompasses the entire market adoption cycle, ranging from the initial innovator phase to the subsequent laggard stage. It emphasizes adoption rates across various regions, determined by penetration levels. Additionally, the report outlines essential purchasing factors and factors influencing price sensitivity. This aids companies in assessing and formulating effective growth strategies.
Global Warehouse Drums and Barrels Market Customer Landscape
The warehouse drums and barrels market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Warehouse Drums And Barrels Market Scope |
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Report Coverage |
Details |
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Page number |
171 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
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Market growth 2023-2027 |
USD 2.62 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.0 |
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Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 33% |
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Key countries |
US, Canada, China, India, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aramsco Inc., BASCO Inc., Bronstein Container Co. Inc., BWAY Corp., East India Drums and Barrels Mfg Pvt. Ltd., EBKContainers, E-con Packaging Pvt. Ltd., Feldman Industries Inc., Greif Inc., ITP Packaging Ltd., Jakacki Bag and Barrel Inc., MVM Pack Holding AG, Myers Container, Rahway Steel Drum Co. Inc., REMCON Plastics Inc., SCHUTZ GmbH and Co. KGaA, Sharda Containers, Tank Holding Corp., and Time Technoplast Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Material
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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