Global Bulk Chemical Drums Market is Segmented By Capacity (100-250 litres, 250-500 litres, Above 500 litres), By Product (Steel Drums, Fiber Drums, Plastic Drums), By Application (Consumer Chemicals, Specialty Chemicals, Basic Inorganic Chemicals, Polymers, Petrochemicals), By Region (North America, Europe, South America, Asia-Pacific, Middle East and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Bulk Chemical Drums Market Overview
The global bulk chemical drums market size was worth US$ XX million in 2022 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2024-2031).
Bulk chemicals, usually called commodity chemicals, are manufactured in large quantities to suit expanding demand in several industries. Batch and continuous processes are used to manufacture bulk compounds. Bulk chemicals are made from large volumes of basic resources like crude oil and natural gas. Organic and inorganic chemicals are traded using bulk and commodity chemicals. Bulk chemicals are used in various industries, including agricultural, construction and automotive.
Commodity chemicals, also known as bulk chemicals, are utilized in various industries, including healthcare, food processing, chemicals, fertilizers, construction and transportation. The globally bulk chemicals market's growth is likely to be hampered by price volatility in petroleum and natural gas, as well as supply and demand imbalances.
Source: DataM Intelligence Analysis (2021)
Bulk Chemical Drums Market Dynamics
The bulk chemical drums market is expected to grow due to rising preferences for higher valve containers for storing large volumes of chemicals, increased national and global bulk chemical trade, increased number of applications from emerging economies and the adoption of innovative packaging solutions. The most important aspects contribute to the market's growth and offer various opportunities to identify potential resources.
Rising demand for sophisticated containers designed for bulk liquid transportation.
The market for bulk chemical drums is expected to grow in the next years due to the global expansion of trading operations involving bulk chemical commodities. The improved performance of the manufacturing sector and industrial output is one of the primary reasons driving demand for bulk chemical drums. The performance of major economies globally has been consistent during the last three quarters. The considerable correlation between industrial output and demand for industrial packaging solutions is projected to boost market demand in the upcoming years.
Growing seaborne trade and demand for safer transportation
The bulk chemical drums market is expected to rise at a healthy rate during the forecast period. The increasing demand for safe and secure transportation of various items is attributed to the industry's growth. Steel drums and IBCs are projected to see increased use due to rising demand for shipping containers due to increased seaborne trade and a continuous focus on enhancing goods transportation. Steel drum and IBC makers are likely to benefit from the broader advantages in industrial and bulk packaging.
Rising prices of raw materials
During the forecast period, rising raw material prices and trade limitations on importing goods may hamper the expansion of the bulk chemical drums market. Commodity price volatility may not be a fad, as supplies of many raw materials become more difficult to secure. Steel's nominal price increased up to 167% since 2000, which is notable given the impact it has had on a variety of industries, including construction, automotive and transportation.
COVID-19 Impact Analysis
COVID-19 has badly impacted the oil and gas and petrochemical sectors because of a sharp drop in product demand, plummeting pricing and storage limitations. Oil prices have dropped by half since January 2020, with U.S. markets setting a new low. According to the Global Energy Agency, oil demand fell by 29 million barrels per day in April 2020 and is forecast to fall by 23.1 million barrels per day by the second quarter. Such variables influenced the demand for bulk chemical drums.
Bulk Chemical Drums Market Segmentation Shares
The bulk chemical drums market is segmented into steel drums, fibre drums, and plastic drums by product.
Steel drums are expected to be the dominant type during the forecast period (2024-2031)
Steel drums are considered beneficial due to their outstanding mechanical properties, such as high strength, good protective properties, gas barrier properties and excellent processing performance. It can also be rolled into various thicknesses of a sheet, foil, sheet stamping, rolling, stretching and welding of various forms and sizes of packaging containers.
Steel drums are used as packaging for hazardous products' transportation and storage. According to the U.S. Department of Transportation, steel drums are the safest containers ( also, insurance rates for steel drum shipments are the lowest). As a result, the chemical sector controls a sizable portion of the steel drum market for safe packaging.
The inventory volume of steel drum containers in Japan increased by 11.2 per cent from 2920 metric tons in 2013 to 3249 metric tons in 2019, according to the Ministry of Economy, Trade & Industry (Japan) 2020 Report.
Source: DataM Intelligence Analysis (2021)
Bulk Chemical Drums Market Geographical Share
The growing manufacturing sector is likely to boost the growth in Asia-Pacific.
The Asia-Pacific's rapidly growing manufacturing sector will likely enhance industrial drums in the region. China, India and Indonesia are growing economies where global corporations continue to move their manufacturing sites.
In the production of fibre drums, China has shown promising progress. It outperforms other countries in terms of GDP, such as Malaysia and Singapore. The growing demand for advanced packaging solutions from local and global manufacturers has improved fibre drum quality. The booming retail sector and the rising inclination for lightweight bulk containers such as recyclable fibre drums are two significant drivers influencing the fibre drums market.
The most significant benefit of employing fibre drums is completely recyclable. As a result, the outlook for the fibre drums market in Asia-Pacific is likely to be good. Exports of vegetable oil and wines are increasing in the region, which is expected to fuel the growth of the industrial drums market in the coming years. Asian oil exporters prefer industrial drums over other bulk packaging materials. India and China are famous for their large-scale palm-oil exports, resulting in a considerable increase in demand for industrial drums in the region.
Source: DataM Intelligence Analysis (2021)
Bulk Chemical Drums Market Companies and Competitive Landscape
Bulk chemical drums are a strongly competitive global market. Acquisitions are being undertaken to gain market share and expand the company's reach. For example, Mauser Group launched a skin liner barrier technology for its rigid plastics drums solutions on April 11, 2017. Industrial Container Services, LLC acquired Buckner Barrel Sales Corporation on August 17, 2017, and the Minneapolis/St. Paul-based businesses of Twin City Container, Inc. on December 15, 2015.
Key players operating in the global market for Bulk Chemical Drums include Grief Inc., C.L. Smith Company, Schutz Container Systems, Inc., Mauser Group B.V., Industrial Container Services (ICS), Sonoco Products Company, Alpha Drums, Inc, Orlando Drum & Container Corporation, TPL Plastech Ltd. and Great Western Containers Inc.
Grief Inc.
Overview: Greif is a global leader in industrial drums goods and services, intending to be the world's best customer service company in the industry. The company manufactures steel, plastic and fibre drums, intermediate bulk containers, reconditioned containers, flexible products, containerboard, uncoated recycled paperboard, coated recycled paperboard, tubes & cores and a wide range of speciality goods. Greif serves global and regional consumers and maintains key sites in over 40 countries.
Product Portfolio: It manufactures drums accessories and provides filling, drums and other services for various industries.
Key Development: Greif, Inc., a global pioneer in industrial drums solutions, said today that the Consumer Drums Group business had been sold to Graphic Drums Holding Company for US$85 million in cash, as previously reported. The proceeds from the sale of CPG will be used to pay off debt.
Why Purchase the Report?
- Visualize the composition of the bulk chemical drums segmentation by capacity, product, application and region, highlighting the critical commercial assets and players.
- Identify commercial opportunities in bulk chemical drums by analyzing trends and co-development deals.
- Excel data sheet with thousands of bulk chemical drums data points - level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
The global bulk chemical drums report would provide access to an approx. 59 market data table, 54 figures and 180 pages.
Target Audience
- Service Providers/ Buyers
- Industry Investors/Investment Bankers
- Education & Research Institutes
- Research Professionals
- Emerging Companies
- Manufacturers
