The Industrial Drums market is growing at a CAGR of 8.4% during the forecast period.
Some of the key factors propelling the market growth are mounting demand for industrial drum from petroleum lubricant industry, chemical and fertilizers.
However, manufacture procedure of industrial drums is slow is the restraining factor for the growth of the market.
An industrial drum is a cylindrical hollow holder used mainly for the mass freight release.
Industrial drums can be finished up with paperboard (also known as fiber drum), steel, and even plastics.
These drums are particularly used for fluids and shipping powders and dangerous items.
By product type, steel drum segment is expected to grow at a significant market share during the forecast period due to more strength, high-quality protective properties, like gas barrier properties, and exceptional processing performance is expected to a positive factor in terms of wsage.
Furthermore, it can be rolled into a different thickness of the sheet, foil, sheet stamping, rolling, stretching, welding made of special shapes, and sizes of the packaging container.
On the basis of geography, Asia Pacific is anticipated to hold considerable market share during the forecast period due to the wide use of industrial drums in vegetable oil and wines export.
Oil exporters in the Southeast Asian region, such as Indonesia & Malaysia favor industrial drums in judgment to other packaging solutions.
Industrial drums present high effectiveness and operational efficiency in the transportation of main products in liquid form.
Some of the key players in Industrial Drums Market include Balmer Lawrie and Co. Ltd, Eagle Manufacturing Company, Fibrestar Drums Ltd, Greif, Inc, Industrial Container Services, LLC, Mauser Group B.V, Myers Container, LLC, Patrick J. Kelly Drums, Inc, Schutz Container Systems, Inc, Sicagen India Limited, The Metal Drum Company, Three Rivers Packaging, Inc, Time Technoplast Ltd, TPL Plastech Limited and U.S. Coexcell Inc.
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