Rapid Expansion: Industrial Drums Market Surpasses US$ 17.6 billion by 2027

The industrial drums market is set to experience significant growth in the coming years, according to a study conducted by Future Market Insights. The market, estimated at US$12.5 billion in 2022, is projected to reach US$17.6 billion by 2027, with a compound annual growth rate (CAGR) of 7.1% during the period. By volume, the market is expected to grow at a CAGR of 6.6% from 2022 to 2027.

The Asia Pacific, especially the APEJ region, is anticipated to be a major driving force behind this growth, holding a significant market share of 38% in 2022. In particular, the Chinese industrial drums market is expected to grow by 9% year-over-year in 2022. The total valuation of the industrial drums market across the APEJ region is projected to reach US$4.7 billion in 2022.

Despite these positive projections, there are challenges on the horizon for the industry. Fluctuating raw material prices and supply chain complexities are key factors affecting the growth rate of the market. Additionally, the slow adoption of automation technology among drum manufacturers may hinder the industry's progress and limit the number of advance orders from end-use industries.

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Key Takeaways:

Country-wise Insights

Why is Germany Considered One of the Most Lucrative Markets for Industrial Drums?

The industrial drums market in Germany is estimated to reach a market valuation of US$ 50 Bn by the end of 2022. Germany is estimated to be the largest market for industrial drums across the Western European region. According to the annual report published by the Association of the German Automotive Industry in 2020, the German automotive industry accounted for around one-third of the total research and development expenditure of the automotive industry globally.

Also, the sales of automotive manufacturers in Germany grew by 2% year on year from 2018 reaching a total of EUR 435.3 billion in 2019. The significant growth of the automotive industry in the country is anticipated to raise the demand for industrial drums in the petroleum & lubricants end-use in Germany.

How will the Consistent Growth of Agriculture Sector in India Augment the Demand for Industrial Drums?

In the APEJ region, India is the second-largest market for industrial drums after China, with an estimated market share of 28% by the end of 2022. As per Invest India, a National Investment and Facilitation Agency, India is the largest producer of spices, cashew, pulses and jute across the globe.

Furthermore, the country is also the second-largest global producer of vegetables and fruits. The vast agriculture sector of the country is anticipated to create significant demand for steel drums for the chemical and fertilizer end use of the industrial drums market during the foreseeable future.

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Competitive Landscape

Leading industrial drums manufacturers are committed to launching new products in the market targeting specific end-use industries. Key players in the industrial drums market are also making investments to increase their manufacturing capabilities and geographical footprint in an attempt to increase their market share.

For instance, in September 2021 Mauser Packaging Solutions announced the plan to invest in its Gebze, Turkey facility for increasing the manufacturing capacity of plastic drums and IBC production.

In February 2020, Greif Inc. announced the expansion of its California, U.S. facility with the addition of a blow molder for tight head and open head plastic drums.

Key Players:

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Industrial Drums Market by Category

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years

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