Future Five-Year Development Highlights of Global Steel Drum Industry Market
The industrial steel drum can enhance the operational efficiency and effectiveness of transporting bulk goods, especially liquid goods. The industrial steel drum also provides cost-effective transportation packaging solutions for hazardous and non-hazardous materials, such as chemicals, wine, juice, etc.
Industrial steel drums have been widely used in packaging chemicals and fertilizers as well as petroleum lubricants. According to the 2021 annual report of the Chemicals and Fertilizers Department, India's major chemical production increased from 9.984 million tons in 2015-16 to 11.589 million tons in 2018-19, and increased to 11.943 million tons in 2020.
In addition, the packaging industry is increasingly using industrial steel drums. Packaging manufacturers emphasize safety, thinning, packaging size optimization, and recycling. The application scope is becoming wider and wider, and many enterprises effectively maintain sustainable development plans using the functions of industrial steel drums. According to the Industrial Steel Drum Institute (ISDI), steel drums provide safe transportation for about 50 million tons of materials worldwide every year.
Significant Growth Expected in the Asia-Pacific Region
As manufacturers continue to expand manufacturing bases in emerging economies such as China, India, and Indonesia, it is expected that the rapidly developing industrial and manufacturing industries in the Asia-Pacific region will increase the use of industrial steel drums. China has shown optimistic growth in the production of steel drums. In terms of value, it has strong control over other countries such as Malaysia and Singapore.
The increasing attention of local and well-known enterprises to product complex packaging solutions has been transformed into higher quality plastic drums. Some key factors affecting the steel drum market are the growth of the retail industry and the increasing preference for lightweight, bulk containers (such as recyclable plastic drums). The main advantage of using plastic drums is that they are recyclable. Therefore, the prospects for the plastic drum market in the Asia-Pacific region are optimistic.
The industrial drum market in the region is expected to continue to expand due to the growth of wine and vegetable oil exports. Petroleum exporters in Asian countries use industrial steel drums instead of other bulk packaging materials. The large-scale palm oil exports in China and India may lead to a significant increase in demand for industrial steel drums in the region.
According to the National Investment Promotion Agency Invest India, India is one of the world's largest producers of spices, cashews, beans, and jute. The country is also one of the world's largest producers of fruits and vegetables. The constantly growing agricultural sector in the country is expected to generate a significant demand for steel drums for the final use of chemicals and fertilizers in the industrial drum market in the region.
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