Global Stainless Steel Drums Market - 2022-2029

Global Stainless Steel Drums Market - 2022-2029

Market Overview

The Global Stainless Steel Drums Market is estimated to reach a high CAGR of 6.5% during the forecast period (2022-2029).

Stainless steel drums are cylindrical containers made from stainless steel, an alloy of steel, chromium and other metals. Stainless steel is resistant to corrosion and is a durable material, making it well-suited for use in drums. Stainless steel drums are used in various applications, including storing and transporting liquids, chemicals and other materials. They are also commonly used in the food and beverage industry because of their ability to maintain cleanliness and prevent contamination. They are also commonly used in transporting hazardous materials, as they can withstand high pressure and temperature conditions.

Market Dynamics

The demand for stainless steel drums is often correlated with overall economic conditions. Owing to economic growth, there may be an increase in demand for these drums as businesses expand and require more storage and transportation solutions. The needs of specific industries often drive the demand for stainless steel drums. For example, the food and beverage industry may have a higher demand for stainless steel drums due to their hygienic properties and ability to preserve the quality of the product. It stores and transports various products, including liquids, powders and granules. The chemical industry is another major driver of the demand for stainless steel drums, as they are used to store and transport a variety of chemicals, including acids, bases and solvents.

Additionally, growing focus on sustainability in the packaging industry and stainless steel drums are becoming increasingly popular due to their ability to be recycled and repurposed. It is driving demand for these drums in a variety of industries.

Demand for packaging across several end-use industries, such as pharmaceutical, f&b and others, driving the global market growth

The packaging application is a major global stainless steel drums market driver. The drums are widely used in the packaging industry due to their durability, corrosion resistance and ability to maintain the quality of the products they contain. Stainless steel drums are used for packaging a wide range of products, including food and beverages, chemicals, pharmaceuticals and other industrial materials.

In the food & beverage industry, stainless steel drums store and transport liquids, such as milk, juice and beer and dry goods, such as flour and sugar. They are also used for packaging various other products, including chemicals, pharmaceuticals and industrial materials.

The demand for stainless steel drums in the packaging industry is expected to continue to grow due to the increasing demand for packaged goods and the growing focus on sustainability in the packaging industry. As countries around the world become more industrialized and the demand for packaged goods increases, the demand for stainless steel drums is expected to continue to rise.

Competition from alternative materials restraining the stainless steel drums market growth

Competition from alternative materials, such as plastic and fiber drums, can restrain the market growth of stainless steel drums in several ways. For one, alternative materials may be less expensive to produce, making them more appealing to buyers on a budget. Additionally, certain materials may be more suitable for certain applications, which can lead to a preference for those materials over stainless steel. For example, plastic drums may be preferred for storing and transporting lightweight products due to their lower weight and cost. Fiber drums may be preferred for storing and transporting dry goods due to their ability to absorb moisture. The factors can lead to competition for market share between stainless steel drums and alternative materials.

Despite this competition, stainless steel drums are expected to continue to be a popular choice in the packaging industry due to their durability, corrosion resistance and ability to maintain the quality of the products they contain.

COVID-19 Impact Analysis

The COVID-19 pandemic has significantly impacted the global stainless steel drums market. Supply chain disruptions and consumer behavior changes have impacted the demand for these drums. On the other hand, the economic downturn caused by the pandemic has decreased demand for stainless steel drums in certain industries, such as the chemical and pharmaceutical industries. Additionally, disruptions to the supply chain and transportation networks have impacted the production and distribution of stainless steel drums, leading to temporary shortages and delays in some regions.

On the other hand, the demand for stainless steel drums has increased in certain sectors, such as the food and beverage industry, as the outbreak has increased the demand for packaged goods. It has increased the demand for stainless steel drums to package and transport these products. Hence, the impact of a pandemic on the stainless steel drums market is moderate, with some sectors witnessing decent growth and others have witnessed a drastic decrease in demand for stainless steel drums.

Segment Analysis

The global stainless steel drums market is segmented based on head type, basis capacity, end-user and region.

Owing to high demand from the healthcare and pharmaceutical sectors supplements the sales of the global stainless steel drums market

The rising demand from the pharmaceutical & healthcare industry is driving the market growth of global stainless steel drums in several ways. The pharmaceutical industry is a major user of stainless steel drums, which store and transport a wide range of pharmaceutical products, including drugs, vaccines and medical devices. The increasing demand for these products, driven by the growing global population and the increasing prevalence of chronic diseases, is leading to an increase in the demand for stainless steel drums. The pharmaceutical industry strongly focuses on its products' quality and safety and stainless steel drums are well-suited to meet these requirements. They can maintain the quality of the products they contain and are resistant to corrosion and other forms of degradation. It makes them an appealing choice for the pharmaceutical industry.

Finally, the rising focus on sustainability in the pharmaceutical industry is also driving the demand for stainless steel drums. The drums can be recycled and repurposed, making them a more environmentally-friendly packaging option. As a result, they are becoming increasingly popular in the pharmaceutical industry.

Geographical Analysis

The global stainless steel drums market is segmented based on head type, basis capacity, end-user and region.

Owing to strong manufacturing base and fast economic growth in this region support the stainless steel drums market growth in Asia-pacific

The Asia-Pacific has experienced strong economic growth in recent years, leading to increased demand for stainless steel drums in various industries, including food and beverage, chemical and pharmaceutical. The Asia-Pacific has a strong manufacturing base, with many manufacturers of stainless steel drums in the region. It has helped to meet the growing demand for these drums in the region and has contributed to its leadership in the global market. The region's lower manufacturing and labor costs can make it more cost-effective for manufacturers to produce stainless steel drums, leading to increased production and investment. Furthermore, the abovementioned factors show that Asia-Pacific dominates the global stainless steel drums market.

Competitive Landscape

The products and services offered by the competitors in the global stainless steel drums market have top-notch qualities. Manufacturers are making several strategic decisions in the global stainless steel drums market to develop effective technologies and increase production rates to meet market demand. The primary focus areas include product launches, collaborations, strategic mergers and acquisitions. The key players in the market are Novvia Group, Greif Inc., Nippon Steel Drums Co. Ltd., Müller AG Verpackungen, Skolnik Industries Inc., Technologie Inovaweld, HOOVER CS, Con-Tech International., Industrial Container Services Inc. and Royal Stainless Steel.

Novvia Group

Overview: Rahway Steel Drum Company is a subsidiary of Novvia Group and it has been a trusted provider of drums and drum services for more than 70 years. The company provides containers from 1 quart to 550 gallons of steel, plastic and fiber. It ranges from 1 to more than 100,000. Williamsport Steel Container is a new steel drum manufacturing facility owned by the company. To help you achieve its sustainability goals, the company owns Jersey Cooperage Co Inc, a fully licensed facility for recycling and reconditioning.

Product Portfolio

Open-head Stainless Steel Bolt ring: The drum contains 110 gallons (416.35 liters) of capacity. The reusable, corrosion-resistant, tensile-strengthened open-head stainless steel drums can hold and transport materials like solids and thick liquids. The drums have a gasketed lid and a bolt-type ring or lever lock closure.

Key Development

On December 8, 2022, Rahway Steel Drum Company, a New Jersey-based distributor of drums, pails, IBCs and other rigid packaging solutions, has been acquired by Novvia Group, a global distributor of rigid containers and life sciences packaging. The private transaction's financial details weren't made public.

Why Purchase the Report?

To visualize the global stainless steel drums market segmentation based on head type, basis capacity, end-user and region, as well as understand key commercial assets and players.

Identify commercial opportunities in the global stainless steel drums market by analyzing trends and co-development.

Excel data sheet with numerous data points of stainless steel drums market-level with all segments.

PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.

Product mapping available as excel consisting of key products of all the major market players.

The global stainless steel drums market report would provide approximately 61 tables, 62 figures and 230 Pages.

Target Audience 2023

Manufacturers/ Buyers

Industry Investors/Investment Bankers

Research Professionals

Emerging Companies