Customization as a Key Growth Driver in the Steel Drums & IBCs Industry: Manufacturers to Meet the Evolving Needs of Clients through Innovation | Future Market Insights, Inc.
NEWARK, DE / ACCESSWIRE / March 30, 2023 / The global steel drums & IBCs market is projected to reach a market value of US$ 13,995.9 million in 2023, with a CAGR of 4.5%. The market is expected to reach US$ 21,735.2 million expanding from 2023 to 2033. The market growth is attributed to the increasing demand for efficient and cost-effective solutions for the transportation and storage of liquids and other materials.
One of the emerging trends in the steel drum and IBC manufacturing industry is the focus on sustainability and eco-friendliness. Manufacturers are investing in new technologies and processes that reduce waste and minimize their carbon footprint. Additionally, customized solutions are in high demand, as clients seek containers that meet their specific needs. Companies in the steel drum and IBC industry are responding to these trends by developing innovative solutions that cater to the changing needs of their clients.
Steel drums are used in various industries such as chemicals, pharmaceuticals, food, and beverage, creating new opportunities for the steel drum industry as companies in these sectors seek high-quality, reliable containers for their products. This trend towards customized solutions is expected to drive growth in the steel drum industry as companies seek to differentiate themselves in a competitive market.
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The growth drivers for IBC demand in the steel drums industry include the trend towards sustainable and eco-friendly solutions, as well as the increasing demand for automation. The steel drums industry is capitalizing on this trend by developing innovative IBC solutions that meet the changing needs of their clients. These solutions are expected to be a key growth driver for the industry as companies seek to remain competitive and meet the changing demands of their clients.
Factors driving the sales of steel drums & IBCs include the trend toward digitalization, with companies investing in eCommerce, social media, and search engine optimization to reach a wider audience. Additionally, customization is a leading factor in sales and marketing strategies as companies seek to provide containers that meet the specific needs of their clients.
Key Takeaways from the Steel Drums & IBCs Market:
In 2023, the steel drums & IBCs industry in the United States is anticipated to be worth US$ 1,314.9 million.
The steel drums & IBCs industry in China is expected to reach US$ 5,721.4 million in 2023.
In 2023, the steel drums and IBCs market in Japan is expected to be worth US$ 637.8 million.
South Korea's steel drums & IBCs industry is expected to reach US$ 458.5 million in 2023.
In 2023, the steel drums & IBCs industry in Germany is anticipated to be worth US$ 668.6 million.
With a value of US$ 13,297.2 million in 2023, the 200 L steel drum segment is estimated to lead the steel drums & IBCs industry.
With a value of US$ 5,675.7 million in 2023, the chemicals category is predicted to be the dominant end-use segment in the steel drums & IBCs industry.
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Rising Competition and Technological Advancements: A New Era for Steel Drums & IBCs Industry
The steel drums & IBCs industry is highly competitive, with multiple established players competing for market share. Some of the key players in the industry include
Mauser Group B.V.,
SCHUTZ GmbH & Co. KGaA,
Time Technoplast Ltd., and
Snyder Industries, Inc.
To remain competitive in the market, companies focus on several strategies such as expanding their product portfolio, increasing their production capacity, investing in research and development activities, and collaborating with other companies to strengthen their market position. For instance, Greif, Inc. has been expanding its product portfolio through strategic acquisitions such as Caraustar Industries and Caraustar Consumer Packaging.
Another trend observed in the industry is the adoption of sustainable and eco-friendly solutions. Companies are investing in new technologies and processes that reduce waste and minimize their carbon footprint. For example, Mauser Group B.V. has introduced the Mauser Infinity Series, which is made from 100% recycled materials and is fully recyclable.
In addition, companies are also focusing on providing customized solutions that meet the specific needs of their clients. This has led to the development of innovative solutions that offer superior performance and durability. For instance, SCHUTZ GmbH & Co. KGaA has introduced the EcoBULK MX, a highly customizable IBC that offers a range of options such as multiple filling openings, discharge valves, and material types.
Steel Drums & IBCs Market- The Segments
By Capacity Type:
More than 200 Litre
Up to 500 Litre
Above 1,500 Litre
By End Use:
Petroleum & Lubricants
Paints, Inks, & Dyes
Food & Beverage
Building & Construction
Healthcare & Pharmaceuticals
Others (Agriculture, etc.)
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Table of Content
1. Executive Summary | Steel Drums & IBCs Market
1.1. Global Market Outlook
1.2. Market Analysis
1.3. Analysis and Recommendations
2. Market Overview
2.1. Market Definition
2.2. Market Taxonomy
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation Trends
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