July 12, 2024

Recycled PET Is Fastest Growing Segment Fueling The Growth Of Chemical Drums Market

Market Overview:

Chemical drums are storage containers made from various materials such as steel, plastic and fiber. These drums are primarily used for storage and transportation of industrial and hazardous chemicals across different industries. Chemical drums provide advantages such as durability, reusability and leak proof transportation of chemicals.

Market key trends:

One of the key trends in the chemical drums market is increasing demand for recycled PET drums. With growing focus on sustainability and waste reduction, chemical manufacturers are opting for recycled PET drums over conventional steel drums. Recycled PET drums minimize virgin material consumption and provide over 80% less carbon footprint as compared to steel drums. Additionally, recycled PET drums are lightweight and have excellent resistance to chemicals, providing an environmentally-friendly and cost-effective solution for storage and transportation of chemicals.

Segment Analysis
The global chemical drums market is segmented by material type, capacity type, end-use industries, and region. Based on material type, the polyethylene drums segment dominated the market in 2022 owing to its high chemical resistance and durability properties. Polyethylene offers excellent resistance against corrosion caused due to acids, alkalis, and solvents. Based on capacity type, the below 25 gallons drums segment accounted for the largest share in 2022 as these drums are used extensively for smaller quantity transportation of chemicals.

Key Takeaways

The Global Chemical Drums Market Demand  size is expected to witness high growth, exhibiting a CAGR of 5.6% over the forecast period, due to increasing demand from end-use industries like oil & petrochemicals, agriculture, and paints & coatings.

Regional analysis
Asia Pacific region dominated the chemical drums market in 2022 and is expected to grow at the fastest rate during the forecast period. This is attributed to the presence of emerging economies like China and India with rapidly growing manufacturing and industrial sectors. Countries in the region especially China account for a major share of the global chemical production.

Key players
Key players operating in the chemical drums market include Greif, Inc., Mauser Group, SCHÜTZ GmbH & Co. KGaA, Time Technoplast Ltd., Hoover Ferguson Group, Balmer Lawrie & Co. Ltd., Sicagen India Ltd., Industrial Container Services, LLC, Fibrestar Drums Limited, Snyder Industries, Inc., Sonoco Products Company, Great Western Containers Inc., Myers Container LLC, Myers Industries, Inc., and Eagle Manufacturing Company. The global market is consolidated in nature with the top players accounting for majority of market share.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it