Fiber Drums Market Size, Share, Growth, And Industry Analysis, By Type (Below 25 Gallons, 25-50 Gallons, 50-75 Gallons, Above 75 Gallons), By Application (Chemical, Agricultural, Food & Beverages, Pharmaceutical, Building & Construction, Others), And By Regional Insights and Forecast to 2031

Updated On: 10 June 2024

FIBER DRUMS MARKET REPORT OVERVIEW

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The global fiber drums market size was USD 264.3 million in 2020 and the market is projected to touch USD 394.7 million by 2027, exhibiting a CAGR of 5.4% during the forecast period.

The fiber drums market is showing sound development excessively universally attributable to the way that individuals today are going eco-accommodating and interest for such arrangements is high. Biodegradable fiber drums that are not obtained from non-sustainable assets, for example, wood-based paperboard and cardboard are completely imbued in various enterprises. These assets incorporate; food and drink, drugs, synthetic substances and beauty care products. These drums have various advantages, for example, light-weight structure, reusing element, and unimportance with harmful synthetic substances. Another variable is the development of the necessity of the taboo substances. Fiber drums are additionally making strides. The fiber drums section is accounted for to have the most grounded potential for future development, with maintainability and green worries at the core of this flood.

COVID19 Impact: Market Growth Restrained by Pandemic Due to Project Delays and Cancellations

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The fiber drums market has been the worst affected by covid 19 as a result it stopped operating from production units and supplying their goods due to interrupted supply chains. Confinement measures and restrictions on travelling by governments have caused transport logistics problems that are also embracing issues during transportation of raw materials and completed products. At the same time, the decline in purchase power and low economic certainty has badly reduced demand for non-food goods and items for packaging, having a devastating impact on manufacturers that rely on fiber drums. It is worth mentioning that currency fluctuations, and a spike in raw material prices have created the essential problem of an unfavorable market environment. Nonetheless, as a period of recession expires and the emphasis is switched to sustainable and durable alternatives, the fiber drums market is forecast to consecutively pick up.

LATEST TRENDS

"Innovative Material Integration Reshaping the Market"

The fiber drums market trend that has been reshaping this industry is the feature of outstanding materials merge for high performance and sustainability improvement. Conventionally, fiber drums are produced from paperboard or cardboard, they however, are designed nowadays such that different modern materials composing of, bioplastics, reinforced fibers, and hybrid composites, are used. This integration gives better lifespan, moisture resistance and heavier load-bearing capacity, enables the fiber drum wider applications range among different market sectors on the other side that, sustainability has been a major topic of discussion consequently, this has ignited many key players in the packaging industry to pick fiber drums as the eco-friendly alternative to traditionally used packaging methods.

FIBER DRUMS MARKET SEGMENTATION

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By Type

Based on type the global market can be categorized into below 25 gallons, 25-50 gallons, 50-75 gallons, above 75 gallons

• Below 25 gallons: Smaller-sized containers suitable for personal or small-scale usage.

• 25-50 gallons: Medium-sized containers catering to average household or small business needs.

• 50-75 gallons: Larger containers suitable for commercial or industrial applications with moderate capacity requirements.

• Above 75 gallons: Extra-large containers designed for industrial or commercial use with high-capacity demands.

By Application

Based on application the global market can be categorized as chemical, agricultural, food & beverages, pharmaceutical, building & construction, others

• Chemical: Tanks used for storage and processing in chemical manufacturing and processing industries.

• Agricultural: Tanks utilized for storing water, fertilizers, or pesticides in agricultural settings.

• Food & Beverages: Tanks employed for processing, storing, or transporting food and beverage products.

• Pharmaceutical: Tanks utilized in pharmaceutical manufacturing for storage and processing of pharmaceutical ingredients.

• Building & Construction: Tanks used for various purposes in construction projects, such as water storage or mixing of construction materials.

• Others: Tanks serving miscellaneous purposes not covered by the aforementioned categories, such as wastewater treatment or oil storage.

DRIVING FACTORS

"Market Expansion Drive the Market"

With a rising trend in worldwide enterprises and particularly the food and beverage, pharmaceuticals, and chemical industries, there is a shadow of the need for active and trustworthy packaging solutions. Fiber drums provide flexibility in terms of application and durability, hence, they good companions for a broad range of products. Similarly, the growth of e-commerce and the barriers to cross-border trade are drivers of demand for strong packaging; including fiber drums, which are used to ensure safe transiting of goods.

"Sustainability Initiatives Drives the Market"

The reason for the beginning of the ecological trend and the regulation, which in their favor support right environmental issues, is the growing companies' interest in such packaging solutions. Fiber drums, being biodegradable and recyclable can be used for the campaigns of these programs or policies. These are presented as the best viable substitutes for non-biodegradable choices such as plastics and metals which make them desirable to not only conscious consumers but also the businesses that imagine eco-friendly solutions. The development of sustainable techniques in industries is the biggest contributor to the occupied market in fiber drums world-wide.

RESTRAINING FACTORS

"Regulatory Compliance Challenges Restrains the Market Growth"

An important inhibiting factor of the fiber drums market growth is trying to navigate successfully the road of regulatory compliance. The packaging industry is guided by a myriad of regulations on materials specifications, product safety and transport requirements, among others that can be confounding to know when even small details such as the place of manufacture and industry of concern may be taken into consideration in different parts of the world. These rules of play require the producers and operators who are in charge of fiber drums to keep an additional record and to burden them with significantly higher costs. Additionally, because of constant information flow and modifications in legal frameworks compliance limits have to be checked on a regular basis what makes the compliance burden even bigger. These barriers will not allow newcomers to enter the market and will stifle the growth of the fiber drums market, that even small and middle-size enterprises working in a particular niche may not get enough growth.

FIBER DRUMS MARKET REGIONAL INSIGHTS

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"Asia Pacific Emerges as the Pivotal Driver in the Market Due to Rapid Industrialization"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

The Asia-Pacific region is expected to play a dominant role in the fiber drums market share in the coming years. This prevailing position is in a way linked to some key factors, among them being the fast industrialization, urbanization and rising consumerism. Nations like UK, India and Japan who have strong manufacturing faculties have joined the process encompassing manufacturing industries for various categories including food and beverages, pharmaceuticals, chemicals and electronics. Moreover, the spread-out awareness and practice of sustainability in those areas are acting as a catalyst for accepting the use of eco-friendly packaging including of fiber drums. Beyond that, the favorable governmental policy directions, which deal with environmental conservation, as well as the regulations, aimed at curbing the use of non-biodegradable materials, are additionally believed to significantly boost up the fiber drum market growth in Asia-Pacific area.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market Through Innovation and Market Expansion"

Key industry players are shaping the fiber drums market through innovation and market expansion. Corporations like Greif, Mauser Packaging Solutions, Sonoco Products Company, Industrial Container Services (ICS) and Fibrestar Drums Limited leads the way by demonstrating how companies can create packaging solutions that minimise or eliminate the negative impacts on the environment. These organizations are counting on the research and development to extend a drum box's lifespan, improve its environmental friendliness, and expand its dimensions. Furthermore, they are increasing the availability of their products by diversifying distribution channels, strategic alliances, mergers and acquisitions and developing of manufacturing plants. These industry leaders do that by introducing newfangled methods and entering into major regions thus expanding the fancy market of drums.

List of Market Players Profile

• Greif (U.S.)
• CL Smith (U.S.)
• Fibrestar Drums (U.K.)
• Schutz Container Systems (Germany)
• Mauser Group (Germany)
• TPL Plastech (India)
• Industrial Container Services (ICS) (U.S.)
• Three Rivers Packaging (U.S.)
• Sonoco Products (U.S.)

INDUSTRIAL DEVELOPMENT

October 2022: An industrial development in the fiber drums market is the increasing adoption of automation and digitization in manufacturing processes. Industrial development which entails employment of robotics, IoT sensors, and data analytics is a key factor as to why fiber drums production is being revolutionized to more efficient process, high quality control and affordable. Robotized systems cut out the middleman at material handling and part assembly stages and also improve the efficiency of the entire production process. As a result, human capital shrinks significantly, whereas eventual output grows. Nevertheless, the digitization is the means to know at any time the production process and tracking any possible problems immediately. With fiber drum production becoming more competitive due to this industrial development, product quality and regular product supply along the supply chain i also being ensured for the end-users operating in different industries.

REPORT COVERAGE

There is robust growth in the fiber drums market mainly because of the factors such as expanding demand for ecological filling materials, the regulating systems which aimed to ensure sustainability in a packaging and expanding industries worldwide. However, regulation enforcement and supply chain disruptions remain as obstacles, which strategic initiatives and technological advancement of major players have become the driving force of the industry toward innovation and market expansion. Thereof, the Asia-Pacific region enters the position of the Top player in the market due to the incredibly fast pace of industrialization in the sector and high environmental awareness. Occasionally with the continual evolution of automation and digitalization, the steel drums market is still expected to grow in future. This can in turn provide fruitful prospects to the participating firms and those who perhaps want trustworthy and environment-friendly product packaging.