The fiber drums market is likely to be worth US$ 1.1 billion in 2023, with a CAGR of 5.7% from 2023 to 2033. The fiber drums industry is expected to reach US$ 1.80 billion by 2033.
In a world increasingly conscious of environmental impact, the demand for sustainable packaging solutions is on the rise. Enter fiber drums, a versatile and eco-friendly alternative to traditional packaging materials. As businesses and consumers alike seek greener alternatives, the fiber drums market is experiencing significant growth and evolution.
Demand for Lightweight Bulk Containers is growing
Fiber drums that are used for the transportation and storage of liquid products, such as adhesives and dyes, can have a range of coatings or insoluble materials, such as polyester, silicon, or polyethylene, coated inside of them. To evaluate a fiber drum’s performance and quality, two crucial experiments are performed: the drop test and the stacking or compression test.
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End-use Industry Demand is Swelling
Fiber drums are widely used for many different purposes and applications, such as paints, adhesives, sanitary chemicals, food and beverage, and pharmaceutical products. The needs of various end-use industries vary. For instance, the food and beverage industry needs FDA-compliant containers, which round fiber drums may provide.
The insertion of internal and external liners is made possible by new manufacturing processes, which boost performance and resistance for a variety of novel applications. Square fiber drums are another option for products that are lighter and have fewer volume.
Both styles and designs are UN-approved and suitable for packing hazardous solids. Because fiber drum barrels are so cheap, many end users prefer them to other options. It is projected that the chemical industry would hold a significant portion of the market for fiber drums during the forecast period.
Regional Assessment:
Asia-Pacific region has the leading fiber drums market share throughout the projection period due to the presence of an increasing number of manufacturing units and emerging economies in countries such as China, India, Australia, and Indonesia.
These are the countries that export packaging materials as well as fiber drum packaging all over the world. Due to low labor costs and the availability of native raw materials in this region, manufacturers prefer this manufacturing unit for the packaging sector.
Key Takeaways:
The fiber drums market is poised for notable growth from 2023 to 2033 across various segments and regions. By closure type, the metal closure category is projected to expand at a CAGR of 5.7%. In terms of end-user segments, the food and agro-allied industry is expected to develop at a CAGR of 5.9%. Regionally, China is anticipated to lead with a CAGR of 6.8%, potentially reaching a market value of US$ 346.8 million by 2033. Similarly, Japan's fiber drums market is projected to grow at a CAGR of 5.6%, achieving a market size of US$ 96.6 million by the same year.
In North America, the United States market is expected to record a CAGR of 4.2%, with an estimated market value of US$ 239.2 million by 2033. Canada's market is forecasted to grow at a CAGR of 4.9%, potentially reaching US$ 92.6 million. In Europe, Germany's fiber drums market could expand at a CAGR of 4.8%, amounting to approximately US$ 94.5 million by 2033. These projections indicate a robust growth trajectory for the fiber drums market across various regions and segments over the next decade.
Competitive Landscape:
The presence of local players, followed by international firms, has helped to consolidate the fiber drums market, which has contributed significantly to market growth.
A few significant fiber drum manufacturers include Greif Inc., Abzac Corporate, Great Western Container, Fiberstar Drums, Schutz Container Systems, CL Smith, Industrial Container Services, TPL Plastech, Sonoco Product, Three Rivers Packaging, Enviro-Pak, Mauser Group, Orlando Drum & Container, and others.
The key competitors are utilizing a variety of fresh tactics to control the market, such as expansions, acquisitions, and partnerships, which are boosting the demand for fiber drums on a global scale.
Recent Developments:
In 2021, Greif, Inc. announced a deal to transfer ownership of 69,200 acres of forest in southwest Alabama to Weyerhaeuser Company for $149 million in cash.
In February 2020, Greif began a significant expansion of its plastic operations on the West Coast of the United States. This included setting up blow molding equipment for plastic drums at their Merced, California facility.
In June 2019, Balmer Lawrie & Co. Ltd. inaugurated a new industrial packaging factory in Vadodara, Gujarat. This factory focuses on the production of steel drums. Balmer Lawrie & Co. Ltd. holds a 34% market share in the Indian market for 210L MS drums.
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